August Benefits News and Posts

Why Every Entrepreneur Needs a Business Mentor

FROM THE BALANCE / BY SCOTT ALLEN

The world of entrepreneurship is one filled with resources. From online publications, to peers, to friends and family, advice about starting and running a business abounds. But a dedicated business mentor with experience in your field can make the most impact on the growth of your business.

A true mentor relationship is a two way street–your mentor gets to learn about new strategies from you, while you gain wisdom from them. On top of that, it’s a (usually) free resource to help you start and grow your small business.

To make it work, however, you need to find and maintain a relationship with a business mentor, and a few tactics are key to that success. .

Key Takeaways

Mentors can be key to your business’s success by giving you insights from those who did it before you.
You'll receive guidance based on real-world experience, connections to other advisors, and physical resources from your mentors to aid in your development.
Aim to give as much as you receive, whether by picking up the tab or providing new strategies your mentor doesn't have experience in.

What Do Business Mentors Do?

Business mentors are a must-have in any entrepreneur’s toolbox, from the day-one business owner to the established CEO. Mentors are usually experts in their field, often bringing decades of niche, industry knowledge to their mentees.

The key win of building a mentorship relationship is the unique and specific instruction you’ll receive. Far from the generic advice of online content or the well-meaning family member, mentors ground their advice in real-life experiences. A small UPS survey of customers found that 88% of business owners who reported having a mentor found it invaluable.

Mentors motivate you through actionable guidance and resources. For example, you may go to a mentor asking for help on your financial statements. A good mentor will not only provide their experiences but also may provide templates and a referral to an accountant for the next steps.

But mentors certainly gain from their interactions with mentees as well. Many guide eager entrepreneurs as a way to give back to their communities. Further, they may use the opportunity to instruct a younger business owner as a way to sharpen their teaching or consulting skills.

Benefits of Having a Business Mentor

Maintaining a relationship with a business mentor may be the most important step you take in building your venture. The benefits are numerous, but there are a few standout things that a mentor brings to the table.

They’re an Ally You May Not Find in Your Company

Your journey as an entrepreneur is one that may feel lonely and uncertain at times. Once you launch your business, there's no boss to turn to for advice or direction. Simply put, you are the boss, and you may not have any employees yet.

Although you're flying solo, you don't have to be completely alone. A mentor can offer connection and support. Everyone needs a reliable sounding board, a second opinion, and emotional support when the times get tough (and they will).

They've "Been There and Done That"

Perhaps the most obvious benefit of finding a business mentor is that you can learn from their previous mistakes and successes. Your mentor's role is to share lessons from their experience in the hopes that you can learn those lessons with more ease. There’s no need to repeat the same mistakes someone else has made if they can guide you in a different direction.

Note…

Mentors can play a variety of roles in your growth journey, and not all of them will bring the same expertise to the table. Some will be specific to your industry and others will be specific to a particular function (e.g., management, fundraising, or marketing).

They’re (Usually) Free

Finding and getting support in the early stages of your business is often limited by financial considerations. Coaches and consultants can offer things that a mentor doesn't, but it comes at a price that can run into the hundreds of thousands of dollars.

Mentor relationships are usually accessible no matter your financial constraints. Mentors are readily available and free of charge through several organizations, such as SCORE, a network of volunteer, expert business mentors under the umbrella of the Small Business Administration. You can also find potential mentors through networking events, industry associations, or online sites like LinkedIn.

If you do meet someone at an event, put your best foot forward and focus on building a relationship with them first—save the asks for later.

Note…

Mentorship may be free but that doesn’t negate you from thanking them for their support. Depending on your financial situation, you can treat them to a meal or at least pick up their coffee if you meet in a cafe. Even sending a birthday message will be appreciated.

You May Expand Your Social Network

Being an experienced businessperson, your mentor is likely to have an extensive network across different industries and departments. They may offer you access to far more senior decision-makers than you currently have in your contacts, yet another benefit of a powerful mentor relationship.

Many mentors would also be more willing to open that network up to you than to a casual acquaintance from a networking meeting. That’s why it becomes so important to maintain your relationship with a mentor—you don’t want to become a passing connection. This relationship should be advantageous to both of you, as opposed to you always receiving and never giving.

You Can Build a Trusted, Long-Term Relationship

Most mentors have no ulterior motive—no service or product to sell you. Combined with their experience and other qualities, that creates a foundation for trust that grows as the relationship develops. Your time with them also becomes more efficient as they become familiar with you, your business, and your learning style.

Note…

Not all mentors are created equal and some may go into a mentor relationship with an agenda or the wrong intentions. Watch out for mentors who try to sell you their products in every session, push you to look into their services, or put a timeframe on your free mentor sessions.

As you can see, the rewards of having a business mentor can be great and the risk is minimal if non-existent. You have everything to gain by finding and maintaining a relationship with a good mentor, one that gives as much as it takes.

Frequently Asked Questions (FAQs)

Why are mentors important for an entrepreneur?

Mentors are some of the most important people you can surround yourself with as an entrepreneur. You may be just beginning your journey and have yet to develop through experience. A mentor adds their expertise and prior knowledge to your repertoire, allowing you to skip some of the mistakes and, instead, focus on what works.

How do you find a good mentor?

Finding a good mentor may be hard but not impossible. You’ll want to take your time in identifying individuals that you feel comfortable opening up to and who fit a specific need you’re looking to fill.

Start by researching different mentor organizations to put feelers out into the mentor ecosphere. Further, go to local networking events to mingle with the experts and get a sense of who you connect with.

Todd BellistriMay 9, 2023August Benefits

Why not start off this selling season leading into the holidays on the right foot? One way to do that is to finally give some thinking to smart marketing. We don’t need to be the ones to tell you it’s very competitive out there (but we will), what with tons of start ups and side hustles all over the landscape. By developing a legit marketing program you are giving yourself a true foot up on the competition. So read on, you’ll see that its not as daunting as you think and the upside is well worth it.

FROM FORBES / BY DOMINIQUE HARROCH

In today's digital landscape the right approach to small business marketing combines advanced technology, data-driven insights, and effective digital platforms. Here’s a comprehensive guide to small business marketing to companies navigate the current marketing trends and tools that can drive business success.

Key marketing tools for small businesses

Following is a summary of 11 key marketing tools that small and growing businesses should consider when leveraging owned, earned and paid media:

1. An optimized small business website

A high-performing website is crucial for marketing today. An optimized site increases your page rank on Google and other search engines, and in today's world, fewer than 1% of searches go to the second page of a search. Key elements of an effective small business site include:

Memorable domain name: Choose a name that reflects your business and is easy to recall.
User-friendly design: Ensure your site is visually appealing and intuitive. Sites should have a clear structure, intuitive navigation and information that is easy to access.
Search engine optimization (SEO): Implement SEO best practices to rank higher in search engine results.
Mobile optimization: Since over 55% of global web traffic comes from mobile devices, you’ll want to ensure your site is mobile-friendly.
Valuable content: Regularly update your site with engaging content like blogs and articles that address your audience's interests and needs.
Fast loading times: Optimize page speeds to improve user experience and SEO rankings.
Secure hosting: Use reputable hosting services to protect your site’s data and performance.

Additionally, integrating tools like Google Analytics (now called GA4) and Google Search Console (GSC) can provide valuable insights into your site's performance and user behavior.

2. Paid search engine marketing (SEM)

Paid search engine marketing, in which you pay if a keyword is clicked on that drives traffic to your website, remains a powerful tool for driving targeted traffic. Platforms like Google Ads and Bing Ads allow you to:

Bid on keywords: Use tools like Google keyword planner to select high-value keywords relevant to your business.
Control costs: Set daily and monthly budgets, and adjust bids based on performance.
Analyze performance: Track key metrics to assess and refine your campaigns.

3. Paid listings and display ads

Paid listings on platforms like Yelp, Facebook, and Pinterest can boost visibility. Use Google’s Display Network to target ads based on user interests and behavior. This approach allows you to:

Choose ad formats: Use banners, text ads, or video ads to capture attention.
Track return on investment (ROI): Monitor clicks and conversions to measure effectiveness. Track your costs, record and monitor revenue, and record all expenses. Make sure to measure lead generation numbers, customer acquisition, and sales metrics as valuable insights into your marketing effectiveness.
Testing: By experimenting with different ad copy, targeting options, and formats, businesses can identify what resonates most with their audience, refine their strategies, and ultimately improve click-through rates and conversions. This can include A/B testing, target audience variations, ad copy variations, call-to-action (CTA) testing or visual elements where you test different images or videos to determine which visual elements attract more attention and engagement.

4. Content marketing

Content marketing remains a cornerstone of effective digital strategies. Key tactics include:

Blogging: Regularly post optimized content to drive organic traffic. Nine out of ten marketers use blogs as part of their content strategy.
Guest posting: Publish articles on popular platforms such as Medium and AllBusiness.com to enhance your reach and SEO. Strive to create “evergreen” articles, which are designed to remain relevant and valuable over a long period of time, regardless of current events or trends. Unlike timely articles that focus on current news or trends, evergreen content addresses topics that have enduring interest and utility.
Video content: In 2023, individuals spent an average of 17 hours a week watching videos online. Utilize platforms like YouTube and TikTok to engage your audience.
Content platforms: Leverage content recommendation platforms like Outbrain to expand your content’s reach.

5. Social media marketing

Social media is a powerful tool for engaging with your audience. Focus on platforms such as:

Facebook: Effective for broad audience reach and targeted ads.
Instagram: Ideal for visual content and influencer partnerships.
LinkedIn: Best for B2B marketing and professional networking.
TikTok: Useful for viral video content and younger demographics.

With over 5 billion global social media users and growing, effective social media marketing can significantly enhance your brand’s visibility and engagement. To be effective, you must regularly post interesting content to obtain and keep followers.

6. Influencer marketing

Influencer marketing involves collaborating with individuals who have a significant and engaged following on social media platforms like Facebook, TikTok and Instagram to promote products or services. These influencers, who can range from celebrities to niche content creators, leverage their credibility and relationship with their audience to drive brand awareness and influence purchasing decisions.

The impact of influencer marketing on broader marketing efforts can be profound, as it allows brands to tap into authentic, targeted communities that are often more receptive to recommendations from trusted (or at least known) voices.

This form of marketing can enhance brand credibility, expand reach, and generate higher engagement rates compared to traditional advertising. As consumers increasingly seek personalized and relatable content, influencer marketing has become a powerful tool for connecting with audiences in a meaningful way.

7. Online business directories

It’s important for business owners to list their companies in prominent and reputable business directories. Often these listings are free, but even if you must pay a small fee, it can be worth it.

The benefits include

Exposure to potential clients and customers.
Boosted SEO through backlinks.
Improved online presence and brand awareness.
Increased credibility for your business.
Low-cost or free marketing.

The following is a list of top business directories to consider listing your business:

AllBusiness.com
Better Business Bureau
Facebook Page
Google Business Profile
LinkedIn
Superpages
Bing Places for Business

8. Radio marketing

While less prominent today, radio can still be effective. Many people are in their cars during peak commute hours. To maximize radio advertising:

Targeted placement: Choose stations and time slots that align with your target audience.
Engaging content: Create memorable and concise ads.
Consider your market: Are you a B2C company (business to consumer) or B2B company (business to business)? Is your market local (like a neighborhood restaurant), national (such as selling payroll services), or international (such as selling unique clothing to multiple markets)?

The cost-effectiveness of radio compared to TV makes it a viable option for more localized campaigns.

9. Press releases

Press releases are valuable for announcing significant business updates. Ensure your release is:

Newsworthy: Focus on unique and timely information.
Well-structured: Include a strong headline, key details, and contact information.
Multimedia: Incorporate multimedia elements like images and videos to increase engagement.

10. Email marketing

Email marketing remains effective when executed correctly. Best practices include:

Segmenting: Personalize content based on customer preferences and behavior. Use data to segment your lists and target markets.
Offering engaging content: Provide valuable information, special offers, and updates.
Optimization: Use A/B testing to refine subject lines and content.
Using AI-driven tools: These can help automate and personalize email campaigns, improving engagement rates.

11. Direct mail marketing

Despite the digital age, direct mail still works for certain audiences. To optimize direct mail:

Use targeted lists: Use well-researched mailing lists to improve ROI.
Implement creative designs: Ensure your mail piece stands out and is easy to read.
Track mailings: Monitor responses and effectiveness.

More tips to enhance your marketing campaigns

Here are some additional tips to optimize your marketing campaigns:

Segment: Segment your target market to a specific audience. Segmentation can be done with respect to age, gender, income level, education, geography, purchase stage or brand loyalty, and more.
Business lists: Consider using high quality business lists such as Dun and Bradstreet, Experian Business, ZoomInfo or InfoUSA. These lists can be used in multiple channels as well, maximizing the value of the lists.
Track real time: Track your marketing campaigns in real-time to get immediate insights, make quick adjustments, and understand what is working or not.
Key metrics: Track the key metrics in your campaigns, such as click-through rate, engagement rate, conversion rate, sales, revenue, customer acquisition cost, market share, and churn rate.
Software and AI: Use software and artificial intelligence (AI) tools for social media management, content creation and testing of alternative ads.
Budget: Allocate your budget wisely. Assess the performance of different marketing channels and allocate your budget to the ones that deliver the highest ROI. Continuously review and adjust your spending to focus on the most effective strategies.
Keep current: Stay updated with trends. Keep up with the latest marketing trends and technologies. Experiment with new platforms, tools, or strategies to stay ahead of the competition and reach your audience in innovative ways. Keep up to date with experts by seeking articles from reputable business sources such as AllBusiness.com.
Promote across channels: Share earned media coverage on your website, social media platforms, and email newsletters. For instance, if a major publication writes about your product, feature this article prominently on your homepage or social media profiles.
Showcase social proof: Use earned media as a form of social proof by highlighting positive reviews, testimonials, or features from reputable sources. This can build credibility and trust with potential customers.
Strengthen relationships with media: Build and maintain good relationships with journalists and influencers. This can lead to more favorable coverage in the future and expand your media network.
Repurpose content: Convert mentions and reviews into additional content, such as blog posts, case studies, and infographics. For example, if your company was featured in a popular tech blog, you could create a detailed blog post about the experience and its impact.

Ready to enhance your small business marketing strategy?

Developing a comprehensive and modern small business marketing strategy requires leveraging a mix of traditional and digital techniques. By integrating artificial intelligence tools, optimizing SEO, utilizing effective SEM strategies, and harnessing the power of social media, you can create a dynamic and effective marketing approach. Start by experimenting with different strategies, tracking your results, and refining your approach based on performance data.