After deciding that a mentoring relationship is your business’s growth strategy of choice, making a list of achievable outcomes is the next step to ensure that your time and energy is well spent. Like anything else, something that can be measured can be attained.
A road map with concrete, expected results is always a first step of any project, including finding a mentor. Here are three reasonable outcomes you can expect from a mentor relationship:
1. Fine-tuned basic business processes
Business processes, particularly around finances, are worth discussing with a mentor. For example, a mentor can advise you on different ways to increase your cash flow as well as new ways to gain access to capital. Even getting input on streamlining back-office processes can go a long way in setting up your business for growth.
2. New marketing opportunities
Many business owners choose mentors that have complementary businesses, but do not necessarily fall into the same industry. If this is the case with your mentor, you may be able to put together a “go to market strategy” where you team up on a regular and ongoing basis. If you are lucky, your mentor can help introduce you to a new customer base that will use your product or service.
3. Expansion into a new marketplace
I recently attended a ChallengeHer event sponsored by American Express OPEN, the U.S. Small Business Administration (SBA), Women Impacting Public Policy (WIPP) and the city of Chesapeake, Va. Dorey Wilgus of US Flag and Signal Co., a woman-owned small business operating in the government and commercial space, shared what she would expect from a mentor: “Receiving direction on finding new markets for my products and even perhaps partnering with them on a project.”
Many small businesses can capitalize on their current successes by considering entry into a new market, after preparing and consulting with an experienced mentor in that space. For example, a commercial business owner may expand into the government sector by applying for a locally or federally awarded contract.
New regulations and legislation have been put in place that makes the federal market a prime target when you become savvy in how to sell your products and services. The U.S. government is the world’s largest customer with an endless need for products and services, and has a goal to set aside 23 percent of all expenditures for small businesses; so now is a great time to take advantage of this expansive customer base.
Once you have decided to move forward with a mentor, you will set yourself up for success if you have well thought out and realistic expectations of the relationship, in addition to an open mind for opportunities that will come about by combining forces. Be verbal and clear about your goals, and the right mentor can open doors for your business.
About Doña Storey
Doña Storey is the American Express OPEN Advisor on Scale Up, advising entrepreneurs on how to find rapid growth through corporate and government procurement as well as helping large organizations scale their entrepreneurial partners to better meet demand in both the commercial and government marketplaces. She is an entrepreneur herself with extensive experience running and scaling up a business. For more information, visit www.openforum.com/governmentcontracting.
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