Jack Stephens, group general manager for business and regional capability at New Zealand Trade and Enterprise, explains why you should consider using a business mentor.
KEY POINTS:
Do New Zealanders lack the skills needed to run their businesses well?
By our rate of business ownership, Kiwis are the most entrepreneurial people in the world, but this doesn't mean we're always well-prepared for the daily challenges of running a business. This is as true for those focusing on domestic markets as it is for companies going global. Indeed, we think improving the management skills of our exporters is central to improving our international competitiveness.
How can a mentor help my business?
Mentors have experience in operating and developing a business. They can be a sounding board for problems, help you look at the big picture and offer guidance to tackle some of the challenges growth creates. Mentors also have business networks you can tap into.
What skills or services do mentors offer?
Experience. They may share some of their mistakes so you don't fall into similar traps. They can help focus your business goals and offer advice on strategies to achieve them. Remember, though, that a mentor is a business coach and doesn't replace the need to get specialist advice from lawyers, accountants or bank managers.
How can I be sure a mentor will offer me good advice, and where can I find one?
You'll want to know about the businesses they have run and how successful they've been. There is nothing stopping you approaching someone you respect, and asking him or her to mentor you. Using a mentor who belongs to a recognised mentoring programme is a good option. Several programmes in New Zealand match clients with mentors depending on knowledge and skills required. They include Business Mentors New Zealand, which has more than 1400 volunteer mentors, and the Institute of Accredited Business Consultants (NZ), which provides robust professional development and accreditation of business consultants. The Government's www.business.govt.nz also has information.
How much will it cost my business to employ a mentor?
Some mentors are paid consultants providing detailed services, such as developing business plans and export strategies. Their fees will be commercial. Voluntary mentors give their time free but Business Mentors New Zealand charges a $100 registration fee.
What support is available to help cover the cost of these services?
Funding is available from NZTE for companies to employ mentors (up to $3000) or engage a small business advisory board ($3000 per director for up to three directors). Te Puni Kokiri's business development service matches Maori business people with free mentors.
What can I do if I want to become a mentor and help other businesses?
Check out www.businessmentor.org.nz if you want to become a volunteer. Professional mentors should consider accreditation by the Institute of Accredited Business Consultants (NZ) at www.iabc.org.nz - this involves an evaluation of your skills and experience.
Is there anything else going on to improve New Zealand's managerial skills?
Management Focus is a public/private initiative that offers practical management advice and resources to businesses. Visit www.managementfocus.co.nz
