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How to grow your business with help of a mentor?
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A successful entrepreneur knows that a business
is much like a living breathing creature. To grow
it needs to eat and breathe (in figurative
terms). It needs to soak up resources, time,
determination, and most important strategy to
strive and grow. To be breathing and alive, a
business must be sidestepping all the small
mistakes that add up to become big ones and
eventually lead to the doom of it.
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Thus, the question is, how do you grow your
business effectively? A business mentor, or
simply a mentor, is the answer. Business
mentoring services help you grow your business
with doting numbers and great scales.
Here are the 5 ways you can grow your business
with the help of a business
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Business mentors help you decide a direction If
it wasnt already clear, the knowledge a mentor
brings to the table is a crucial facet to bring
stability to the growth of a business. If your
scales are bumpy with sales spiking up one month
and going down to zilch the other, a business
mentor can help decide a direction for your
business that is best for its growth.
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They help you avoid mistakes When youre in the
early stages of your entrepreneurship, youre
still learning the ropes and making mistakes.
Although we may have heard that making mistakes
is equivalent to growing, these mistakes can
cause serious damage to a business. This is where
the business mentors step in. They help you avoid
even the minuscule mistakes that can later turn
out to be big. Statistics from SCORE say that 87
of businesses that had a mentor were still in a
business post a year. This is in contrast to 75
of businesses that could thrive post a year
without a mentor.
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They help ease networking A mentor has excellent
networking skills and myriad business contacts.
These contacts can either be their friends,
partners, colleagues, or even their mentors with
whom they have built a stable and beneficial
relationship over years. Your mentor, when
needed, may introduce you to one of these
contacts to help open doors for the growth of
your business with possible collaborations.
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Business mentors manage cash flow A successful
entrepreneur knows the importance of managing
cash flow and so does a business mentor. Several
startups and businesses in their early stage of
development fail for one primary reason poor
cash flow management. Thus, a business mentor can
help ensure that you get a return upon your
investment and help tackle any financial issues
that can be impediments to the growth of your
business.
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Creating an action plan The business mentoring
services have one huge perk amongst all
creating an action plan for you. With years of
experience, a business mentor helps you
understand your weakness, strengths, and all
things in between to help create a solid strategy
and an objective viewpoint to go forward with.