While their contribution can be similar, a coach and a mentor are noi the same thing. A coach is usually a paid-for service whereas a mentor is assumed to be an experienced no-charge contributor of advice. Both can make a huge difference to a business. Conceptually though, I tend to favour mentorships. But with that said, the three benefits I’m about to mention can be delivered by either a coach or a mentor.
- Strategic thinking: A coach or mentor can encourage you to step off the treadmill and take a detached look at your business. They can help you decide where you want you business to go and how to get there.
- Skill improvement: A coach or mentor can give advice on improving leadership, managerial skills, and technical skills.
- Growth acceleration: A coach or mentor can help increase your team’s output and find ways to accelerate growth.
I’m perpetually surprised at how few small business owners seek the help of a coach or mentor. Some of us with many years of experience are more than willing to contribute to a worthy cause with occasional advice and ideas. All it requires is that you ask until you find a good fit.