Why Should Every Small Business Owner Have A Mentor?

‘’ A mentor is someone who allows you to see the hope inside yourself’’

- Oprah Winfrey

Running a business takes a lot out of you.

You have to work a tremendous amount of hours and are most likely exhausted. You might also feel like you need to know everything. But even if you’re skilled in certain aspects of your business, you can’t.

And that’s where a mentor comes into play.

A mentor can be a critical asset in developing a strong, successful, and sustainable business because they can leverage their expertise and experience to guide you and fill in the blanks while supporting you through challenging times.

But with everything you need to do, should you really spend time finding a mentor?

The answer is YES.

And here’s why.

The Importance Of Mentors For Small Business Owners

You’ll Increase Your Chances Of Survival

Did you know that 60% of small businesses fail within three years of inception? Yes, that’s a lot. But, according to research, 70% of small businesses that have a mentor, survive more than five years, which is double the rate of non-mentored businesses over the same period!

This study clearly highlights the positive impact of mentoring as it can significantly improve your chances of survival. 

Mentoring Can Help Boost Your Profits

Here’s another interesting stat for you; according to MicroMentor, mentored businesses can increase their bottom line by up to 83% as opposed to 16% for non-mentored businesses. That’s because mentors can leverage their network, share their expertise and knowledge, and help you adapt your strategy to increase your customer base and boost your profits. 

Mentoring Allows You To See The Bigger Picture

As a business owner, you’re constantly juggling things.

Your to-do list is never-ending meaning it can be hard for you to find some time to step out, reflect on your strategy and think outside the box. Yet, regularly reviewing your strategy and fine-tuning it is a no-brainer if you want to adapt to the ever-changing consumer needs and industry landscape.

And that’s exactly where a mentor can help. They can bring a fresh perspective on things, help clarify your thinking, inspire you to step out of your comfort zone, and allow you to bounce ideas off each other.

A Mentor Can Help Reduce Stress

Starting a business is exciting but nerve-wracking. There are so many things to consider and you might not be able to answer all your questions at first. And all these unanswered questions might make you doubt yourself. After all, impostor syndrome is extremely common among entrepreneurs and small business owners!

A mentor can leverage their experience to provide guidance, clarity, and support. And they can also encourage you and ease your concerns, allowing you to quiet your mind and focus on the job at hand.

A Mentor Can Help You Hone Your Management Skills

Even though getting a business off the ground is difficult, maintaining it and growing it might be even more challenging. It requires a vision and the ability to instil a great company culture. It also involves a set of management skills including leadership, strategic thinking, communication, and problem-solving.

A mentor can help you develop these skills and create solid foundations for your company.

Business Insurance Can Help Protect Your Business

At upcover, we’re passionate about supporting small business owners like you in their entrepreneurial journey. We know how much hard work you put in your business and we’d hate to see it destroyed because of costly claims and legal action.

That’s why we’ve created a free instant quote generator, where you can get an estimate on market-leading insurance in seconds. 

Simply enter your occupation and expected revenue to get started.