Business Brains: Every Lone Ranger needs a Tonto

As many of the hundreds of Entrepreneurs who have set up their own business since the start of the economic downturn have discovered, being at the top can be a lonely place. No longer do you have a boss of your own to turn to for advice or direction. You are flying solo.

But everyone needs a good, reliable sounding board, a second opinion, or some emotional support at some stage. Who, for example, do you bounce ideas off for your business planning and survival strategies when the going gets tough? If you talk to someone in your family, your peers or even your own team, there is always a fear it will instigate a lack of confidence. Aside from that, these people are often not experienced enough to think laterally and creatively outside their own narrow sector.

You can acquire a regular flow of information regarding industry developments and opportunities from the internet, trade magazines and other sources. Industry analysts, consultants and networking contacts can share their expert knowledge with you regarding particular situations and needs you may encounter. But only a mentor can truly share wisdom with you on an ongoing basis.

By using a Business Mentor as a sounding post, business owners can be sure their ideas will not go any further than the four walls inside which they are discussed. Most mentors come with vast business experience across a wide spectrum of industries - and a network of contacts built up in different specialist areas, each with proven expertise.

Offering practical solutions, such as finding funding alternatives and devising better ways to manage a particular aspect of the business to improve efficiency and cost-effectiveness, a Business Mentor is a solutions expert who, by definition of confidentiality, works exclusively for the benefit of each business they are mentoring. They can also act as a Matchmaker with other businesses and organisations to help with particular business issues, for example Sales, Mergers, Acquisitions and Joint Ventures. 

A Business Mentor doesn’t have to have experience in your particular industry, doesn’t need to be up on the latest trends or technology – you have got other sources for that. Their role is to share with you lessons learned from their experience – both mistakes and successes – so that you can learn more quickly and more easily.