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Sometimes in business you get to the stage where you think ‘I’m stuck and I don’t know what to do about it.’ Hopefully, this is also where you say to yourself – I need help! This is where working with a business mentor can turn your business around.
Hi, I’m Anna Goodwin, your friendly finance mentor. With over 30 years of experience, I know it’s important for business owners to have mentoring and understand why it’s crucial for business success.
What a Business Mentor can do
Running your own business often feels like you have to be an expert in everything and it can be overwhelming. A business mentor can give you support in those areas where you are struggling, such as:
- Choosing the best accounting software package for your business
- Choosing the most appropriate status for your business
- Taxation of earnings when you are self-employed and employed
- Taxation of rental income
The biggest difference when you’re working with a mentor is that you’re no longer on your own. You have some support and that is a great feeling!
One of my clients came to me as she couldn’t understand where all her money was going. This was a particular problem for her as she wanted to get a mortgage. At the time she was a soletrader. We worked together in preparing both a business and personal budget. As a result, we could identify exactly what her financial situation was. She now has her house!
There are many different types of business mentor, each tailored for addressing any issues you may have. Having business finance mentoring can lessen the time it takes to be successful and the number of mistakes made! Because of my years of experience and having worked with so many different businesses in those years, I’ve seen how people get it right – and wrong – and can pass that knowledge on to my clients.
Have you ever considered having a business mentor? Perhaps you are unsure about what a business mentor can do for you? Or maybe you have been so busy with your business in the past that you haven’t had time to investigate. It could be that you think that it is just one more luxury you can’t afford. However, a business mentor can save you both time and money. Questions that have been on your to-do list for ages can be ticked off that list through mentoring and you will benefit from someone with experience who can ensure that you stick to a plan of action.
Having said that, you need to do your research and make sure your business mentor is right for you. You need to be able to trust your business mentor and choose one whose strengths will best help you reach your goals. I have lots of experience in mentoring others and each mentee needed completely different assistance and support.
I always feel very privileged to be able to mentor people as it shows a high level of trust in me. It is a two-way conversation as the mentee gains great value from the session, but the mentor does too.
What my clients have got out of business mentoring
The outcomes have been as diverse as the clients I have helped. However, there have been some similarities in the benefits my clients have received from my role as their business mentor.
- A safe place to brainstorm their ideas
- Answers to their questions
- Clarity in their next steps
- Inspiration for business direction
- Increased knowledge in a specific subject area
- Accountability for any actions they need to take
- Knowing they are not alone as they move forward
Thinking of your business and you as a business owner, what would help you grow your business and make it flourish? Are there any areas where you feel some more knowledge, coaching or accountability could help you achieve your goals? Could a business mentor be the answer?
What mentoring can give you
Consider what working with a business mentor could do for you and your business. Here are just some ideas of what you could achieve with a business mentor:
- Confidence in running your business
- Challenge on doing things in a better way
- Knowledge of how changing your prices – either increasing or decreasing them – will impact on your business
- An ability to plan for the future
- Seeing more clearly how to move your business forward
- Accountability in getting things done
- Decrease in stress levels because you know you don’t have to do it all on your own
Do any of these seem like something that could help you? Imagine if you experienced a step change in any one of these areas and the difference it would make to your business – and to you personally.
Give it some thought. Is the time right for you to have business finance mentoring? Do you need some help planning your next move? Perhaps you have had to change the nature of your business in 2021? Working with a business mentor will help you take the steps you need to take your business so that you’re as successful as you can be. Make 2021 the year you take your business to the next level.
Next time I will be reflecting on how things are going with accountant’s plans to move forward.
Anna Goodwin @2021 All Rights Reserved.