Every successful entrepreneur has one thing in common … they had a mentor! Not only when they were in dire straights, but throughout their entrepreneurial journey to help them avoid the pitfalls and challenges they would inevitably be faced with.
A mentor is that person that has been there and done that, and navigated the struggles and challenges you are now faced with, beaten them, and succeeded. They have failed more times than you have even tried, and through those failures built successful businesses. They actively work in their various business interests, are true entrepreneurs, innovators and disruptors. They provide practical real world advice that show real-world results.
Mentors can help you in every aspect of your business, but here are some of the reasons you need to seriously consider to get a mentor:
Stuck in a rut and do not know what to do
You are dealing with an issue in your business, maybe you battling to grow or get your business out of a slump, or maybe just need help getting a kickstart in the right direction.
Lacking motivation and focus
Something each entrepreneur is faced with so often when things just are not going as planned. Sometimes all you need is a push in the right direction and someone to show you the way out to build your confidence and get you refocused on what is important.
Profitability is down and you don’t know what to do
Sales are down or expenses have increased affecting profits and you need guidance in terms of what to do to increase profitability.
Need more customers but not sure how
You are not getting the number of clients you need to grow your business, and do not know how to get them and close them.
Marketing not giving you the results you expected
You have tried different marketing approaches and you are just not getting the results or return on investment you expected.
Great idea but don’t know how to take it to market
You have come up with a brilliant, possibly innovative and creative idea, but now what? You not sure how to take it to market.
Expenses running away with you
Your expenses are constantly increasing, but sales are not, and you need help to manage it before its too late.
A need to increase performance
You need to optimise performance in the business as things are just not happening as smoothly or as productively as you expect, likely effecting your bottom line.
Need a business plan but do not know how
You know you need a business plan if you want to be successful, whether you starting our or growing, but you do not know how to create one that does not just become an ornament in the back of a drawer.
Not sure how to attract or pitch to investors
You need funding to start or grow your business, and you know you need to attract and pitch to investors, but do not know how to do either.
Battling to price your products or services
You are not sure how to price your products or you simply using pricing similar to your competitors, likely leading to mediocre profits.
You need to pivot but you not sure how
You know or think you might need to change the direction of the business and pivot, but not sure how and what impact that will have on you and your business.
Cash flow issues are affecting your business
You are constantly working month-to-month or even week-to-week with available cash and have no idea what you cashflow will be like in a month or 6 months, and can not accurately plan stock purchases or expenses several months ahead.
Battling to manage your team effectively
You love being the CEO, but you know within yourself you are not managing you team effectively and getting the best performance possible from them.
Struggling to get your product or service to market
You have a great product or service, but you just not getting the market penetration you want and need.
Don’t have a proper business strategy in place
You think you have a strategy but you not sure if its right and covers all the bases, or you need help putting a proper strategy in place.
Competitors are hurting your business
Your competitors are hurting your revenue and profits, and you need a way to manage those risks and possibly outperform your competitors.
Don’t have all the skills you need in your business
It is almost impossible to have all the skills you need to be a successful entrepreneur, and you need help and guidance on the skills you do not have.
Burning out from work and stress
You working long hours, and the business results are mediocre at best. You feel yourself burning out from stress and its possibly affecting any relationships you might have.
Battling with production planning
You are unable to properly plan stock purchase due to lack of cashflow and planning, possibly resulting in out of stock situations.
Technology is overwhelming you
You are not a techie, and that is ok because few entrepreneurs are. You need the help and guidance in terms of what technology you should have and what you should be paying for it, and tired of tech companies and developers taking advantage of you.
Struggling to find your niche
You simply cannot find your niche and need help and guidance in terms of accurately defining you niche and a strategy to target it.
Need to expand and grow, but not sure what to do
Your business is doing well and you need to expand and grow, but its scary and you not 100% sure of how to go about it while limiting risks.
You need a sounding board
You need someone you can run ideas by, raise concerns with and just generally chat to and help you structure your thoughts, goals and tasks.
And so much more …
Mentors are there to help you and guide you and give you practical advice on all areas of your business.