The Collins English Dictionary defines mentor as a “wise, trusted advisor, a guide”.

Nearly everybody has someone they turn to in times of need for that little fillip to help them through life’s journey. So too, in business can a mentor provide some well-founded advice to overcome an obstacle, solve a problem or encourage a move to the next level.

Unfortunately many small business operators are unaware of the benefits of engaging a mentor to help them achieve maximum business potential.

Being proactive is the key, be it for a beginning business, developing business or an established business that may be encountering problems or just someone who isn’t sure how to take the next step.

Make the decision to act early rather than late as it is easier to maintain than fix. Once engaged, a business mentor is able to develop, with assistance and cooperation from the business operator, tailored solutions and programs.

First step is a business health check.

Areas of concern, issues or problems are identified and prioritised for rectification or improvement. As the business operator you are given practical advice that works for your business, you will increase your knowledge and skill base and feel more confident by the encouragement and professional support.

Business mentors’ suggestions and ideas are bias-free, non-emotional and impartially made with complete integrity based on their broad industry experience. This experience is too valuable not to be accessed. Mentors bring clarity to business issues and provide more efficient ways to achieve goals and objectives. They provide options and strategies to plan and implement improved business practice.

Two case studies illustrate this point.

One involves improving marketing resources. This business already operated a six-figure marketing budget. Research covering the previous three years showed 30% to be ineffective. This money was redirected to more effective successful marketing strategies.

Not a bad result for a few hours with a business mentor.

In the second case study, the business wanted a more in-depth understanding of the financials. A range of spreadsheets covering direct and indirect costs, break-even calculations and profit tables was examined. Better financial decisions were then made based on this examination with immediate and effective benefits.

Sometimes business operators think it is a sign of weakness or failure to access a mentor. Two examples from quite diverse fields demonstrate this is not so.

Businesses do face many challenges and a business mentor can be a vital part on the road to success. Shop around, choose one for you. There are a number of State and Federal programs available to help business operators working in conjunction with business mentors advance their business development.

How often do we hear in the after-game wash up a coach say, ‘we lost concentration, took our eye off the ball and it cost us the game’.

Sport is only a game; business is your livelihood.

Lifting your business game then becomes serious, sometimes requiring outside help, a coach if you like, alerting business managers to looming concerns or identifying areas needing adjustment.  Coaches - business mentors provide expert appraisal and analysis and make recommendations for remediation. Often problems are quite simple needing only an impartial business health check to pinpoint a problem enabling business to return quickly back on target.

If the way has been lost, even slightly, don’t pretend it’s not happening. Face the fact that the annual plan may have to be tweaked.  Not withstanding anything else, financial circumstances have certainly changed since July 2009.  As I have said before in this column not ALL problems can be foreseen; but if business plans have been monitored regularly most should have been avoided.  If the concern is not easily identified or remedied – again, seek help.  Businesses do lose their way and without direction can quickly become unprofitable.

It is vital that a business knows exactly where it is at this time of the year because at the time of going to press there are only about seventy days to next financial year.  What then still needs to be done?

Business managers will be conscious of working towards the current year’s goals.  What was to be achieved when setting out last July?  Is the business still on track?  Have all, some, none of the targets been achieved?  A quick revisit to the business plan will reveal if the eye has been inadvertently taken off the ball.

A worthwhile tactic at this time is to work backwards, that is envision the end of year goal, then organise what needs to be done to achieve it from where the business is now.  It is not too dissimilar to a batsman envisioning a century and working his innings in batches of ten runs at a time.

Both a long innings and achievement of year-end targets need firm foundations.  Are resources that are currently in place in the business able to provide that foundation to support progress to the end of financial year goal?  Again, if there is uncertainty seek a mentor’s help.

Hopefully none of the above will prove too traumatic and the business is ideally placed to move ahead in July because planning is well in hand for 2010/11.  Isn’t it?

Oh, and what about 2012, 2014, 2016?  How is the business to be situated then?