5 tips for finding a good mentor
While it might be tempting, it’s never advisable to go it alone in the business world. Finding the right mentor can open doors for you and your business that you never dreamed were possible. Mentors can also give you the right perspective on big decisions that will make or break your business.
Here are some tips from Christine Banning, vice president of corporate relations for SCORE (Service Corps of Retired Executives), on how to find the right mentor:
1. Think about the end result. Let your mentor know what advice you want for success. Do you need advice on managing cashflow or a mentor to help keep you energized and motivated? Both are good. Be clear.
2. Be prepared. Share a snapshot of your business today. Share goals, so your mentor has a picture of your dream for success. Then, ask questions and listen for great ideas.
3. More is better. Develop a network. No one person has all the answers. Not you, your CPA, your mentor. You may want a mentor for business planning and a mentor for finance and cashflow.
4. Cash is king. Good cashflow is important especially at startup and growth stages. Always, be wary of economic slowdowns. A mentor can help you plan a collections policy, make plans for a line of credit and project cash flow based on sales.
5. Seek industry expertise. Find a mentor who can address industry specific issues. Get a mentor.
For more small business tips, visit SCORE’s web site at www.score.org.
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