A business management coach or business mentor is the person who provides suggestions, guidance and support in order to successfully run and improve your business. Professional business mentors are experienced enough to act as a guide of an industrialist. They do their job either via face-to-face meetings or online discussions, or sometimes a combination of both depending upon the situation.
When you hire a business management coach, he/ she stays in regular touch with you through telephone calls, emails and meetings. His/ her nature of the relationship may either be casual (for example, a monthly telephone call or an informal visit) or formal (for example, setting meeting agendas and business objectives). Not all mentors have to be formally established and charge any fees. Your family members, friends, and business contacts can get involved in unofficial mentoring.
Business mentoring is very beneficial for the people who have a gap in their knowledge or experience. For instance, a person may have a great business plan but need little guidance to turn it into a successful project. A mentor can provide lots of benefits, like:
- Guidance on increasing and improving your business
- New products or services ideas and methods of working
- Help to take tricky decisions
- Access to a network of contacts with other people
- Useful tips for your business that are achieved from practical experience
- Build up key business expertise
- Improve your confidence and problem solving abilities
- Influence your personal development
There are lots of organizations are available today that make business management coach available to businesses. Many of these organizations represent the national business mentoring network which offers around 10,000 mentors. This organization provides both free and paid mentoring. This is a government-backed service group which was funded by the British Bankers’ Association and supported by the Better Business Finance Roundtable, which includes the major business groups in the UK. However, there are various other sources which may help you to find an experienced business mentor.
However, a business mentor won’t resolve all your problems be he/ she is able to tell you what to do or suggest business advices. Your family members, friends and even business contacts can provide you regular flow of information regarding industry developments, news, and opportunities. Your employees as well as good networking contacts can share their expert knowledge with you regarding fussy situations. But only a professional mentor can actually share knowledge with you on an constant basis.