All You Need to Know About Business Mentoring

Tax Shelter Accountants
An Accounting Firms vs. In-House Accounting – Which Way To Go
May 11, 2018
Canadian Tax Strategy Accountants in Edmonton
Canadian Tax Strategies For Business Professionals
June 4, 2018
Show all

All You Need to Know About Business Mentoring

Small Business Accountants

We have, in several cases, heard the application of a mentor in people’s lives. It is because people derive tactical and emotional support from their mentor; a person that they can freely trust in life. So, is there an application of a mentor in the context of a business? Absolutely, there is a definite scope of a business mentor as running your own enterprise is no small task as there are several external and internal factors that a standard business must account for. A business mentor brings in all of their long years of experience and wisdom into play when they offer their consultancy services for your benefit. Here’s all that there is to know about the concept of business mentorship:

The Meaning

Business mentorship is primarily about the adoption of an advisory role for a business owner. A business mentor has broad, diverse areas of expertise alongside a huge wealth of experience that is especially relevant to business administration. A business mentor occupies an important position in the managerial framework of a business and partakes in strategizing the future course of action for the company. A business mentor doesn’t have a fixed role as they need to be able to sport multiple hats for the varied requirements of the company. A business mentor can be responsible for plotting plans in order to boost productivity through engagement with a team of small business accountants, or it could be that a business mentor is tasked with curating strategies in order to improve public relations, or it could be that the business mentor is asked to design a succession plan. The possibilities are limitless when it comes to the role of a business mentor.

The Benefits

Why is it that certain businesses choose to rely on the services of a business mentor? It is because business mentorship has a whole range of benefits that a business needs.

  • A business mentor can help you clearly outline the benefits vs. the risks of adopting a certain business strategy or making a business decision. This helps you make more informed decisions

  • A business mentor, through their advisory position, has the requisite influence over the business owner to act as a source of motivation. After all, running a business involves several ups and downs and there are times when there is a need for an authoritative figure to help them through a rough patch

  • A business mentor, through their advisory position, also has the requisite influence over the business owner to objectively criticize the manner in which they run their operations. This is essential because it is important to be confronted with conflicting, differing views from time to time, and the business mentor is in the best position to adopt that role

  • A business mentor works with your team in order to leverage your business network and ensures that your network, which consists of your customers, continues to grow and remain healthy

The Mentor vs. The Coach

There have been misconceptions in the minds of those who bring up the issue of a business mentor, they end up confusing the terms ‘business coaching’ and ‘business mentorship’. Do these terms mean the same thing? Absolutely not. A business mentor comes with a pool of specific business knowledge that they use in order to enhance or improve upon your existing business position. On the other hand, a business coach has their own questioning techniques that are directed in such a way that it motivates the business owner to achieve their goals. A business mentor concerns themselves with challenging your existing mental framework through which you make certain business decisions.

Small Business Accountants in Edmonton

The What Not to Expect

We have given you specific information about what you can expect from a business mentor. It’s only fair if we also point out what you can’t or shouldn’t expect from your business mentor. While a business mentor is supposed to solve your business problems, don’t expect them to solve your business problem themselves. Expect a business mentor to help you break down the root of the problem for you and help you find possible solutions to these problems. However, you will be expected to act to solve these problems yourself.

Furthermore, a business mentor is not a professional employed under your company. What this essentially means that your business mentor is not your accountant, your lawyer, or your HR administrator for that matter. And, a mentor should not be expected to handle such professional duties. Yes, you can, however, expect a business mentor to work alongside your team of small business accountants or your legal advisors to curate strategies.

How to Find the Right Mentor

Right then, how do you manage to find the right person or firm for the job? As a standard practice, meet the mentor for an initial round of meeting to ascertain if there is ease of communication and mutual respect. There is a general misconception that the mentor has to be necessarily of the same industry. Your mentor need not be an industry expert, but it’s important that the mentor has a basic understanding of the industry you operate in and the challenges you face on a regular basis. An all-round know-how of commerce, finance, and law is always a prerequisite.

Consider a situation where your consultancy firm is handling specific outsourced tasks such as bookkeeping, risk assessment, tax preparation, alongside their team of small business accountants and tax shelter accountants, and also offers you business mentorship. This could be a reality through our services, where we intend to curate tailor-made strategies as per your business requirements. Contact us at Altitude Accounting to learn more about the nature of our services and how we can help you simplify your regular business operations.