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Need a Business Mentor? – 12 Things To Consider First

Starting a business is one of the hardest challenges you will ever face. There are just so many business ‘dos and don’ts’ that it is not uncommon to feel as if you are drowning in advice. But mentors can be a crucial resource during this stage of entering the world of business.

Typically new businesses have to struggle through their first year of trading, and the main culprit of this tends to be competition with established businesses informed by decades of experience. Mentors on the other hand already have this experience, and can apply their knowledge to your business and its needs.

Here at Nordens, we can do just that. From our many years of accounting experience we have drawn on a valuable wealth of knowledge and experience, and from this we can guide you through a growth strategy and identify the trends in your industry that you should be sticking to.

Our refined financial experience and expertise can be tailored to your business and see you through whatever stage you are facing.

Nordens Can:

Support your business’ needs.

Analyse your cash-flow and your future in the world of business.

Assess your position compared to the rest of the industry.

And measure your KPIs (Key Performance Indicators).

Are you interested? Find the mentoring that will see your business through thick and thin.

Here are the 13 things you must consider before you take on a mentor.

#1 – What is a mentor?

A mentor is someone who has the experience you have yet to gain. At every stage of life, a mentor of some description has been present. At every milestone you have reached and every achievement you have claimed as your own, you have been mentored to get there. From your parents to your teachers, they have passed down their experiences, and supported you through your own. So why wouldn’t you have one when you’re running your business?

For those starting out or looking to sharpen their skills, mentors can guide you to your goal. So, just as much as your teachers or professors have lead you to complete your best work, a mentor in business can do the same.

Typically, mentors tend to be bosses or senior colleagues; it can even be a figure you admire in your field. But if you’re looking for the guarantee of high quality support and don’t have the time to search for a mentor, here at Nordens we have a mentorship programme that can suit any business.

#2 – What are your business needs?

Finding a mentor is no easy feat. Indeed, it is highlighted as one of the most time consuming components of mentoring. Searching for a good fit and seeking them out might seem the complete process to finding a mentor, but before this, you need to consider your business’ needs as well.

Ensuring support for any business is key in any field, and working out what you want out of a mentorship is central to this. Having a mentor on the other side of the business spectrum will just not provide the necessary knowledge. In fact, it could even prove detrimental

Read more:http://www.greatbusiness.gov.uk/start-out-with-a-business-mentor/

Looking to the future does tend to seem a daunting task. And at some points, it can even feel impossible. But we feel it is necessary to consider the direction your business is headed, and the steps you are willing to take to reach it to help guide you during the mentorship.

#3 – How can you find a mentor?

Finding a mentor can be a frustrating task. Some suggest drawing up spreadsheets, ‘cold-emailing’, or sending out dozens of messages to dozens of unsuspecting business owners. Some even claim networking is the best way to find one. Evidently, wasting time searching for the mere possibility of finding relevant knowledge is far too common an outcome of discovering a mentor.

But our ethos is that a mentor should not be as stressful as running a business. That’s why at Nordens we strive to make this process that much easier.

We can provide you with an effective and experienced mentor to support your business in whatever entrepreneurial stage you may face next.

#4 – Should you pay for a mentor?

As with any business decision, cost can be a factor. Money does indeed make the world go round, and it’s what businesses require to stay afloat. And finding a mentor free of cost is a path that can be followed. But in the fast-paced world we live in, you don’t have the time to waste on this search. Sometimes paying the price gets the product.

By following through with companies like ours, we can be sure to provide you with a industry-appropriate mentor to support you through all of your business and financial needs.

#5 – What if you don’t want to pay for a mentor?

While cutting costs is one of the most well known business methods to date, it isn’t always as simple as that when it comes to finding a successful mentorship. Most advice typically suggests wasting time making spreadsheets, or drawing up complex tables of who you are looking for. Some even suggest contacting everyone you know to improve your links to possible mentors!

And sure, a free and high-quality mentor might be a worthy goal, but business support and solutions are too.

Your business deserves the best. And in today’s fast-paced world, no business can afford to wait.

Here at Nordens we can guarantee you the mentoring you need, and let you skip this frustrating step.

#6 – What is your objective from the mentoring?

All businesses have a goal, no matter the size or starting point. From profits, to benefitting society, to a vague dream you haven’t run the numbers on. And so it follows that a goal in any mentorship is a must-have. When you ask the right questions, you are given the right answers..

Mentors want to support businesses in the most effective way possible. They have even been known to help identify specific goals to reach for, particularly as they will probably have once been reaching for those goals themselves. And it’s our wide experience of helping such a berth of businesses that ensures you will receive the support and advice that can be adjusted to your changing needs.

#7 – Mentors need to be respected as a part of the relationship

Any business arrangement is fulfilled by certain standards. So, just as much as in any other business relationship, a mentorship is not merely a casual grouping of like-minded business owners. Indeed, one of the most important things flagged up by experienced mentees is that you should never ask to be mentored. Instead, an organic relationship should blossom.

Respecting the time of a mentor is also key in order to ensure the level of trust that will help fulfill your businesses’ goals. Respect is central to developing any business connection. A mentorship is a business relationship, and thus must be treated accordingly.

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#8 – Mentors need to be respected as a part of the relationship

A mentorship is a business relationship between a mentor and a mentee.And so it follows that mentees should be doing the work; should be thinking of questions; and should be contributing to the mentorship. Mentors have even been known to drop those that fail to meet their standards for a mentorship! Any decision to do with business is not an easy one to make. You should consider whether you are willing to establish a new business connection and are ready to take on this new challenge.

#9 – What would be a timeframe for your mentorship?

Making a plan and sticking to it is key to running a business and seeing it blossom. But unfortunately, this doesn’t often happen. To refine a potential mentorship, the time period framing this business relationship must be considered. By keeping one eye on the calendar and another on the clock you can be prepared to make your next steps when it comes to your business.

Would it be a long-term arrangement? Would it just see you through the first few months of business and be a crash-course into your industry? Just as you consider your the future of your business, you need to consider the steps you will take to support it.

#10 – What are their values and experiences?

It’s a simple concept to grasp: a mentor should have a wide berth of experiences relevant to the industry they work in. It should be someone that has seen every nook and cranny of the industry, and is ready to pass down the experiences sought out by budding business owners. As a mentee, you should want someone to guide you through their first 5 years, and how they found their success in your field.

Even so, it’s all well and good for a mentor to know one specific field, but a greater berth of knowledge might be an intriguing insight into the wider world of business. And it is not unfounded to suggest that most business owners are keen to expand into the wider world of business in the future. That is what makes choosing us such an effective choice to make: we have the financial and business knowledge that we want to apply to your individual business needs. You can always be sure to receive the support you need.

#11 – You will need to have an open mind

The ever-growing world of business is packed full of worthy competitors. And it’s for this reason that no two businesses are the same. So any advice taken from your mentorship – no matter how similar or applicable to the future of your own business – should be adapted to you. As with any learning experience, you need an open mind to consider, correct, and then take on these new ideas. Bringing in fresh ideas might be a risk for any business, but here at Nordens, you can be sure that the advice we give you has been tried, tested, and will work for you time and time again.

#12 – When should you leave the mentoring relationship?

As a mentorship is a business relationship. If a business agreement isn’t working, what should happen? Unfulfilling mentorships – although rare – can waste the time and money of both parties. Therefore, you must consider that before you enter the mentorship, you should know when to end it.

Whether the advice simply isn’t working or is failing to be of any relevance, the relationship should conclude. But here at Norden, you can be sure to have an experienced mentor who is guaranteed to deliver the quality support that your business deserves.

In Summary

Whether you’re new to a field – or looking to sharpen your skills – mentorships are now considered the way forward in the world of business. Even some of the most inspirational business people have found their success elevated by mentorships! From Bill Gates to Oprah Winfrey, countless business icons have been taught the tricks of their respective trades.

And we can offer access to the benefits of taking on a business mentor.

Are you keen to see your own business’ success? Are you interested in getting a mentor?

Nordens are a sure fire way to boost your business and its finances. Check out their mentoring programs to find one to suit you.

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At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.

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Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.

Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.

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Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.

Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.

With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.

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Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

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