There is growing evidence of the vast benefits that a growth advisor or mentor provides for small businesses. Research shows that small business owners who utilize growth advisors are more likely to experience a 20% growth. Is that enough substantiation for you to engage a growth advisor?
We could stop the article there. What could be more convincing that growing your business by 20%, especially since a 20% growth rate is the tipping point at which businesses are able to survive most any challenge?
Just in case you’re still not convinced, let me give you another factoid. Did you know that 70% of all small businesses that receive mentoring survive more than 5 years? That’s double the survival rate of non-mentored small business!
Given that 42% of all small business owners have yet to consult a growth mentor or advisor, here are a few more compelling reasons to engage a growth advisor:
1. Keep you focused.
As small business owners, we don’t need to be reminded how easy it is to get pulled off track. A growth advisor keeps you focused on the more critical aspects that directly influence your business growth.
2. Provide support and structure.
Growing a business can be a lonely endeavor. A growth advisor or mentor, worth their weight in salt, helps you employ growth metrics to measure your headway. The numbers never lie. They tell you whether you’re growing or not growing. No guessing needed.
3. Offer expertise.
Skilled growth advisors offer business expertise and knowledge about growth strategies and business development. This falls under the “two heads are better than one” scenario. Your ability to leverage additional business acumen lets you skillfully maneuver the curves and bends along the business growth road.
4. Propose insight.
Many times you’re too close to your own situation to clearly see what’s working or what’s not. An extra pair of ears and eyes helps heightens awareness and keeps you hip to where to put your energy, focus, and effort.
5. Deliver guidance.
A good growth mentor or advisor provides guidance on growth strategies, key activities, and potential roadblocks. They make available analytical intelligence to make sure you’re equipped to make smart, strategic decisions.
Finally, small business owners with 3 or more hours of mentoring report higher revenues and increased business growth.