Entrepreneurship is a costly and time consuming endeavour, one which can be fraught with uncertainty. .Whether it’s their first business of tenth; from inception, to execution, to improvement, all entrepreneurs must look at their fledgling business not as a static entity, but one that grows and changes in time. Because of this entrepreneurs are increasingly seeking small business mentoring services across Melbourne and Australia to ensure that they achieve their business goals.

 

What is a business mentor?​

Business mentoring is a professional relationship between an entrepreneur or business owner and an experienced mentor. This mentor will help the entrepreneur grow their business through consulting, developing personal skills and advising on appropriate steps forward. In short, the mentor imparts their knowledge to the mentee.

 

What are the benefits of using a business mentor?

 

Experience

Success and failure. It’s a part of life, and a part of business. Business mentors have experienced the highs and low of entrepreneurship in their tenure. They know what it takes to make business work, more often than not by trial and error. In their experience, a business mentor is likely to have:

  • Started a business from scratch
  • Developed a vision and business plan
  • Increased profits or sales for businesses
  • Identified new opportunities and capitalised on them

A business mentor will also be privy to the common mistakes that startups commit. These can include undervaluing, over-promising, planning poorly and marketing badly. You can benefit from a wealth of experience they have.

 

Reporting

It may sound boring, but a good business runs on reports. Solid reporting is all about creating a profitable business using quantifiable data. There is no better reflection of the health of your business than from raw, analysed data. A business mentor can help you prepare accurate reports on:

  • Key performance indicators
  • Financial and management environments
  • Budgets, costings and cash flow projections
  • Future growth projections

If you have a great concept for a business, but don’t know what it takes to accurately reflect your vision, finding someone who has vast experience in compiling accurate, detailed reports, and helping entrepreneurs interpret the data to their advantage is crucial.

 

Planning

Forward thinking is the key to success. All businesses can benefit from future planning, no matter what stage they find themselves at. For entrepreneurs and startups, planning can mean the difference between growing and failing within the first 12 months. Business mentors can help you plan for:

  • Foreseeable events, like legal issues and economic downturns
  • Unexpected circumstances, like personal emergencies
  • Eventually handing the business over to a relative or confidant

 

Other assistance

Due to their extensive experience, business mentors can also offer further assistance outside of the realm of numbers and advice. Businesses are multifaceted entities, and must work in many different worlds to thrive. Your business mentor should also be able to assist with:

  • Working with your solicitor to prepare buy, sell or trade agreements
  • Assisting in preparing agreements between Directors, Partners and Shareholders
  • Advising on current and future marketing strategies

 

Contact a business mentor in Melbourne

There’s plenty more a dedicated business mentor can offer your startup or small business. Contact Stone Sharp on (03) 9853 0641 to learn more about how we can help your business get off to a flying start. At Stone Sharp, we know that being in business means taking risks. We also know that these risks are best taken with a safety net of support.

We want you to be able to focus on your role in the business, rather than the business as a whole.

Our business mentors can give you sound, fair and accurate advice on the next steps to take, backed by a wealth of experience and quantifiable data.Stones Sharp offers more than just qualified accounting and taxation advice. Our small business mentor services will work with you to achieve your goals, using our knowledge and experience to help you grow your business with accurate advice.

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