7 Key Roles Of A Business Mentor

Monday, January 27th, 2025

Drawing on their own expertise and personal experience, the goal of a business mentor is to develop a supportive and encouraging professional relationship with the view of assisting in the continual growth, development, and success of the mentee.

Mentors are usually called upon to offer insight to those who may excel in some areas of running their business but need guidance and expanded knowledge in other areas. Drawing from this broader perspective allows business leaders to better meet the needs of individual clients, employees and the company as a whole.

What Is A Business Mentor?

A business mentor is someone you can learn from, someone who has been through challenges similar to the ones you may be facing, and someone who can offer relevant industry-specific expertise and knowledge.

They help you to identify potential areas for growth, work on problem areas and provide honest feedback, all while keeping your best interests at heart.

What’s The Difference Between A Business Mentor And A Business Coach?

Although very similar in principle, business coaching and business mentoring have two main differences – commitment and longevity.
Business coaches work specifically to deliver timely results for new or existing leaders, focussing on areas that will make the most impactful and sustainable changes. Their services will improve business skills, prepare you for present and future situations with improved leadership insights, behaviours and strategies, and give you the confidence to continue alone.

A business mentor offers a more informal, ongoing relationship that can involve mutual benefits such as industry-based insights, the development of long-term business plans and strategies and the sharing of business connections.

Why Do I Need A Business Mentor?

Those in business ownership or management can sometimes become isolated in their leadership roles. The constant pressure to succeed, make the right decisions and know what to do in every circumstance can be a heavy burden.

A business mentor can be extremely beneficial for confidentially voicing concerns, gaining clarity and perspective, and offering practical suggestions on how to better achieve goals and meet deadlines. A good business mentor will also help you hone and develop the top 4 essential management skills: communication, planning, strategic thinking and problem-solving.

What Does A Business Mentor Do?

While the day-to-day tasks of a business mentor will vary from person to person and business to business, these are 7 of the key roles you can expect mentors to fulfil.

• Give Feedback. The primary role of a business mentor is to observe and provide feedback on the way in which you operate your business, manage staff and prioritise your day. They don’t have an agenda – instead they offer a neutral or ‘outsider’ perspective on the effectiveness of your current systems.
• Listen! A business mentor will listen to your ideas/concerns and work with you to evaluate and identify strengths and weaknesses providing a safe space for exploring different perspectives and potential solutions. Together, you can identify areas that offer the greatest opportunity for improved personal and business growth.
• Offer Guidance. Business mentors help you identify specific solutions that could solve or improve performance in the areas you’ve worked together to identify. Because you get one-on-one guidance, they can tailor advice and create practical step-by-step plans to put solutions in motion. They’ll help you set realistic goals and determine the best course of action on how to achieve them.
• Provide Clarity. In a position of leadership, it can be possible to get caught up in the smaller day-to-day tasks, forgetting or not having enough time for more relevant tasks and the importance of keeping the bigger picture in mind. Sometimes, a business mentor is an essential outside source to help you assess your priorities, gain perspective and make sure you’re spending time in the most productive way.
• Offer Fresh Perspective. Experience is one of the most valuable assets in everyone’s career. An experienced mentor has been there and done that (probably lots of times), so they know what to expect. They know there are always ups and downs and that sometimes you just need to stick it out, and other times diversifying or pivoting is best – helping you make well-informed decisions and expand your reach.
• Challenge Perspectives. A good business mentor will challenge the norms and push you to think outside the box. Expanding your horizons by helping you to consider alternative viewpoints outside of your business, industry and even country – inspiration can come from anywhere!
• Offer Motivational Support. Being in any leadership position puts a great deal of stress on the individual. Stress, anxiety, worry and other negative emotions can be overwhelming and detrimental to one’s health. A business mentor is not a therapist, but they will often have a greater understanding of your feelings and be able to empathise having been there themselves, offering helpful personal and professional advice with the added bonus of motivational support.

How Will Mentoring Help My Business?

As we have discussed above, within each individual business the role of a mentor can vary, however there are some key benefits to seeking out the skills of a professional business mentor. The top 10 benefits of participating in a good mentoring relationship are:

1. Increased productivity and performance levels
2. Greater retention of company-wide knowledge and experience
3. Improved staff engagement, accountability and performance
4. Detached assessment of technical abilities and roles within the organisation
5. Improved leadership style and intercompany communications
6. Better company culture, greater levels of staff loyalty and retention
7. Improved strategic business initiatives and outcomes
8. Accelerated business growth and success
9. A better understanding of financial aspects, saving time and money
10. Expansion of professional networks/connections

How To Find The Right Business Mentor

Finding the right mentor for your business is crucial to the success of the mentoring process. Your mentor needs to be capable of providing sound advice, giving useful guidance and most importantly, have an emotional investment in seeing you succeed. These are some things to remember when searching for and making the most of your business mentor.

• Set Clear Objectives. In order to be able to measure success, it is necessary to decide exactly what you intend to achieve and what you need mentoring on before even looking for a mentor. For example, accepting help from a marketing whizz isn’t going to help if your goal is to improve your productivity on the shop floor.
• Lead The Discussion. This is about you and your business needs, establish early on what it is you hope to achieve and expect from the relationship going forward. Look for any incompatibility issues and feel free to ask the mentor about their previous experience, core business values and suitability for the role.
• Look, Listen And Learn. Someone who is willing to learn and grow is much more inviting. Mentors will be more invested if you are also invested in making the most of the process. This doesn’t mean you have to implement everything they suggest blindly, just be open to the potential.
• Mentors Are Not Friends. Don’t forget a mentor is not the same as a friend; they are not there to tell you what you want to hear or prop you up when you’re making bad decisions. Business mentors are focused on helping you and your business through specific circumstances and situations, be sure to make proper use of their skills and expertise on a professional level.
• Establish Trust. If you cannot trust someone, it is difficult to learn from them. Trust will involve you being able to be completely honest with this person, developing mutual respect and establishing a good level of compatibility. Without trust and honesty, the effectiveness of the mentoring relationship is likely to be lacking.
• Don’t Be Too Clingy. Remember, mentors are busy people too, they are likely to quickly tire of someone who takes up a lot of their precious time. After the initial meetings, it is best to ask for small blocks of time, always be prepared, and discuss only the most pressing issues at the time.
• Mutual Benefit Works Best. Even though they are your mentor, that doesn’t mean it’s always all about you and your business. The best mentorships are built around mutually beneficial relationships.
• Know When To Bail Out. Sometimes mentorships just don’t work out, and that’s ok. If the relationship is lacking, don’t be afraid to end the mentoring agreement, it is pointless to waste each other’s time, and a mentor is not someone you want to alienate.

In business, it makes sense to make the most of the knowledge of those who have gone before you. This is why business mentors are a great tool for personal growth and professional development. Looking for a business mentor or business coach? Get in touch with Stepshift, the experts in building great business results through great leadership!

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