Business mentoring
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Running your own business can be lonely. Often it means having to make difficult decisions without having anyone to turn to for advice. That is when having a business mentor can be invaluable. Tom Whitney asks the questions
"The most common reason to use a mentor is to gain an external perspective on how your business is being run," explains Business Link Devon and Cornwall adviser Jonathan Sharp.
"If you are unsure how to take your business forward and need some strategic direction, a mentor can bring in fresh ideas." Mentors are generally experienced entrepreneurs or professional advisers. "They can provide you with the ongoing support and guidance you need to deal with day-to-day business problems. It's less of a teacher-pupil approach; more a case of having use of a friendly, experienced ear." Finding a mentor Your local Business Link is a good starting point when trying to find a mentor. Advisers there might be able to match you up with a suitable mentor. Depending on your requirements, the mentor might be a volunteer who will help you without expecting a fee. Alternatively, you might have to pay an expert for the advice, but this can work out to as little as a few hundred pounds for a day's consultation. "The paid Business Link mentors tend to provide more specialist knowledge," says Sharp. "For example, they might offer advice on anything from financial planning to recruitment. Volunteer mentors tend to provide more general business advice." Popular mentoring schemes There are also free business mentoring schemes available through The Prince's Trust, Young Enterprise and Shell LiveWIRE. Shell provides a free online mentoring service that allows users to tap into a pool of experts. "Users can simply register on the website to receive mentoring support," explains Shell LiveWIRE mentor Natasha Britton. "The site contains an online forum, where registered users can put questions to mentors and receive a rapid response. "All mentors on the site have experience of running their own business, and users can use this expertise to test out ideas," adds Britton. If you search online, you will also find a number of private mentoring match services. However, they will charge a fee to find you an appropriate mentor. The mentoring process The mentoring process is tailored to your individual needs. When you first meet a mentor, they will discuss what you hope to achieve and suggest how they might be able to help. How often you meet depends on the level of support required. You might arrange to meet weekly, once a month or just receive ongoing telephone and email support. Review your relationship with your mentor regularly to evaluate how helpful they are being. It is also important not to become over reliant on them. "At the end of the day, the key decisions are yours," advises Sharp. "Mentors won't make decisions for their client, but they will help them to examine all the options," he concludes.
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