Jeweller - August Issue 2018

MANAGEMENT
THE POWER OF A MENTOR
IN THIS DIGITAL AGE, NEVER BEFORE COULD THE OLD MAXIM ‘CANT SEE THE FOREST FOR THE TREES’ BE TRUE HOWEVER,
SOLVING SOME CHALLENGES OF BUSINESS CAN BE AS SIMPLE AS HIRING A MENTOR. DAVID BROWN REPORTS.
Sometimes being in business can feel as
though you’re the only one who understands
the trials and tribulations you are going
through. Such loneliness means a support
network is invaluable for any business owner,
regardless of the size of their operation.
Peers and fellow business owners can be
invaluable resources, however working with
a business mentor can help you deal with
specific issues and decisions you may
have to make.
Here are some of the most valuable reasons
why adding a mentor to your team can be
one of the best steps you can take to preserve
and increase sales.
MENTORS PROVIDE KNOWLEDGE
A mentor will have a strong level of
experience in business. They may not
necessarily be involved in the jewellery
industry, but they will be able to bring a level
of business expertise to the table that you
may not have. A mentor can therefore often
see what you can’t.
A SUPPORT NETWORK IS INVALUABLE FOR ALL
MENTORS BRING ACCOUNTABILITY
One of the toughest tasks as a business
owner is staying disciplined and focused.
Without accountability, there is no strong
incentive to stay on track and drive your
business forward. A mentor can provide this
function by making sure you follow through
on your commitments to yourself.
more mistakes than most.
Why make the same mistakes twice when
there are others who have been there a
nd who can prevent you from erring
as they did?
Knowing you need a mentor is one thing,
but where do you find a good mentor? Well,
you can start by asking other jewellers or
business colleagues.
Some may have their own support network
or advisors they can introduce to you.
Recommendations are always one of the
most effective ways to seek the services
you require.
Once you find a prospective mentor,
make sure they’ve walked the walk. There
are plenty of so-called ‘experts’ who set
themselves up as advisors or consultants,
but the important question is, ‘What are
their credentials?’ Have they had business
success at a level you want to achieve?
If not, then are they the right person to
advise you?
Sometimes in business you can’t see the forest
for the trees. A mentor will often approach
problems from an impersonal, detached
and unemotional perspective that will allow
them to provide insights you may not have
discovered otherwise.
They are in the unique position of being able
to appreciate the strengths you may take for
granted while acknowledging the weaknesses
you fail to see.
MENTORS OFFER ENCOURAGEMENT
US President Harry Truman famously had a
sign on his desk in the Oval Office that said,
‘The buck stops here’. There’s no escaping
the responsibility of business ownership, but
there’s also no one around to congratulate
you when things go well, or encourage you
when things get tough. A good mentor can
provide that much-needed pat on the back or
just some words of support when challenges
are mounting.
KNOWING YOU
HAVE SOMEONE
TO SUPPORT
YOU, AND WITH
WHOM YOU
CAN DISCUSS
CONFIDENTIAL
MATTERS, CAN
HELP YOU WORK
THROUGH
ISSUES MORE
SURELY
MENTORS CAN BE A SOUNDING BOARD
Sometimes you just need someone who
will listen. A good mentor can help you
work through issues without saying a word!
Knowing you have someone to support
you, and with whom you can discuss
confidential matters, can help you work
through issues more surely.
MENTORS HAVE CONTACTS
An experienced mentor will have
developed a network of contacts during
their years in business. They may be able to
introduce you to people who can help you
take your business to the next level.
MENTORS HAVE EXPERIENCE
Mentors have no doubt made mistakes
along the way, which means they can help
you avoid making similar errors. Everyone
makes mistakes and those who have been
the most successful have probably made
Choosing a mentor is not a decision to
take lightly. You may find a retired business
owner who is happy to give back because
they were once supported themselves.
This person may want nothing in return but
just enjoys staying involved in business. You
may hire a professional consultant instead.
Some prefer to pay for help, as they don’t
value advice if they’re obtaining if for free.
Either way is fine, as long as you are gaining
the support and assistance you require.
Business doesn’t have to be done alone.
Seek the support you need to achieve the
results you deserve. i
DAVID BROWN is
co-founder and
business mentor of
Retail Edge Consultants.
retailedgeconsultants.com
54 Jeweller August 2018