Welcome
To the blog for small and medium sized business (SME) owners.
What are the characteristics found in well run businesses?
Some key ones are:
1. Management of the business cash flow is priority
2. The business goals are set
3. An up to date business plan that meets the goals is used to measure actual business performance against
4. The business is controlled
5. Actions to correct/re-align actual performance back to the plan are recognised
6. Actions are TAKEN to correct unfavorable situations
7. Never afraid to ask for outside professional help when necessary
Unfortunately many business fail at step 1 in managing the cashflow and business life quickly moves from crisis to crisis.
Learn more visit the website dedicated to SME Business Owners.
Some examples of working wih a business mentor are:
• Learn from the knowledge and experience of the business mentor
• Receive good advice
• Be motivated
• Be challenged
• Gain confidence
• Receive support – ‘a shoulder to cry on’
• Discover how to control environments – become empowered
• Develop into a better business manager
• Remove the loneliness
When engaging with a business mentor the mentor should possess important characteristics. These include:
- acting ethically at all times
- an ability to analyse and evaluate business problems
- ability to listen to and understand the client's concerns
- knowledge on how to identify the causes contributing to the effects under discussion
- ability to motivate
- skill of communicating effectively
- and more...
Learn more visit Business Mentor
When setting out the business future or applying for funding it is usual to find support in the form of a business plan.
However, business plans are often not only found to contain omissions and mistakes that are easily avoidable, but also the business owner may not fully understand or appreciate the expectation placed on him/her to deliver the forecast results published in the business plan. If the document is for internal use then the fall-out of not achieving the forecast results may not be as grave as if the plan underpinned an application for funds.
The business adviser may prepare the plan, but the ownership of the business plan is not always understood to belong to the business owner.
Consequently, care should be taken when instructing the business adviser to ensure the business strategy set out in the plan can realistically be implemented and the forecast results achieved.
The business plan should be looked upon has a set of promises that the business owner can deliver and not a 'wish list' of opportunities that cannot be implemented.
It is, therefore, important for the business owner to understand all aspects of business and the adopt a 'will do' midset.
Learn more on Business Planning and Business Mentoring.
All business leaders should have focus and be capable of driving the business towards the achievement of its business goals.
The SME business owner’s leadership style should demonstrate that what is being undertaken is sensible and will inspire stakeholders to commit to the cause. There will be a display of fairness to all and honesty in leadership style and the approach should be beyond reproach.
Learn more on leadership and business mentoring.
A business mentor is someone who has done what you want to do, or has achieved what you want to do. Business mentoring involves building a relationship with someone who has succeeded in your chosen field, but there are other factors to ensure success is gained from working with your business mentor.
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Your business mentor should possess the necessary skills to guide you in achieving your goals. The business mentor will display many attributes that will be necessary to help you achieve success and include:
1. Relationship building – building trust
2. Honesty
3. Commitment
4. Experience
5. Acting as a sounding board - 'a shoulder to cry on'
6. Independence
7. Objectivity
8. Retaining a balanced perspective
9. Robustness
10. Elimination of the ‘loneliness’ of the business owner
For the SME (small business) owner what are the benefits of having a mentor?
How does the SME business owner choose a mentor and how why can a mentor be so important to your business?
If you are a business owner you may from time to time yearn for some guidance to help overcome an immediate or long term issue. A business mentor should offer the experience, independence and committment to provide help in overcoming such concerns through an ability to analyse, evaluate, communicate and motivate the business owner.
Read more on business mentoring.
