Mentorship

In the Information Age, where you can get almost any information online for FREE, the most difficult part of growing your business is knowing what to pay for and what to search for. But who should you trust – your own trial and error, or advice from paid experts?

“Google it!” This has become the standard answer to almost any question – even in the business world. Yet although Google is constantly improving the quality and relevance of its results, there are some questions it still can’t answer. You still need to decide what information to use and how to implement it in your business.

To put it another way, the Information Age has changed the playing field. The old paradigm was: “He who knows the most, wins”. Now it is: “He who knows what to do with the information, wins”. The difficulty now is in WHAT to do and HOW.

There are two ways to figure this out. The first is trial and error, using free information. The second is to pay an expert or consultant to tell you. Each of these has its own unique obstacles and opportunities. But which really adds the most value to your business? Which is fastest to implement? And which is really the most economical in the long-run?

Find what works for your business

Before we continue, it’s important to realise that 80% of what any consultant, mentor, coach or advisor will ever tell you, you will probably have heard before or could have found on the Internet. So what’s the point? Why pay for their services?

The point is this: having all the pieces of the puzzle doesn’t help you if you don’t know what the picture should look like. Consultants and mentors do see the big picture. Through their experience and skills, the chances are they will have a much clearer picture of what will work for your organisation – and what won’t work. They can also bring a systematic way of working through your challenges and implementing change. They not only know what to do, but how to do it too.

Secondly, there is a general misconception among some entrepreneurs that there is a magic formula to business success. Well, brace yourself: There is NO such thing! It’s all about FINDING what works for you and your organisation. Note the word “find” and understand that it means a process of trial and error, of test and review.

Of course, there are minimum requirements to standing a fair chance of success. You need a product or service to sell. People need to know about the thing you are selling. It needs to be something they want or need, and most importantly are willing to pay for. And you need a way to get your product or service to them, take their money, and deal with after-sales service.

EVERYTHING else is just there to help improve and maximise the results.

So how do you find out how to improve and maximise your results? Two ways:

1. Make the most of what’s available for Free

There is so much information available for free: online: articles, e-books, forums, blogs, wikis; offline: newspapers, magazines, books, and libraries.

The issue is no longer availability, but rather credibility. How do you know what to believe and use and what not to..?

Here are a few practical tips:

1. Review many different sources and consider the common trends, patterns and themes
2. Speak to the professional or trade organisations in your industry
3. Speak to independent information organisations such as the British Library and UKTI
4. Consider the practicality of the advice or information – will you be able to implement it in your business?
5. Be mindful of what you don’t know or read
6. Read up on the “expert” (use the same steps as suggested below)

2. Find the right adviser for you

So what does all this have to do with advisers? Simple – advisers should be of genuine benefit to your business. In other words, they should earn their fees by doing the following:

1. Objectively review your current business activities
2. Benchmark your business against competitors and companies outside your industry
3. Make recommendations for improvement
4. Be able to implement these recommendations step-by-step

But, as stated at the beginning of this article, the hard part is NOT finding someone willing to give you advice. The hard part is knowing when to LISTEN and when to PAY FOR IT.

Here are some practical and useful guidelines:

1. Never take advice from someone who doesn’t have personal, first-hand experience in the recommendation they are making, or who isn’t accountable for their advice. The best advisers have achieved personal success in their field.

2. Ask for personal recommendations from colleagues, and competitors, friends and family. We live in the age of social networks, so use them!

3. Phone up or meet up with the advisor and don’t be afraid to ask tough questions. Like:

• How will you make a difference in my business?
• What makes you my best option?
• How much do you charge?
• What happens if your advice does not work?
• Are you registered with a regulator?

4. Agree on a “try before you buy” trial period. It’s the best way to find out if an adviser lives up to his or her own claims.

5. Do your homework! Check the adviser’s credibility – you could start by searching for them on Google, Facebook and LinkedIn.

6. Build a relationship – look for an adviser who wants to engage with you on a long-term basis. Consultants looking for quick clients won’t have your long-term success at heart.

7. Make sure their advice will be real and relevant.  Ask for practical examples – no Corporate Management mumbo jumbo!

8. Test all recommendations before making a large scale investment.

The bottom line

Free information is the best place to start your search for solutions. It helps you build a background big picture of the problem or challenge and possible solutions. But it’s always best to get expert advice for implementing complex specific changes.

It’s important to realise that: You actually need both free information and expert advice. The key is to maintain a healthy balance between the two based on your own time, skills, contacts and resources (money) available.