2016-07-07 00:00:00Starting a BusinessEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/Article-14-498597279.jpghttps://quickbooks.intuit.com/in/resources/starting-your-business/need-business-mentor/Why Your Business Needs a Mentor

Why Your Business Needs a Mentor

2 min read

Making the decision to start your own business is only half the challenge. Charting the way forward is the most important factor to determine success with a business mentor. Business coaches can assist in this process. Those who are brave enough to make the leap from employee to employer do so on the basis that they have some know-how of running a business. But since nobody can know everything all the time, a business mentor or coach can be indispensable, especially during the early days. This is when businesses need guidance from someone who has been in the field long enough to foretell the highs and lows your business is likely to face. Such a person can provide practical advice or boost your morale as required. Here are some reasons why you need a business mentor:

To See the Big Picture

In the daily struggle to run a successful business, it is easy to lose sight of the wood for the trees. This means that while you are busy trying to meet the daily obligations of your business, you might not have the time to plan the way forward for the business. A mentor can remind you that while ensuring the cogs of your business are well-oiled, without forward planning, your business will fail. Your vision for the business tomorrow must shape the goals you set today.

To Set Challenges

Once a business starts generating a steady stream of revenue, it is easy to become passive and let things continue the way they are. However, in order to reach greater heights, it is necessary to try different means to success. By going down the tried and tested route, you may achieve moderate success, but going down a new path could offer far greater chances of success. A mentor can provide the nudge your business needs.

To Offer Careful Assessment

Of course, one shouldn’t approach a business like a game of cards and make business decisions on the roll of a dice. Careful research and planning must pave the way for any risks your business incurs. This vision for research and planning can be provided by a coach with experience in the area. Industry veterans who have long-term knowledge of your field will know how to judge a good risk from a bad one and can advise you on the way forward. An opportunity that looks unmissable to you may not appear the same to them, because they might be able to see an aspect of it from experience that you in your excitement may have overlooked. A mentor can put an alternative view before you, and then you can make a decision after analyzing all sides of the situation.

To Streamline Processes

For an entrepreneur with big dreams, it is easy to get distracted with business growth and ignore the finer details of running a business. For instance, the company could continue to bring in new clients, but fail to keep track of whether the payments are duly being made. A mentor would immediately identify this issue and address it. He might, for example, suggest the use of accounting software like QuickBooks, which would make such processes quicker and easier to track. Guidance from an experienced person is of great value in business, and can serve to put you ahead of the competition. It is therefore important to select a business mentor with care.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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