The Benefits of Having a Small Business Mentor

Mentor looking over business owner's shoulder

You launched your business because your products and services delight your customers, but now comes the hard part. Business management, human resources, marketing, and growth strategies. Everything that factors into your business’s growth is now your responsibility. It can feel overwhelming, especially when you’re starting out.

A small business mentor can provide valuable insights that will have a direct impact on you and your business. They can act as navigators for you during your business journey, providing you with an unbiased view of your business and a new perspective to solve problems.

Let’s take a look at all the benefits of having a small business mentor, and how you can get started with one today.

How a small business mentor can benefit your business

Do you look at your business some days and think, “I wish someone could help me understand how to do this or it would be so helpful to have someone to talk to about that…before I make a mistake…or miss an opportunity?”

Those are the kinds of challenges that a small business mentor can help with as your business launches and grows. Studies show that mentoring relationships can have a dramatic impact on business growth. For example, in February 2021, MicroMentor reported that through the challenging times of the COVID-19 pandemic while many businesses struggled, businesses with a mentor experienced an average revenue increase of 16% and created 32% more jobs, compared to non-mentored businesses. In addition:

  • An experienced mentor can help you anticipate and navigate difficult business scenarios and gain new insights and perspectives on challenges and opportunities over a longer period of time and in an individualized way.
  • Mentors can help expand your network by connecting you with more people within your industry to help your business grow with new leads and contacts.
  • A mentor can also help you develop “soft” skills, such as how to communicate more effectively.

How is mentorship different from training and consulting?

You’re not the first business owner to face the challenges and opportunities that are on your plate – and that’s where the benefits of having a small business mentor come into play. Unlike a short-term consultancy or a one-time course on a specific issue at a specific point in time, an ongoing mentorship evolves over time.

Small business mentors are people who, have launched and grown their businesses and learned a lot along the way that they’re eager to share.  They’re people who have particular skill sets  – like financial management, business development, or marketing – that can help you hone your business-management skills.

And here’s another important point: A beneficial small business mentorship doesn’t mean that someone else will do the hard work for you. Successful business mentorships mean that you gain the skills and insight needed to help you evolve, learn, and grow to become a more confident and strong business owner and leader.

Pursuit can help you connect with a mentor

If you’re a Pursuit loan client, then you may be eligible for a new, one-on-one small business mentorship program. Get connected with personalized small business mentors who can help you find ways to leverage opportunities, overcome challenges and strengthen your operations at no cost to you.

Mentors can help businesses from the launch phase through expansion and succession. If you’re eligible for the program, you’ll be matched with a mentor based on your business profile, which includes any recurring needs, challenges, or opportunities that you have, as well as other preferences.  

Take the next steps

If you’re already one of our clients, reach out to your Pursuit business advisor to learn about whether you’re eligible and how to get matched with a small business mentor. And if you’re not yet a Pursuit client, we encourage you to contact us today to learn more about how we can help you get the financing and mentoring you need to bring your business to its full potential.

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