Whether you’re starting out or expanding, financial mentorship can deliver valuable insights and new perspectives for your business. Not sure what a mentor can do for you?

Starting out or new to business, having access to financial expertise and guidance can be a game changer. Imagine being able to avoid the common pitfalls of inexperience and instead navigate challenges more smoothly and make better informed decisions.

These are just some of the ways in which a financial mentor can help.

Energy meets experience = success story

For most businesses, a financial mentor’s role is to help reach the business’s finance goals. Each mentor works with their mentee differently, but common activities include:

• One-on-one sharing of knowledge
  
  
• Providing financial insights and expertise
  
  
• Empowering entrepreneurs to achieve your goals
  
  
• Introducing new ways of thinking
  
  
• Challenging assumptions and limitations
  
  
• Help you think through complex financial topics and questions
  
  

Business finance 101

Mastering the essentials of business finance doesn’t happen overnight. Finance is a complex subject, with challenges that occur quickly and often involve multiple interrelated issues.

For inexperienced or novice business owners, this can be overwhelming and hamper growth. However, a financial mentor can fill in these missing skills and knowledge as you grow your business to the next stage.

You and your small business goals

Building your financial knowledge is a long-term goal which a financial mentor can help you achieve. Depending on your business needs, your mentor might provide an honest overview of your business, its structure and plan; or assess your strengths and weaknesses and provide direction when needed.

Whether you need guidance or want to develop a long-term approach to growth, mentorship can be a game-changer.

What can a financial mentor do for you?

The benefits of finding a mentor include:

• Support from someone who has already achieved what you are working towards
  
  
• A new perspective and understanding of your challenges
  
  
• Guidance and education in areas where you may lack experience
  
  
• Advice on how to increase revenue
  
  
• Helping you avoid costly errors, especially during startup and expansion phases
  
  
• Assisting you to navigate complex financial challenges
  
  

Finding the right mentor

Specialist mentors can come from any industry and field. However, for your specific financial needs consider finding someone who shares your industry focus, areas of interest and even consider their personality traits.

• Someone who is already where you want to be and perhaps followed a similar path
  
  
• May be someone who has found proven ways to increase wealth while crushing debt
  
  
• An experienced senior business person who is compatible with your life and business goals
  
  

How to build trust through sharing

Your mentor is in it for the long haul. When it comes to money and your business, it is understandable that without a foundation of trust, it can be impossible to let another person into your decision hub. So the first step is to build a foundation of trust and transparency.

Your mentor will likely share:

• What made them succeed financially
  
  
• An interest in developing not just your business capabilities but your personal growth too
  
  
• Motivate you to develop increased competency with money management
  
  
• Provide you with a soundboard for relevant financial questions
  
  

As you and your mentor work together, their understanding of your business deepens and eventually they will be able to provide an honest overview of the business from a macro perspective, including:

• Assess your strengths and weaknesses
  
  
• Review your business structure and business plan
  
  
• Be your confidant since entrepreneurship can be a vulnerable feeling
  
  

Want more tips on building your business? Visit us at Small Business Center to discover more about how we can help you grow.