Mentors, advisors and peers

Running a business can be lonely. Many decisions land on you alone. The owners who grow fastest usually have people around them who have been where they are going, people with skills they lack, and people at the same stage to compare notes with.

Three kinds of support

1. Mentors have run a business or worked in your industry for years. They share experience, ask hard questions and help you avoid mistakes they made. Mentoring is usually informal and unpaid.
2. Advisors are professionals you consult for specific expertise: an accountant, a lawyer, a marketing specialist. Some charge; some will give a first conversation free.
3. Peers are other owners at a similar stage. They understand your daily problems and can share suppliers, contacts and honest advice.

How to find a mentor

• Start with people you already know: a former boss, a successful relative, a business owner at your church or in your community.
• Look for business chambers, industry associations, incubators and enterprise development programmes in your area. Many run mentorship schemes.
• Be specific when you ask. "Would you be willing to meet for 30 minutes once a month for three months to help me with pricing?" is easier to say yes to than "Will you be my mentor?"

Being a good mentee

• Come prepared with one or two clear questions and your numbers.
• Do what you said you would do before the next meeting, and report back.
• Respect their time. Keep meetings short and on time.
• Say thank you, and when you can, help them back: an introduction, a referral, a favour.

Peer groups

Start a small group of four to six owners from different, non-competing businesses. Meet monthly, in person or on a video call. Each person shares one win, one problem and one goal. Keep what is said confidential.

Choosing advice wisely

Not all advice is good advice. Listen to people who have done what you are trying to do, check advice against your own numbers, and get professional advice for legal, tax and financial decisions. Be careful of anyone who wants money upfront to "connect you" to funding or contracts.

A South African example

Kagiso started a printing business in Rustenburg. He asked the owner of a long-running sign-writing business, who had once been his customer, to meet him once a month. In their third meeting the mentor spotted that Kagiso was quoting large jobs without charging for setup time. Fixing that one habit made his big jobs profitable.