How a Business Mentor Can Grow Your Business

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How a Business Mentor Can Grow Your Business
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• Business mentoring is a fast growing industry,
  much like the coaching industry.
• Business coaching started around the late 1990s
  when it first appeared and printed business
  magazines started writing business case studies
  about the industry.
• Business coaching has become a huge industry
  while business mentoring is now following suit.
  Governments like the Australian one has numerous
  state based business mentoring programs.
• Business mentors are different to business
  coaches or sometimes it can be the same thing.
  Where they differ is that a business mentor has
  owned their own business and often been in
  multiple businesses over decades whereas a lot of
  business coaches havent owned a business or only
  one, small one previously.
• Whether you are better to consider a business
  coach or a business mentor is up to you and your
  current stage of business growth.

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• A business coach tends to be better suited to a
  start-up or small business with a few employees.
  A business mentor can work with businesses up to
  larger companies of eleven figures usually due to
  their experience in that arena.
• A business mentor can assist with growing your
  business in a number of ways. Usually marketing
  isnt their strongest area of mentoring, however
  it depends on the mentor as many are excellent in
  marketing.
• Marketing and finances are a bit like water and
  oil. They dont go together very well and never
  fully mix smoothly. There is a tendency for
  business mentors who are strong in marketing to
  not be experts in finance and vice-versa. There
  are exceptions though so keep your eyes out for
  those rare business mentors who can go across
  both spaces.
• Marketing is arguably the most complex, diverse
  and challenging areas to learn in business. An
  example of how much this is true is seen on the
  popular Australian ABC Show called Gruen where a
  panel of 4 marketing experts discuss and debate
  effectiveness of big brand advertising. Its
  quite common to see disagreements on the show
  between the marketing experts.

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• If marketing experts can't agree on whats
  effective with marketing, what hope does the
  average business owner have who has little to no
  knowledge of effective marketing execution?
• Experience has no substitute in business and a
  business mentor with either experience in
  marketing, experience in finance or both is a
  very valuable resource for your growing business.
• Often a business mentor has experience in taking
  smaller businesses to becoming much larger
  businesses, from 6 figures to 11 figures or
  beyond.
• If you remember back when you first started out
  in business and how much there was to learn, the
  next stages of growth are the same. There is a
  constant need to learn about all aspects of
  business and what better way to do so than engage
  someone who has ten or twenty or more years of
  experience with growing businesses?

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• An Example of Where a Business Mentor Can Assist
• An important role in a service and manufacturing
  business is pricing or quoting or tendering. All
  of these tasks require a good understanding of
  costs of sales, especially labour time required
  on jobs.
• Initially the business owner will fill this
  crucial role, however the business grows beyond
  around eight to ten employees the business owner
  will find it hard to fill this role on their own.
  This means an estimator will need to be hired.
• Estimating is a crucial role in a business
  because the role is about determining fine line
  between being too cheap and losing profitability
  and being too expensive and missing out on sales
  due to competitors winning them at lower prices.
• There are key ingredients for a business owner to
  consider when delegating this important role,
  which include an understanding of
• The ideal personality/behaviour of the estimator
  so their aptitude suits the role
• The minimum gross margin sale price to aim for
• What gross margin to aim for on different
  products/services
• How to determine if the profit margin on the
  estimate was too high or too low
• The conversion rate goal to aim for from
  estimates given to estimates won

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• The process of hiring an estimator is a complex
  one and it can literally make or break a
  business, costing it hundreds of thousands in
  income and/or net profit per year. This decision
  is one of many that a business mentor can assist
  a business with as it moves into the management
  phase of growth with five employees and beyond.
• Whether you want to grow your business faster
  with more sales or increase your business profit
  margins before growth, a business mentor can
  assist you with hiring employees, creating
  systems, setting sales prices based on margins,
  advertising, marketing, selling and even
  obtaining finance and grants from the government.
  
• For these reasons and more an experienced
  business mentor is a worthwhile considering for
  your growing business.

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TIM STOKES
Business mentor Sydney Business mentor
Brisbane Profit Trans4mations Phone 1300 7
STEPS (1300 778 377) Phone [phone]
0477 https//www.profittrans4mations.com.au