As a small business owner, you are likely used to doing most things yourself. You work tirelessly to continue to improve your business and maintain a healthy stream of revenue. Equally important for small business owners is to build a support system that you can lean into, a network purpose-built to assist and advise you in achieving your strategic goals and day-to-day objectives. Here are some examples of people who can significantly strengthen your support system:
One of the best mentors that you can have as a small business owner is a business banker. Business bankers are able to comprehensively understand a small business, its owner/s, and its needs. By building a strong and consistent relationship with their clients, business bankers are able to leverage their tools and expertise to guide a small business owner to achieving their financial goals. They’re able to help small business owners obtain what they need to grow, including loans, letters of credit, and insurance. Business bankers can also ensure that their clients maintain good financial health through constant monitoring and direct assistance in paperwork and recordkeeping.
There are countless professions dedicated to helping small business owners. Lawyers can advise you through the process of establishing a business and any legal issues that may arise, such as protecting your intellectual property and collecting due payments.
Accountants can mentor you on any financial aspect of your business, provide monthly preparation analysis of financial statements and ensure that you’re following all financial rules and regulations. This can make them an invaluable piece of your support network.
Family and friends
Sometimes, all you need to take your business to the next level is a close, trusted person who can provide you with clarity of action. Family is a great place to start. Whether or not they are business savvy or understand the ins and outs of running a business, they likely know you better than anyone. From that perspective alone, they can make great mentors who can help guide you to decisions based not just on numbers and hard metrics, but based on who you are and what they know about you. Your close friends can provide a similar degree of personal input.
A small business owner has countless opportunities available to them to seek assistance and mentorship. It can be overwhelming to manage all the moving parts of a small business, and a great network of supporters and mentors can truly help make things easier and relieve stress. Make it a goal to expand your support system this year.
“Business Banker” [Article]. Finance Degree Career & Education Guide. Available at: https://finance-degree.com/business-banker/ [Accessed Nov 30, 2022]
Kappel, Mike (2017). “5 Types of People Who Can Help With Small Business Mentoring” [Article]. Entrepreneur. Available at: https://www.entrepreneur.com/starting-a-business/5-types-of-people-who-can-help-with-small-business-mentoring/294295 [Accessed Nov 30, 2022]