Starting and running a business requires hundreds of small daily decisions that require knowledge of numerous areas of business. Experienced business mentors can provide useful information because they have dealt with the same types of issues in their own business. They can be particularly helpful in a number of areas.
Getting Your Name Out There
Your business mentor can often provide practical ideas on getting your name out into the public sphere. They may offer ideas on print and Internet ads, radio commercials and even local TV advertisement. He or she may also be able to suggest contacts and networks that are useful for getting your business name known. Knowledge is the benefit of experience, and taking advantage of the fact that a good business mentor will have sailed through many of the same waters you are now seeking to navigate is absolutely essential to getting off the ground in a timely fashion.
Client Management
Most business mentors have years of experience in dealing with clients and customers. They can offer solid advice on how to manage problems, solve conflicts and maintain good relationships. If you have a particular problem with a client, it’s likely the mentor has had a similar problem at some time in the past and can offer useful solutions to resolve the issue. A good mentor may even be able to preemt any problems with clients by looking at your operation systems and pointing out any potential problems that could arise.
Dealing With The Competition
One reality that almost every business must consider and deal with is competition. A business mentor can also provide substantial information about dealing with competitors. Staying aware of the competition and knowing how to keep your competitive edge are valuable skills that every entrepreneur must learn. The mentor can help you to better analyze your competition’s strategy and how you can create a winning strategy for your own business.
Managing Your Finances
Managing the money that flows through your business is a critical area of management. Unless he has a partner, the business owner is usually in his own to make financial decisions. This often means there is no one to bounce ideas on, and a number of financial mistakes can ensure. A business mentor usually knows the pitfalls of becoming overextended and implementing ideas that are not likely to result in bigger profits. He or she can be a good “sounding board” and can provide an outside perspective that can prevent many bad decisions. A business mentor may also have contacts with financial sources that can be helpful for your business.
Investing Your Profits
Your business mentor may also be able to provide more practical information, such as managing the profit your business makes. He or she may have ideas about putting money back into the business to expand your market. He may have ideas on the best way to manage the money you keep and be able to offer stock advice or bond investment recommendations. All in all, the importance of having someone with the benefit of experience to help you navigate the tumultuous waters of starting a new business cannot be overstated.