FINANCE
By Daniel Morgan, Managing Partner, Haines Watts Esher
Why should I look for a business mentor? Many of the business owners I work with have decided to start their own business because they enjoy the freedom and control that being in charge allows them. But alongside the benefits there are also unique challenges. For many entrepreneurs, they figure out what works and what doesn’t as they go. As the business grows and expands this becomes an increasingly risky way to operate. And when the buck stops with you, this can cause a huge amount of stress that your family and friends may not necessarily be able to relate to. WHAT IS A BUSINESS MENTORING? Mentoring is an impartial relationship between you and someone with business experience. The relationship can guide you through making difficult decisions and prompting thought by asking you the tough questions. While the mentor will be a trusted adviser all decisions will still sit with the business owner. The aim isn’t to tell you the answers but to dig deeper to find out what you think the right move is. WHAT BENEFITS CAN A BUSINESS MENTOR BRING? Business mentors can make a huge difference through the insights they share from their own personal experience. While the mentoring relationship will look different depending on the needs of the mentee, a good mentor will stimulate your thinking and challenge your assumptions. The aim is to support both business decisions as well as personal growth by:
n O ffering impartial and unbiased advice – your friends and family are personally invested in your success and this can cloud their judgement and prevent them from seeing the bigger picture. A good mentor will be neutral but informed offering a perspective that you may not have originally considered. n A cting as a sounding board – running a business can be lonely, particularly if you are the sole owner. A mentor can be an invaluable resource for you to bounce ideas off or talk through challenges. Sometimes talking things through is all you need to reach a decision. n Keeping motivation high – Motivation will ebb and flow but once it is lost it can be a struggle to bring it back. Listening to the experiences of someone who has been there and done that can be key in restoring your inspiration and getting you back on track.
It’s easy to think that your accountants only deal with numbers but there is a real value and opportunity in moving beyond just compliance. It is already a highly trusted relationship and the experience gained from supporting a variety of businesses is invaluable. When working with my clients I call upon this as well as my experience running my own business to offer my clients context and insights for the challenges they face.
Get in touch if you want to learn about how we can support you and your business. www.hwca.com/accountants-esher T: 020 8549 5137 E: esher@hwca.com
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