“Show me a successful individual and I’ll show you someone who had real positive influences in his or her life. I don’t care what you do for a living—if you do it well I’m sure there was someone cheering you on or showing the way. A mentor.” – Denzel Washington
Without mentoring, many great accomplishments that shaped our world would never have happened. Without mentors, we would not know of the successful artists and industry leaders that we look up to today.
As a business owner with so much to stay on top of, understanding the complexities of finances is often at the bottom of the list. This is why a business mentor is the missing link if you’re struggling, because very often, the only way to achieve your goals is to learn directly from someone with expertise in the area which you lack.
Even well-established businesses could benefit from a fresh strategy that mentors can provide, so read on to learn why it’s worth considering teaming up with one.
Every Business Needs a Mentor
“A great mentor helps you to achieve what seems impossible.” – Mariela Dabbah
You’re the expert in your business. The expertise of a business advisor is to help you succeed on your terms, by designing your business as a tool to achieve your goals.
Business mentors can look at your business with a fresh and neutral perspective, which on its own is advantageous in many ways. They can tell you what you might not want to hear, but need to, for making the necessary changes to move forward. Sure, co-workers, friends and family can offer moral support or advice, but a mentor can offer the benefits of their professional experience and knowledge.
Do Your Numbers Stack Up?
Numbers tell the story of your business – but knowing how to read that story and change the plot when needed, that is where a qualified business mentor comes in. They can help you understand whether or not your numbers support your goals, and empower you by teaching you how to read the story of your business through numbers. How?
By first getting a clear understanding of your lifestyle goals and the financial story required to make that happen. Another way to put it is, knowing how you want the story to ‘end’ and working backwards to adjust the storyline to reach that conclusion.
Ready to get excited about your numbers? You will be when you tie them to your goals and the dream lifestyle you want to achieve.
Working Backwards to Move Forward
What do you need to earn in order to live, pay the bills, or put the kids through college? What are your goals? How many hours do you want to work, versus free time for family, hobbies or travelling?
Answers to these questions can determine what numbers you need to support that, and how much you need to earn per year.
With a solid grasp of how much your monthly or annual income should be, you can work out the appropriate price to sell your product(s) for, or how much to charge for your service(s).
Determining how many hours a week you currently work (or want to work), versus how much money you actually make, is another important key to understanding your numbers. If after breaking it all down, you’re only making $5 per hour, something’s gotta change!
For example, if you charge by the hour, and want to only work 25 hours a week, then your hourly rate needs to be ‘x’. However, if that rate is unrealistically high, cost-cutting is necessary elsewhere, in a strategic way that won’t hinder performance and efficiency. Helping you streamline expenditures and trim the fat in your business without taking it out of your pocket is where business mentors shine.
Ready to Make Your Numbers Stack Up?
The team at BWMD has the expertise to support the dreams and challenges of business owners like you. We bring clarity to your vision and goals, and help design your business to achieve them. Our collaboration will set your business on the right path. Contact us today to get started!