Starting a business can be a tricky time, with so many systems to put in place and so little room for error. One of the best ways to get ahead of the curve is to develop a working relationship with a professional mentor, someone who has been through it all before, someone you can trust. While mentors can come from all walks of life, finding an accountant who also functions as a business mentor is one of the most valuable assets you’ll ever have.
Let’s take a look at three fundamental ways the mentor role can add value.
1. Find someone who cares
From tax and compliance standards through to moulding your business structure, accountants provide services that are integral to every business. Good accountants provide linked services and take the time to understand the wider context of your business.
Often, this is simply a case of careful listening and helping start-up businesses to identify strategies and lay out their vision and objectives. As the mentor role develops, the client may be encouraged to adopt new systems or change processes that will support their creativity and objectives as a business owner.
2. Get valuable feedback
Along with considered listening, a business mentor is available to ask questions about your business. This process should not be underestimated, with a fresh set of eyes and ears capable of finding problems and inefficiencies sooner rather than later. Why do you want to run your own business? What do you hope to get out of it? How do you propose to deliver goods or services to your customers in an efficient manner? These questions are critical during the early stages of a business, with an advisory service that is able to stop bad business practices and habits before they get a chance to develop.
3. Take advantage of experience
Over time, this process of feedback and iteration will become more refined. What is working well in the business and what isn’t? What keeps you awake at night when you’re thinking about the future? This is an interesting question for business owners, with any signs of stress or worry providing valuable clues into poor business practices.
Because we’re both business mentors and accountants, we can help you to identify specific problems and implement strategies that support long-term growth. Rather than simple accounting services, why not engage with someone who will listen to your story and support your business objectives through solid and strategic advice?
Whether you’re a small start-up or an established business, an accountant with a track record of mentoring can be a huge help. It’s never too early or too late to implement these ideas, please speak with your Accountant or advice professional to make sure you on the right track.
General Advice Warning:
The information in this App is provided for information purposes and is of a general nature only. It is not intended to be and does not constitute financial advice or any other advice. Further, the information is not based on your personal objectives, financial situation or needs. You are encouraged to consult a financial planner before making any decision as to how appropriate this information is to your objectives, financial situation, and needs. Also, before making a decision, you should consider the relevant Product Disclosure Statement available from your financial planner.