Business mentorship is not a new concept. However, many entrepreneurs, bookkeepers, accounting professionals, and business owners don’t take advantage of the benefits that having a mentor can bring.

Some of the most successful entrepreneurs in the world, Steve Jobs and Mark Zuckerberg, to name two, are known to have had mentors who helped them achieve success in their field. The right mentor will not only give you sound advice, but they can also assist in setting you up for success.

Let’s take a closer look at why business mentorship is crucial for all entrepreneurs.

1. Your changes of success is increased

According to a study done by Sage, 93% of startups admit that mentorship is key to their success. Having a mentor who can guide you financially and mentally holds a lot of value and will keep you accountable for getting the work done.

2. Personalized advice that’s right for you

While you can find valuable information from business books, the cookie-cutter advice will only get you so far. With a mentor, they get to know you and your business, what you’re offering, and the goals that you have for yourself. This allows you to receive sound advice tailored to your business and you as an individual.

Furthermore, a mentor that is outside of your friends and family circle can give you unbiased advice from their own experience. Friends and family may inadvertently steer you in the wrong direction because of the nature of the relationship. A business mentor can approach the situation through a strategic business standpoint in an honest and open way.

3. Creates a better workflow and a solid system

Besides guidance, an experienced mentor can also help you create a better workflow and a reliable system. This is especially true for entrepreneurs who don’t have bookkeeping experience, which is commonplace for the business world.

While you are an expert in your industry, a business mentor has the experience and expertise to establish a workflow that will set you up for success. With a system in place, you’re able to get back to what you’re good at and continue growing your business.

4. Helps with the longevity of your business

Much like a fitness coach who helps their clients achieve sustainable health, a business mentor does the same for our business. A mentor will know what makes a business sustainable, rather than working on tasks that only breeds short-term results. When you have someone who helps keep you accountable and encourages you to push forward, the longevity of your business increases.

5. Provides you with a confidante

 When you’re building a business, it can be a lonely journey. Not everyone is an entrepreneur, and your closest friends may not understand all of the challenges of running a business.

A business mentor not only knows what you’re going through, but they have likely gone through it too. The right mentor will make you feel comfortable in sharing your constraints, fears, and biggest goals.

It’s easy to see why business mentorship is beneficial for many entrepreneurs. All things considered, a business mentor can be the trusted confidante that you need.