Who lights your path on your Business Journey?
Are you struggling to find clarity and direction within your business? Are you feeling lost & stuck and can’t grow your business any further?
If these sound familiar, you may need another set of eyes to help you see your business from a different perspective. Someone to work with you and guide you on your path to success.
You are not alone in your struggles – the most successful people all have one thing in common: they have mentors to light their path!
It all starts with a mentor, having someone to show you what essential tools you are missing in building your business. More than 80 percent of CEOs said they have received some form of mentorship that helped them avoid costly mistakes.
There is a lot of confusion around what a mentor does, this is how Merriam Webster has described the difference between a coach, consultant, advisor & mentor.
A coach helps you see what you or your team can’t see by asking you questions others are afraid to ask.
Examples of Coaches:
- Personal coach. If you’re struggling with work/life balance or how things in your personal life are affecting your professional performance.
- Accountability coach. An accountability coach is there to provide support, guidance and peer pressure that holds you accountable to take specific action to achieve your goals. Many people think of accountability coaching as having an a@# kicker shouting at you to do something and then berate you when you don’t do it.
- Career coach. It’s a collaborative process that involves working together with the coach to draw out more about you and your aspirations so you can then discuss the available options, work on your skills and make more informed career decisions.
- Executive coach. An executive coach is a qualified professional that works with individuals (usually executives, but often high-potential employees) to help them gain self-awareness, clarify goals, achieve their development objectives, unlock their potential, and act as a sounding board.
- Leadership coach. A leadership coach helps the coachee in improving or enhancing their performance and productivity. They develop a partnership with the leader with only one goal – to improve.
- Strategic coach. Strategic Coach is about you and your growth. You decide on your most important goals and on your game plan. They provide the structure, tools, and support that give you a new perspective on your business and a fresh way of thinking — and keep you on track to turn your goals into reality.
- Team coach. The role of a Team Coach is to help team players develop skills and positive attitudes to physical activity and sport generally. … The Coach should also have some knowledge about the rules and skills of the game and be able to organize team players so that they gain benefit from their involvement.
A consultant helps you, or your team, get the result you are looking for by doing the work with you or for you to get the change and/or outcome you desire.
Types of Consultants:
- Strategy Consultant. Strategy consultants are hired by clients to support them with strategic decision making, which includes the development of strategy and, to an extent, also the execution of strategic plans.
- Management Consultant. Management Consultants are trained to provide strategic advice to improve the financial and operational health of their clients’ organisations. They may also help organisations to develop specialist skills that they may be lacking.
- Operations Consultant. Operations consultants are hired by clients to support them with improving the efficiency of their value chain. These services include developing and implementing target operating / service delivery models, executing cost reduction programmes and optimising business processes.
- Financial Advisory Consultant. Services range from setting an Mergers & Acquisitions strategy, screening targets, valuations and due diligence in the pre-deal process to post-merger integration support and other operational transaction services after a deal has been unveiled.
- Human Resource Consultant. Human resource (HR) consulting, spans advisory and implementation activities related to the management of an organisation’s human capital (staff) and the HR function.
- IT Consultant. Information Technology (IT) Consultants are technology strategists who help organisations improve their use of computer systems. They analyse an organisation’s technological requirements, limitations and current capabilities to develop IT strategies that support business goals.
An advisor helps you, or your team, with an experience you are currently facing by giving advice based on their professional expertise and/or personal experience with similar circumstances from their own past.
Types of Advisors:
- Accountants & Bookkeepers. They are one of the most common business advisers and businesses will usually seek advice from an accountant at least once a year and often daily from their bookkeeper.
- Business bankers. Analyze banking and loan transactions for new and existing clients with the aim of developing and delivering the best service and largest financial return on investments. Actively monitor and manage banking relationships to ensure that client goals and objectives are being met.
- Financial advisers. In a nutshell, financial advice helps you meet your financial goals. A financial adviser creates a tailored strategy to help you meet your financial goals as efficiently as possible. They will provide professional advice specific to your situation, and strategies to help you stick to your financial plan.
- Insurance brokers. Insurance brokers work with their clients to understand their risks, and to discuss how to use insurance to protect their assets and businesses. Brokers offer expert advice on the management and reduction of risk, and on the range of insurance products that are available.
- Legal experts. Reviewing and drafting contracts, documents of sale, leases and other legal documents. Representing clients in court. Preparing and executing wills on behalf of clients. Providing expert advice on matters of Law in a range of situations.
A mentor is a coach, consultant or advisor. They may have one or all the attributes of a great coach, consultant or advisor.
If you are lucky enough to find a great mentor, jump on the opportunity. Your business and your bank balance will thank you for it. You will learn how to do things RIGHT from the start and avoid all the pitfalls they have experienced along the way and are willing to share those with you.
We all need people who will give us feedback. That’s how we improve!
Bill Gates – Co Founder of Microsoft
To your Business Success!
Erika Williams and Lizelle Hartley, The BYO-Business team
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