Why should you have a mentor? A mentor is someone who can offer you a different perspective. A good mentor does not offer you specific advice, instead helps you to find the answers yourself. A good mentor will encourage you; tell you the truth even when the truth hurts and will also celebrate your success. A good mentor can help you through tough decisions and can be a sounding board for new ideas.

Mentors genuinely enjoy helping others, seeing others reach success and helping others not make the same mistakes they might have made. A good mentor/mentee relationship gives both parties a reward. You can pay a mentor for their services or you can always give your mentor gifts, or pay for lunch when you meet up as a token of your appreciation. Or you can help them in their business by referring clients. Finding a good mentor requires some planning and thought.

1. Identify some possible candidates. They might be friends, family or simply someone you respect in the business world. If you are choosing family or friends, be careful. Business and pleasure do not always mix. But if you are sure they are far enough removed from you then go for it. When asking around, other people may suggest contacts who you can consider asking.
2. When you do approach someone to ask if they would be a mentor, ask nicely, be polite and say why you thought of them. If you admire their skills, tell them. This is the best way to get someone to say yes, as well as check that they are a good fit.
3. Consider how the relationship will work. What are you looking for? Try not to be too needy. Define whether you will meet in person, or over the phone. Once a month or once a week? Your arrangement should suit both parties.
4. Try to find a mentor that while does think in similar ways to you, also pushes you to think about things in a different way. Your mentor should be someone who you occasionally disagree with, can have a mature debate or discussion with as well as someone who has a broad view. Yes you want someone you can gel with and enjoy their company, but you also want someone to push your boundaries.
5. Keep honing your own gut instinct. Don’t get too dependent on your mentor for every little decision. And remember, you don’t have to take every bit of advice your mentor gives you.
6. Have more than one. Yes you can have several mentors if you like. Each mentor will bring a different point of view and come to topics with varying opinions. They will also have different expertise and experience.
7. Say thanks and make sure your mentor knows they are appreciated. Share your successes with them and for goodness sake, pay for lunch if you meet up. Know their birthday and send them a card every year.
8. Finally, know when to stop. If someone can no longer act as your mentor then do not stress. Thank them for their time up until now and move on. Change is good.

No matter what stage you are at with your business, start 2013 in positive circumstances and open to success. If you have been in business a while now, it is time to do some reflecting. If you are just starting out, then get ready for all the wonderful challenges that lie ahead.

Here are some tried and tested methods that work wonders to get you in the right frame of mind, and ready for success.

Get cleaning

This is meant literally. Wherever you work, clear out your desk and work space. It is just amazing how much clearer you can think when you de-clutter. Even if you are just starting out, make sure your desk is organised.

Create a vision

If you have been going for a while you might already have a vision. Think about if it is still relevant. If you are a new business owner, then write down some ideas for a vision. Then set goals too. Creating a plan for the next 12 months can be incredibly motivating. Don’t worry if some goals seem too big. You have to start somewhere.

Update your network

Get in touch with contacts you haven’t seen for a while. See what they are up to and if there is any way you can help each other out. Register for some new networking events, and meet new people. Remember, networking is not about selling your business there and then to all you meet. It is about cultivating relationships, long term, and seeing how you can help others.

Plan for growth

You may or may not be expecting to grow this year. Even a very small, one person business can expect work flow to ebb and flow. Nothing is certain and life throws out funny things but as much as possible, try to plan for any growth, or busy times, as well as any predicted quiet times. Being prepared now means the year can be a smoother ride.

Identify your A-class clients

A true A-class client is not necessarily the one that pays you the most money. A true A-class client is one that pays well, sure. But also one that you enjoy working with, and who are easy to deal with. Then, once you identify the clients that make you happy, thank them. Send them a gift. Discount their next invoice. Refer them a client. Do something to show your appreciation. Next look at all your other clients and identify which ones you want to work with in 2013, and how you can get more of these A-class clients in the future.

Separate work and personal

If you run your own business, you probably work long hours. When you are not ‘working’ you are probably thinking about work. If you enjoy what you do, it’s hard to switch off. And that is great, it’s great that you are so passionate. But taking time out for you is vital. Family and friends who support you want to see you happy. So try to carve out set work hours or designated work places around the house. Don’t neglect your personal life, after all running your own business should allow you to have the perfect balance.

Time management: not just fancy corporate speak, but actually a very important part of life, especially if you are setting up your own business or working for yourself. Your job can be easier. Achieving the perfect balance between your work and personal life is also possible. Time management has nothing to do with working harder. Concentrate on working smarter.

Reward yourself for hitting deadlines. Setting yourself goals and deadlines is one great way to manage your time effectively. When you achieve your deadlines, reward yourself with a pat on the back. When you achieve your goals, reward yourself with something more tangible! It may be a massage, a day off, or a round of golf. As long as it is something you enjoy, it will motivate you to work smarter and manage your time.

Do what needs to be done. The Macquarie Dictionary definition of important reads “of much significance or consequence”. The definition of urgent is “pressing, compelling, or requiring immediate attention.” Every night when you leave your office, write down your ‘to do list’ for the next three days. Identify which tasks are urgent, which are important and then work from there. Then each morning, review this list and check you are on track. As new things crop up, you need to asses them the same way and decide where in your list they slot into.

Paperwork and emails: Both are necessary parts of running a business but can also be substantial time wasters. Don’t double handle paperwork or emails. If you open an email, then action it right away. If you open the mail, do something with it. Even if this is just red flagging it for later, it saves you having to go back time and time again.

The 10% rule: When planning your week, allocate 10% of your time to deal with unexpected issues or work requests. Often, it is the stress of too much work, or running out of time to meet a deadline that can cause the most worry and can actually waste time as you fret. Being flexible with your time allows for better time management.

Know yourself: Identify your best and worst working conditions. Do you work best in the morning or the afternoon? Do you prefer background noise or silence? Are you a reflector or a quick decision maker? If you can plan your day, and know when you are more likely to get work done, and when it’s better for you to take a break, then you can become a great deal more productive, and you will also spend less time procrastinating.

With a few simple strategies you can take control of your time and reap the rewards. Good luck!

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Top 5 Mistakes Owners of a Business Start Up Make

With a business start up, you will not always get everything right. You may encounter a few bumps along the journey, however they do not have to derail you from your goal. Knowing the top five mistakes that are made by owners of a business start up will be useful during your company’s establishment.

Seeking advice from inexperienced people. It’s important that you seek advice from those who have several years of experience in the business arena.

Oftentimes, owners of a business start up put their trust in business persons who lack the expertise to carry them from point A to point B.

These very people you seek advice from may have been able to set up and conduct business for one to two years.However, their businesses ended up failing because they either lacked the experience or capital to move forward. Make sure that the persons providing you with advice are not only knowledgeable in the field of business, but also have proof to back up such knowledge.

Mismanaging funds. Owners of new businesses tend to allocate funds to resources that are not necessary during the inception of business. Some owners may spend money on renting office space. They may have income for rent set aside for six months to year without having any idea of how the rent would be paid after its first year of operations. In such cases, the company may have to forfeit its lease if its for more than one year which may end up costing the business more than anticipated. Another scenario may involve the company losing the office space and having to shut down business or move into the owner’s home. Before setting out to acquire office space or any other business-related resources, make sure that adequate funding has been allocated to each area. You may have to place certain projects on hold until you’ve acquired the capital to proceed with that venture.

Setting up the wrong legal entity. Some business start up owners may end up selecting the wrong legal entity, or choose to set up shop without legally registering their businesses with the respective authorities.

Choosing a legal entity for your business boils down to the advantages and disadvantages of that specific legal entity. While some businesses may thrive as a sole proprietorship, others may thrive as a partnership. Seek professional assistance when selecting the legal entity for your business. On the other hand, if you choose to operate your business without legally registering it, this approach may be detrimental to your company’s success.

Believing everyone shares your passion for the business. Be prepared to encounter skeptics or those who may not have the same level of enthusiasm that you exude for your business. While such persons may not share in your company’s vision, this does not mean you’ll have to place your business on hold until you find those who will support your endeavors. You may have to go through several unenthusiastic people to get to those who are passionate about business’ vision.

Pricing your products and services too low. As a business start up, you may be hesitant about placing high prices on your products and services. However, selling your products and services at a cheaper rate may only downplay the superior quality of your offerings. If your products and services are worth a specific price, make sure that you retain that price. People generally prefer quality over quantity.

Once you take these top five mistakes made by owners of a business start up into account, you’ll be able to avoid major setbacks in your company.

5 Tips for Building a Thriving Business

Listen carefully to these business tips to get off to a great start. You can always learn from the mistakes of others when building your business. Although the road may be long, your journey doesn’t have to be in vain. Use these five business tips to help you build a thriving organization.

Business Tips #1: Be Knowledgeable About Your Competitors.

Your idea of competition may only center on those creating or selling the same products and services as you. However, this is not the case. You may have competitors in the same niche, but their target audience may differ from yours. As an example, there are two internet marketers producing ebooks, membership sites, and niche websites. One internet marketer focuses on WordPress, while the other focuses on Clickbank. Although they’re both in the internet marketing arena, their target audience is geared toward WordPress users and Clickbank users respectively. As you can see from this scenario, your competitors do not necessarily perform the same things as you. Your competitors are those in the same market who are seeking out the same target audience. The products and services may be the same or different.

Business Tips #2: Protect Your Idea.

The most valuable assets of a company is its intellectual property. You can patent an idea, process, or invention. If you have a particular name or mark you’d like to use on your goods and services, you can obtain a trademark. For original works of authorship such as dramatic, artistic, literary and musical works, you can seek copyright protection. Each form of protection provides you with a legal monopoly on that particular idea. In cases where you’ll unable to legally protect your idea, make sure that discussions about the concept are carried out with those who have signed a nondisclosure agreement.

Business Tips #3: Motivate Your Employees. This is one of the business tips that will save you a lot of time, hassle, and frustration in the long run. Presenting yourself as an authority figure only opens up room for resentment between you and your employees. Although your intention is not to come across as a pushover, the key in such relationships lies in being smart and showcasing your ability to build a successful company. During meetings make the company the focal point rather than yourself. Using the company in the forefront will help employees feel a sense of belonging and a desire to seek the company’s best interest. Besides ensuring that your employees are strategically aligned with your company’s goals, it is equally important to provide incentives when the company has achieved a particular goal.

Business Tips #4: Hire like-minded Individuals For Your Business. When starting a business, you may have a strong inclination to include family and friends on your staff. Although there are family-owned businesses that are thriving under such close-knit conditions, this business approach may prove detrimental to your company’s growth as time passes. Establishing boundaries between the family/friend relationship and the business relationship may prove futile. Furthermore, your business perspective may constantly conflict with that of your family member or friend. These actions will eventually corrode your ability to build a successful business and cause you to destroy a friendship or close-knit family.

Business Tips #5: Plan For The Future. Whether your business is in its rudimentary or advanced phase, developing a plan for the future is an important aspect of your business. If you plan on retiring, does this mean your business will fold as you exit your position? You may desire to keep the business in the family. Therefore, you should make the necessary arrangements to leave your desired family member in charge of those affairs. Does your company have insurance? Obtain life insurance, disability insurance, and long term care insurance to cover your needs as well as those of your employees.

With the consistent implementation of these business tips, you can have a thriving business in no time.