Apologies for the time its taken me to write this post. Moving house has been my priority this last couple of weeks and left me very little time to sit down and think about this important subject.
This post deals with the role business mentoring plays in successful businesses. It can be lonely at the top! OK so maybe that’s a bit dramatic but in all honesty when you are at the top of your business there is often no one to turn to, no one to ask whether you’re doing the right thing and if like me, you’ve not worked for anyone else (I started my business at University and am still running it 10 years later), no precedent has been set for most of the situations you come across. The learning curve is unbelievably steep, especially at the beginning and a big factor for why something like four out of five start-ups fail. This, in my opinion is why its so important to find yourself a business coach/mentor.
In Optix (my web design business), I’m lucky that I have my business partner James to bounce off. I’m sure that many of you reading this will not have anyone else because you’re running things yourself. If you’re in that position then I’d suggest a mentor is probably even more important for you.
James and I are extremely lucky that my father Jamie doubles up as our business mentor. Having run businesses with more that 150+ staff and now running his own consultancy in Essex, he is perfectly placed to offer advice to James and I as and when we need it. I’m big enough (well actually if you know me you’ll know I’m quite small!) to say that without Jamie’s help I don’t think James and I would be here today.
So what do you need to look to a mentor to help you with and why? When you find someone you get on with, trust and respect (this is critical), the sort of things you might want to talk to them about include:
- Regularly looking at cash flow (the lifeblood of any business)
- Profit and loss
- Contracts (both ones you’ve been asked to sign and ones you need to draft for other companies)
- Personnel issues
- Financial decisions
- Company strategy and Goal Planning
We have a regular monthly board meeting with Jamie and stick to a structured agenda with many of the points shown above discussed as a matter of course, even if there is nothing to note that month. It’s great practice to get into this routine so you always have a grasp on where the business is at that moment in time and where its going. It’s also a good time to report back to the board on issues that only you have been dealing with.
One thing I see a lot of is people who act as business coaches. Business coaching is a different kettle fish. Many coaches have developed their own models which can help you focus on your business goals and not get sidetracked by the day to day runnings of your business.
So if you’re reading this and saying to yourself, ‘yes but I don’t need a mentor/coach because I know my business and am successful in it’ then let me make a quick parallel for you:
Just think about sport at the top level – If you’re a premiership football club at the top of your game you have coaches, similarly if you’re a top ATP tennis player you will have a coach. Sportsmen and women all over the world have coaches and I believe in the business world its sensible to do the same.
Quite often as a director you’ll find yourself too ‘inside your business’. By this I mean you’re blinkered by the day to day goings on. Someone with experience of business outside can often break things down for you and help you make the best decisions for your business. A good mentor/coach in my opinion doesn’t make decisions for you, they merely pose the right questions that help you get to the right conclusions. You may find that these ‘answers’ often seem obvious but it’s this kind of mentoring which is fantastic for any business which wants to grow and go places.
I’ve met a lot of directors that have said they don’t need mentors/coaches and in my opinion some of these have let thier egos get in the way of good solid business sense.
If you’re wondering now how you can find a mentor, I’d suggest networking your local area and asking around – make sure you get recommendations for the person you’re thinking of getting in and of course, it goes without saying that if you’d like to talk to my father Jamie about what he can offer your business (anywhere in the UK), please contact me and I will happily put you in touch. I can put my hand on my heart and say that he is one of the biggest reasons that Optix is still around now, ten years after our incorporation and doing so well. Thanks Jamie!