Often SME owners hesitate to bring in a business mentor, wondering if it’s right for their business. They may be strapped for time and energy at work, and wonder how they can add one more meeting to their day. Or, they may feel that they have a handle on their business, but are feeling awash in a sea of uncertainty about the direction their company should take in the future, and concerned that their business will stagnate. They ask themselves (and us) “How do I know when I need a business mentor?”

Sign #1: Your business has flat lined. Whether your business is seasonal or relatively unencumbered by consumer trends, business cycles have both peaks and valleys. If your business is in a state of suspended animation, a business mentor will bring fresh perspective and provide an experienced sounding board for new ideas, helping you get out of a corporate rut.

Sign #2: Your business is in the midst of rapid expansion. The opposite side of stagnation is explosive, uncontrolled growth. You may feel excited by the potential of your company’s growth, but fearful that it will runaway on you. Incoming revenue and outgoing resources are flowing at such a pace that you often lose track of the big picture, or wonder if the growth you’re experiencing is sustainable. A business mentor can help you focus on the core goals that you’re striving to attain and provide guidance to avoid major pitfalls that you won’t foresee when you’re in a flurry of growth.

Sign #3: Your product or service is threatened. Threats can come in many forms – a new or expanding competitor, the encroaching obsolescence of a product you’ve offered for years, or the emergence of a newer technology. When faced with a declining projection for your company’s revenues, often SME owners go into panic mode, freezing in uncertainty or worse yet, making snap decisions. Business mentors can provide you with the experience you need to restructure your product or service offering, advise you as to marketability of new products of services, or work with you on complimentary revenue streams you may not have thought of.

Sign #4: You feel alone and overwhelmed. Unlike larger corporations, small businesses tend to have flat hierarchies, and small business owners bear the burden of leadership with few internal resources to draw upon. They may feel the lack of a trusted advisor who understands their business, but who isn’t tied up in office politics, or who is fearful of delivering an honest assessment of the company’s performance. A business mentor has the advantage of getting to know your company’s profile, but is still able to provide objective advice, based on years of relevant experience that you need, but can’t afford to hire on a full-time employee basis.

Sign #5: You’re preparing an exit strategy. Perhaps you’ve decided that your personal goal is corporate acquisition, you’ve found your interest is in a different industry than your current business, or you simply don’t have the drive to carry on with your current company. Regardless, you want to move on, but you want your company to be transitioned to new leadership without going under. A business mentor can help you strategize over next steps, prepare a blueprint for your company’s change in ownership, and help you define what role you’re looking for in your next endeavour.

There are dozens of reasons why SME owners use business mentors every day, and these are just a small sampling. If you’re faced with a company dilemma or just wondering how else a business mentor could contribute to your success, contact us today.