By Wilma Bedford

Mentorship can hold various benefits for companies and prospective small businesses.

A mentor is a person who conveys knowledge to others and to a company or medium-sized business they are of immeasurable value because they serve as developmental instruments that ensure the professional development of personnel and therefore do not only affect the efficiency of production but also the retention of recruited personnel. They are a cost-effective way of conveying company knowledge and culture and leadership from one generation to the next.

A mentor promotes and supports another person’s professional and personal growth and in a company they are of immeasurable value because they cultivate a high-quality and productive labour force within a company. They are a source of knowledge, insights and information that develops the mentee’s skills or shows him how to approach a task. An example is the mentor who helps a prospective small business draw up a business plan and how to budget. Mentors help to realise and attain specific attainable relevant and time-based goals. They may also be instrumental in the development of specific skills in smaller tasks and to achieve specific goals. Through monitoring the mentor also holds the mentee responsible and motivated to complete the task and achieve the goal.

Mentors also give constructive feedback to both the mentee and the company’s management. Because it is a professional relationship the mentor plays an objective role and is in a position to point out weaknesses to the mentee and to make corrective recommendations.

They offer guidelines to young professionals that teach the worker or professional person sound work habits, to focus on a goal, and to be more productive and so gain promotion.

A mentor is in a leadership role because he is involved in an employee’s professional development, in upgrading his skills, and leading him to specific goals. Building a professional network is not always easy but with the help of a mentor the mentee can be introduced to people or opportunities that can help the mentee to expand his business and achieve his goals.

It has been found that where mentors are used in a company 94% of employees will stay with the company if they are given the opportunity to develop, and that 67% of businesses experienced increased production because of the mentor.

A professional person with experience of giving personal support and advice is also invaluable to the small business and entrepreneur. By way of their experience they offer businessmen and entrepreneurs an opportunity to learn from mistakes and successes. Your family and friends can support you with well-meant business advice and consultants can also help, but a business mentor, a person whose wisdom and knowledge support you all the time, has a direct positive effect on the growth and development of your business. The generic business advice that you could for instance get from business publications will be of limited value, but a business mentor can give you knowledge and insights that you need specifically for your particular business or purpose. This is a person with more entrepreneurial skills and experience than you and he is your nonstop confidant. When you start your own business there is no manager to whom you can go for advice, and you need a sounding board and also just emotional support and motivation. That is when you realise the value of a mentor.

Many businesses have a lack of relevant industry-specific information or knowledge and don’t know where or how to utilise opportunities. Your mentor can lead you to forums where you can get relevant in formation and network with the right organisations and leaders in your field.

Perhaps your business does not have an efficient bookkeeping system and this is where the financial mentor can be of help.

A business mentor is a person who can say “I was there, I did it”; you can learn from their mistakes and successes. Your mentor can guide you to other technological resources where he is lacking and advise you about the latest trends that could benefit your business.

Why a mentor and not a consultant? A consultant can give you advice and insights that a mentor cannot do, and fill the gaps. He will ask for money and then disappear after completion of the job. Mentors are sometimes available free from organisations that offer this service, depending on what you want. SCORE (score.org/find-mentor) is such an organisation. You can also pay a reliable organisation that will work with you for a long time and assign a mentor to you who will be compatible to your vision. The mentor is usually a person with experience of the industry or of a higher professional grade. They will not only be able to support you with advice, but also with financial aspects such as tax and can also help with networking.

Your mentor should also have professional financial experience. It is important for a mentor to be involved with your business plan from the beginning and approach your new business holistically.

Pick your mentor circumspectly. Is he or she honest and a person of integrity? It is in order to ask about the person’s background and how familiar he is with your type of business, and how he challenges your underlying beliefs and assumptions. Also ask why he is a mentor; this will give you insight into the person himself.

Sources

Perspectives: How a Financial Mentor Can Help Your Business

Why Every Entrepreneur Needs a Business Mentor

Scott Allen June 18, 2019. The Balance SMB

https://www.thebalancesmb.com/the-value-of-a-business-mentor-1200818

10 Ways to Overcome Small Business Failure and Thrive in Hard Times. The Balance SMB.

https://www.thebalancesmb.com/how-to-overcome-small-business-failure-4142683

The Value of Mentorship in Business

Kristen Perez,  Elevanta.   https://www.elevanta.com/the-value-of-mentorship-in-business/