Starting a business from scratch can be a steep learning curve. You are throwing yourself in at the deep end and with new challenges on a daily basis; it really is sink or swim.

Many business owners figure out what works and what doesn’t as they go, but as the business grows and expands, this becomes an increasingly risky way to operate. Running a business can be an incredibly isolating experience and so it is vital that you reach out to the right people for support.

What is a business mentoring?

Mentoring is an unbiased relationship between you and someone with business experience. Conversations with your mentor can guide you through making difficult decisions and prompting thought by hearing another perspective. While your mentor should be a trusted adviser, all decisions will still sit with you. The aim isn’t to tell you what to do but to ask the right questions to find out what you think the right move is.

What benefits can a business mentor bring?

Business mentors can make a huge difference through the insights they share from their own personal experience. While the mentoring relationship will look different depending on the needs of the mentee, a good mentor should stimulate your thinking and challenge your assumptions. The aim is to support both business decisions and personal growth by:

1 Offering impartial and unbiased advice – your first point of call might generally be your friends and family who are personally invested in your success. However, this can cloud their judgement and prevent them from seeing the bigger picture. A good mentor will be neutral but informed offering a perspective that you may not have originally considered.

2 Acting as a sounding board – running a business can be lonely, particularly if you are the sole owner. A mentor can be an invaluable resource for you to bounce ideas off or talk through challenges. Sometimes talking things through without the fear of judgement is all you need to reach a decision.

3 Keeping motivation high – Motivation will ebb and flow but once it is lost it can be a struggle to bring it back. Listening to the experiences of someone who has been there and done that can be key in restoring your inspiration and getting you back on track.

Why your accountant could be your mentor

It’s easy to think that your accountants only deal with numbers but there is a real value-add opportunity in moving beyond just compliance. It is already a highly trusted relationship and the experience your accountant has gained from supporting a variety of businesses is invaluable.

When working with my clients I call upon this as well as my experience running my own business to offer my clients context and insights for the challenges they face.

Get in touch if you want to learn about how we can support you and your business.

www.hwca.com/accountants-esher

T: 020 8549 5137

E: esher@hwca.com