Finding the Right Mentor to Help Grow Your Business

 

 

People go into business for themselves for a lot of reasons, including freedom, control, and, of course, the potential to make more money. But few entrepreneurs truly appreciate how much potential lies dormant in their companies.

The best way to tap into this potential is to learn as much as possible about sales and marketing, conventional -- and unconventional -- ways to generate cash flow, and strategies to develop low-cost, but high-quality leads.

You can get this from books or personal experience, but I would suggest working with an advisor or mentor to help guide you. While it may seem like an unnecessary or unaffordable expense in terms of time and other resources, outside counsel can be one of the best investments you'll ever make for your business.

You should acquire as much knowledge as you can from a trusted advisor who will hold you accountable for taking the actions you need to be successful, even if you don't always agree or feel comfortable.

Look at it this way: Starting a business is a risky proposition mainly because most first-time entrepreneurs simply don't know the ins-and-outs of running a successful operation. Generally, it isn't lack of capital that kills most businesses. It's lack of knowledge.

So what should you look for in a mentor or advisor? Here are four important considerations:

1. You should have good rapport with your advisor. This doesn't mean you should find someone who will agree with your every decision. But it does mean you should work with someone who is a good fit with your personality and who is willing to challenge your status quo. You can work one-on-one with a mentor, or you can try to find a local network of like-minded owners. Such groups meet regularly to provide advice and feedback about issues facing their members' businesses.

2. Your mentor should be someone who's "been there, done that." Beware of someone who claims to have a "new" system or a "magic bullet" solution. Rely instead on tested veterans who have played the game successfully. Not only can they reveal the secrets of their success, they also can be candid about their failures and how to avoid them.

3. Your advisor would ideally have a framework for driving sales, repeat purchases, cash flow and profit. In the best case, you should work with someone who takes your entire enterprise into consideration, or at least has some good tools, tactics and strategies for the functions that drive sales and profits. Be wary of complex strategies or hard-to-replicate systems.

Related: Finding a Business Mentor

4. Your mentor should hold you accountable for results. A mentor needs your permission to hold you accountable for what you say you're going to do and when you're going to do it. He or she also should be willing to guide you in a different direction or correct potential errors in judgment. Many hard-driving entrepreneurs find such accountability difficult, but it can be one of the most valuable aspects of mentorship.

Can it be difficult to find an advisor who is willing to guide you? Perhaps. But once you start looking for that person, you'll be amazed at the connections you'll start to make. And once you do find the right advisor, it can make all the difference in the world.

Is all that effort really worth it? Recent independent studies have shown that companies that get outside business help can generate a tenfold return on the investment. These days, you're simply not going to get that type of return in stocks or real estate.

Simply put, no successful entrepreneur got to the top without a great team and a trusted mentor to turn to for help and advice. So don't go it alone. Learn from others who have been there before and achieved the level of success you're seeking. You'll cut years off your learning curve. via entrepreneur.com

 

Rethink Your Business Approach. Driving Top Line Growth through Effective Innovation 

Strategies defining business in the 20^th Century no longer work in meeting today’s challenges. Companies are reinventing how they respond to consumers, employees and suppliers. At InnoThink Group we help companies find new methods of increasing top line growth and achieving competitive advantage.  

With InnoThink Group as your innovation partner, your company will create and implement growth strategies that work. 

Innothink Group is a strategic management and innovation consultancy.

Our Guarantee. Where many consulting firms are reluctant to bear risks or tie their rewards to project outcomes, we decided to build a better model. We align our success with yours. We’re outcome obsessed, outcome paid, putting nearly two thirds of our fees at risk subject to hitting predetermined milestones. More than a guarantee we wanted from the outset to create true partnerships with shared responsibility. See a few of our clients. 

We will enable you to: 

1. Effectively create an Innovation culture that drives top line growth
2. Total customer responsiveness
3. Develop creative leadership
4. Create uniqueness
5. Turn manufacturing into marketing weapons
6. Pursue fast paced innovations
7. Set qualitative innovation goals
8. Develop an inspiring vision
9. Create a sense of urgency
10. Demand total integrity
11. Exceed shareholder expectations
12. Increase top line growth

 For speaking, coaching or consulting inquiries complete the  contact form >>> or call719-649-4118.

Also: 

• Define an Innovation and Growth Strategy
• Build Innovation Capabilities 
• Learn to avoid commoditization
• Generate Customer Insights
• Blueprint Business Model
• Prototype and Model

Email: CEO Jim Woods

Call: +1 719- 649-4118