How are we helping business owners at this time?
There is no doubt that the outlook for many businesses in the months ahead is worrying. The key concern highlighted by many is that, despite grant and furloughing help, cash may eventually run out before sufficient or full recovery can happen.
Business West published a survey (April 2020) of more than 1100 small businesses and fewer than 18% of respondents believe they can last if the coronovirus crisis lasts another 6 moths. It makes for sobering reading.
So how might a mentor be able to help at this time, irrespective of the circumstance you find yourself in? Well, the process starts with a top level assessment of the current situation your business (including your business cash position, costs (fixed or otherwise) and what options could there be to extend your budget or to attract income if you need to ‘buy time’?
Then there is scenario planning. A mentor can help you sift through the question of what you need from your business, what recovery needs to look like for it to survive and thrive, how do you see it in the event of certain lockdown lifting scenarios or in terms of broader economic recovery - and so on. A confidential mentor working with you 1:1 can provide fresh insight and contribute their significant experience through a framework where they act as a guide but also a sounding board.
None of us have the benefit of a crystal ball, but guidelines coming down range from central Government are giving us something to start working with. Decision making on how you both provide the safest possible office based working for employees and review who needs to be furloughed or brought back in to work on rotation, to reviewing your product or service, your supply chain and how you interact with customers. These are a few of the many things that need to be considered and addressed by businesses owners.
This is a time of condensed decision making for any business owner, and the pressure is on with the ‘runway to recovery’ running out for many. However, the ball could be on the other foot. You might have felt no change, or indeed benefited during this period due to your positioning. So how do you take your business forward into the ‘new normal’. There are still calibrations required and plans/strategy must always be reviewed to ensure they are working.
Just writing this article highlights how much there is to be thinking about and dealing with, yet many are doing so in family filled homes where ‘head-space’ is a precious commodity.
In all these respects a Mentor is an invaluable asset. They help you step out of the day-to-day and both ask and help you address the bigger questions which are key to how you and your business emerge from this period of economic unrest.
I often use this analogy: envision yourself in the driving seat of your car. Your car represents your business. All the controls are at your disposal, no-one can control the direction, speed, time of travel except for you. But do you know what you are aiming for/where you are going? Have you checked your fuel, researched the map and established which routes are options available to you as there is always more than one? Have you got ‘spares’, planned refreshment pauses on your journey to ensure you stay alert, what will you do if you arrive at a dead end and have to make rapid decisions about which alternative route to take?
Now imagine asking someone to sit in the passenger seat. They are experienced, they’ve been in your position and are experienced travellers. They are not there to take control but they can ask the necessary questions, they can see the bigger picture or view while you are focusing on the road immediately in front of you. They will notice when you need quiet to focus, or when you might need a chat to lift your spirits. They are the sat nav and highlights potential obstructions or jams before you can see them. Above all, when you feel like you are in spaghetti junction, or going round and round the roundabout wondering which road to take…..they are there to offer guidance even if the decision is ultimately yours. This is your Mentor.
No single article can speak to the individual challenges businesses are facing right now. However, rest assured that whether your business is the equivalent of a single seater motorbike or you are driving a proverbial coach full of employees, there WILL be a mentor who wants nothing more than to help you get to your destination in the smoothest, most efficient and effective way possible, who understands the challenges your facing because they too have experienced what it is to be in the driving seat.
Request a mentor from us today and we will start the process of identifying the right mentor for you and your business. And remember, our service is subsidised and our wonderful mentors GIVE their time. So requesting and receiving the support of a mentor is affordable to all - £200+VAT per annum per client to cover our administrative costs. Yes, you read that correctly! And, until mid-June, we are offering our service free up to 3 months to those businesses challenged by C-19. Read on and apply here: https://dorsetbusinessmentors.uk/business-resilience (Please note that this offer has now ended)
As lockdown your mentor will be supporting you through Zoom, Skype, telephone - whatever your preferred means. There is no limit to the time they give you - some check in with their mentee daily, some as and when the business owner feels the need, but always at least once per month.
“I have been an e-commerce entrepreneur now for five years and discovered Dormen/Dorset Business Mentors only two months ago. In this short time, my mentor has already given me a huge amount of support and advice in a wide range of business needs. I cannot begin to tell you how excited I am to have Mark with me on my journey. He is dynamic, creative, receptive and his enthusiasm is relentless. Just perfect! I have lots of plans for the future now and can’t thank Mark and Dorset Mentors enough!” .”