Developing a solid, well-thought-out business strategy and plan of action can prevent the overwhelm that comes with running your own business, no matter what stage you’re in. 

Strategy-building identifies the best possible course of action and the most efficient ways to achieve your desired results, using a combination of critical and creative thinking.

Before we go any further, let’s break down the differences between these two thought processes: 

Critical Thinking

• A form of self-directive, problem-focused thinking
• Analytical and logical views 
• A way of using historical data as a benchmark
• Skillful conceptualization

Creative Thinking

• “What if” thinking
• Innovative and clever ways to improve things
• Solution-focused thinking
• Focuses on opportunities and new possibilities

So, how do you create a winning strategic plan in turbulent times?

Consider these great strategy tips for entrepreneurs: 

#1. Identify the Moving Targets

The moving targets may be existing or non-existing customers, new emerging markets, a change in how you need to operate your business or a combination of the above. 

Creative thinking will help you identify all of the moving targets, including those that you may not be considering. Critical thinking will help you identify the facts, what you already know and may have stopped paying attention to. 

Identify the key strategies that will help you use this information to generate new business. This way, your time and money is well spent.

#2. Make Small Shifts

Making small shifts is the best way to take your ideas for a walk and test some of those hunches you have floating in your head. You probably already know what you should be doing and where those shifts should take place.  

• Consider diversifying and concentrating on 2-3 new options
• Explore new revenue streams
• Look for collaborations and partnering opportunities
• Start a pilot program or beta-test a product

#3. Leverage Your Resources

Strategy-building will help clarify where and how to make the most of any additional funding or human resources you might have obtained. 

Remember, it’s not about working longer hours, it’s about managing your time and energy effectively. Strategy makes all the difference, especially during turbulent times when every dollar spent and hour matters. 

Don’t look too far ahead, or put all your eggs in one basket. After all, things change quickly in a crisis! But, having a strategy in place can help prevent stress and keep you focused and confident about every decision you make.

The post 3 Strategies to Help Your Business in Turbulent Times appeared first on WeBC.

Benefits of a Business Mentor: #1 The answers to your burning business questions

Your Mentor understands what it’s like to own and operate a business. If you’re entering a new stage in your business—like seeing your sales take off, or moving from a solopreneur to boss—you may have what seems like an endless list of questions. The two of you have been matched for 6 months, and you want to know everything…including what the future holds! 

With a Mentor, the two of you can start to prioritize which questions need to be answered NOW and which ones can wait. 

Chances are, she will explain how you should go about finding answers to your business questions. If you don’t know where to start, here are 5 questions to ask your Mentor. You may discover this research mindset serves you well long after your relationship has come to an end.

Inspiration and ideas can come from anywhere, and sometimes a fresh perspective can help you to expand your horizons. 

Benefits of a Business Mentor: #2 Experience on how-to-do

Your Mentor is not your Jedi Master. She is someone who has, through trial and error developed a few essential skills that may be applicable to your business. If you ask your Mentor to explain how she set up her business books, or created a marketing plan, you may be disappointed when she cannot transplant that knowledge directly into your head. 

Your Mentor will take some time to listen to your business story and may have some suggestions on what may help smooth the way. Your Mentor understands processes and business operations. She may be able to support you in developing the necessary skills you need to streamline your day-to-day operations. 

Her real-world experience of working ON your business, not IN your business, is a key to growing your business.

Benefits of a Business Mentor: #3 A different perspective

My background is in fashion design, clothing manufacturing, and retail. In design…clothing, interior, graphic, we are taught the benefit of expanding our creative horizons by looking at EVERYTHING outside our industry. Inspiration and ideas can come from anywhere, and sometimes a fresh perspective can help you to expand your horizons. 

Your Mentor might be able to offer you a long-view of your business and your product or service. Her perspective from outside your industry could enable you to think outside your box and come up with some ideas that expand your reach. 

Have you ever considered exporting? Did you know that we define exporting as into another province OR across the globe? Your Mentor’s experience is like a two-way mirror, where you can see yourself and your business future…just a little differently.

Practice makes perfect—daily practice with a little dash of Mentor experience will have you wearing your superhero cape with a deep sense of accomplishment.

Benefits of a Business Mentor: #4 Having a trusted advisor

It’s one thing to have started a business as I did, with my father and oldest brother running parts of our family business. If I got stuck on something or had a personal matter to discuss, they were only a phone call away. 

Your business Mentor is on your side. She can be trusted to keep conversations private. Discussions concerning staff, clients, and suppliers are all common ground. If you are a sole proprietor, she may be the ONLY person you can discuss sensitive issues with. It may be the first time a business matter of this kind has come up for you, but most likely, your business Mentor will have experience in similar matters that she is more than willing to share. 

Benefits of a Business Mentor: #5 Accelerating your growth

Every business is different; however, many business processes are transferable, no matter what type of business you’re running. Your Business Mentor can remember how difficult it was prior to honing key skills in her business. She can also remember how smoothly and efficiently her business ran when she mastered those skills!

Tapping into your Mentor’s insight on how to improve these business skills is like developing a superpower! One day you are dragging yourself into your brick and mortar location or down the hall to log onto your website, and then SHAZAM!!! You are transformed into a person who has mastered something that you never thought you would…all because your Mentor let you in on the secret. 

Practice makes perfect—daily practice with a little dash of Mentor experience will have you wearing your superhero cape with a deep sense of accomplishment.

Benefits of a Business Mentor: #6 Expanding your network

Busy business owners have to make time to expand their professional networks. Your business Mentor can open the door to her network. When I had my retail store, I was a member of our local Chamber of Commerce and a few other networking groups. But after working with clients all day—even though my clients were GREAT—it was too easy to postpone networking. 

When I am working with a Mentee, I often surprise myself with the number of resources I am able to suggest. Your Mentor is ahead of you in the years-of-experience department. She has worked with people in a variety of areas in her business and can often pass these names along to you. She has professional connections you can only dream of! Your Mentor’s experience makes it easy for her to recall a name or a business that may be exactly who you need.

Connecting people is one of the greatest compliments for both parties. And she’ll probably encourage you to get out there and enjoy those networking groups, too!

When you don’t know what you don’t know, a Mentor can save you some frustrations by sharing what they learned the hard way.

Benefits of a Business Mentor: #7 Getting constructive feedback

My husband and I were both in retail. I had one store for many years, and he was with a company with over eighty stores across Canada. We regularly talked about emerging trends, monthly sales, and marketing. 

On the flip side, many women don’t have an entrepreneur in their family or social circle, which can be isolating for a woman in business. There is only so much sharing about your business day you can do at the dinner table or at a social event before the ‘eye-rolling’ begins. 

Your Mentor understands and can relate to business. Business discussions with your Mentor can be productive and engaging. You may even be able to stop starting all your sentences with ‘just hear me out…’ 

Owning your own business is creative, exciting work, and it’s nice to be able to talk about business with someone who feels the same way.

Benefits of a Business Mentor: #8 Building the confidence to make informed decisions

When I first started my manufacturing business, shortly after completing my apparel design program, I remember calling my brother to ask, ‘what do I do now’? My brother was running a neighbourhood pub in Esquimalt, and he said, ‘don’t worry, you’ll get busy, and you know…it all just starts to happen.’ 

It did get busy, and I found my flow, but the confidence piece took a bit longer. The fun part of having your own business is that you get to set the direction. The scary part of having your own business is that you are never quite sure if the direction you have chosen is the ‘right’ one. 

Your Mentor understands that ‘what-if’ feeling. 

What if I did X instead of Y? What if I misjudged my target market? What if I didn’t get a large enough loan? 

Your Mentor can help you analyze your decisions and validate or question your reasons for moving forward with a business decision. The two of you can work through a process to help you move forward with confidence. Your decisions, no matter what the outcome, are building your confidence-muscles. You can consider your business Mentor as your personal trainer—no ice-pack required!

Benefits of a Business Mentor: #9 Save time and money

I always tell my mentees that business start-up is the most costly part of the process. When you are excited to start your entrepreneurial journey and start to pay for everything up-front, you can easily overspend and find yourself short of operating capital in the first few years. 

Your business Mentor understands the start-up phase of business and may be able to support you to cut those unnecessary expenses or avoid some rookie mistakes. When you don’t know what you don’t know, a Mentor can save you some frustrations by sharing what they learned the hard way. 

Having someone go through the seemingly endless list of start-up expenses and brainstorm how to prioritize will save you time and money. Your Mentor’s experience with cash flow is invaluable when you are new to entrepreneurship. I always encourage my mentees to be as honest as they can when discussing a budget. You can trust your Mentor to provide support without judgment and keep you accountable through the process. 

The time savings involved in working with your Mentor to put a plan in place and then working through action steps on your own time prior to your next meeting can’t be overstated. Your Mentor has experience with business operations, cash flow, and financing. She is someone with experience you can trust.

Benefits of a Business Mentor: #10 Learn new skills

You became an entrepreneur for many reasons. Perhaps you wanted to use your skills to work for yourself instead of making money for a company you did not own. Or perhaps you are a creative person, and your skills are not in the business field. Or, you are a wonderfully resourceful person who learns-as-she-goes-along. 

In all three of these examples, business skills were not number one on your list. Your business Mentor can teach you how to learn what you need to know in order to move forward with your business. I am not saying that the role of your business Mentor is to teach you everything you need to know about business (we have Business Advisors for that). I said that she can teach you how to learn or research what you need to know. Here are some things to consider if you’re evaluating if your business mentor is right for you.

Let’s say you need a bookkeeper. Your Mentor won’t teach you how to use the latest accounting program; however, she may teach you where to look for a bookkeeper, and help you create a list of questions to ask when you meet them for an interview. Your Mentor may have a specialty in marketing; however, she would not teach you how to design your own website. She may suggest someone who you could meet with to discuss costs to add a shopping cart to your existing website. 

Most entrepreneurs work alone or with 1 to 5 employees. Your Mentor can help you develop the skills to find out what you need to know to run your business successfully.

The benefits to having a business Mentor are boundless when you find a business mentorship program that works for you! Your Mentor does not have a magic wand or a superpower, but her wealth of experience may make it feel that way.  

You and your Mentor have entered into a relationship as equals. You both have a business, and you both want to be successful. Like all relationships, the Mentor-Mentee pairing requires work, respect, and communication. In my time as a Mentor, I always say that I benefited from the enthusiasm and energy of my Mentee as much as or more than she benefited from my experience. Enjoy your time together!

The post Top 10 Benefits of a Business Mentor appeared first on WeBC.

Ninety-five percent of our Mentees say they feel confident with their business skills, compared to 35% prior to participating in our mentorship program. And 81% say having a Mentor has improved their decision-making skills. 

There are many different types of mentorship programs. How do you know which one is a good fit for you?

If you search mentorship, women, BC, you will see a couple of programs that may pique your interest (of course I hope you choose to apply with WeBC!) 

If you’re wondering how to find a business mentorship program, here are a few factors to consider:

How much time do you have for the business mentorship program?

How many hours, realistically, can you spend in a business mentoring program each week or each month? 

Many programs require you to attend a monthly meeting; however, you’ll need to commit to some preparation pre-meeting, and follow-up after your meeting. 

In my experience as a Mentor, I can’t emphasize enough how preparation and follow up can benefit your mentoring relationship. Taking some time during your week to note any pain points in your operations or business planning. Taking those notes and formulating a few specific questions to ask your Mentor can make all the difference in the world. 

Solving a small problem before it becomes unmanageable is the type of proactive approach that leads to business success! Does the mentorship program you are considering have time built in for this kind of pre- and post-meeting discussion? 

How do you like to communicate with your mentor?

Many entrepreneurs don’t realize that mentors usually volunteer their time as Mentors. Does the mentorship program you are considering have a policy around when and how you can communicate with your Mentor? Do you communicate with the program head, rather than directly with your Mentor? 

Depending on the complexity of the issues you intend to work on with your mentor-as-guide, this may be a deciding factor for you. In my role as Mentor with WeBC we’re encouraged to establish guidelines around communication that respects both our time and the Mentee’s time in our first meeting together.  

Once those agreements were set, most of the communication outside the actual meeting time was handled by myself, as I made it clear to my mentees that I was available to talk, text or email should something come up. 

Communication style is a personal preference, so be sure you’re comfortable with the communication parameters prior to applying to the program.

Is the business mentorship program flexible?

If you’re running a business, managing a family, and trying to have a life, you understand what I mean! Being accepted into a mentoring program a month or two in the future can require a bit of juggling should a staff or family member become sick, or your business experience an unexpected shock. 

Be sure to choose a mentoring program that allows you the flexibility to change your plans. Does the program allow you to miss a session, or change groups? What happens if you and your Mentorjust don’t quite ‘click’? Choose a program that allows you to speak to someone throughout the process in confidence. 

You’ve probably been waiting for a program to open for applications, or for a Mentor In your specific industry to become available. Once you have been accepted into a program, take some time to understand who your contact people are, and if need be, to clarify your commitment to your Mentor, and/or the other members of your group. 

If something happens and you are unable to participate be sure to understand the refund and exchange policy. 

Ask around

Many times a personal referral is what helps you to decide on a mentorship program. 

Did a fellow member of a networking group rave over a program? Did your accountant or bookkeeper mention a client who had a 5-star mentorship experience? Have you had a good or GREAT experience with an organization’s other programs such as Business Advising or Financing? (We hope so!) Have you read a few glowing testimonials on the organization’s website, or on Social Media? If so, your search for the perfect mentoring program may be over!

Finally, if you’re searching for a business mentoring program and can’t find a perfect fit, consider this: perhaps you don’t need a mentoring program at this stage of your business. 

Perhaps you would benefit by speaking with a Business Advisor instead. Consider registering for a session on marketing. Or business planning. If you aren’t sure what you need to move your business forward, perhaps we can help. And if you’re an experienced entrepreneur, maybe you’re ready to give back as a Mentor, like me!

The post How to Find a Business Mentorship Program that Works for You appeared first on WeBC.

Here are a few questions you can ask your business mentor:

1. How do I measure success?

Your Mentor’s super power is experience! She has been there, done that. Use her power to learn from her successes AND her failures. No business owner is sure of their business path to success every minute of every day. Business, like life, ebbs and flows. However, avoiding too much ‘drift’ in your business is a key to making progress towards your business goals. Your mentor can guide you through the process of selecting some success milestones that will keep you on a steady path to reaching your business goals.

“Being mentored by a woman who has grown her own business helped me believe it is very possible for me to do the same. I liked having set meeting times and goals to accomplish in between our meetings. Having a mentor helps very much with accountability to my goals.” – Past WeBC Mentee

2. How do I decide which areas of my business to focus on? 

When you open your physical doors, or go live with your business website, you may feel immediately overwhelmed with the importance of EVERY aspect of running your business. Whether it’s staff training, tax reporting, ordering merchandise, or serving clients, it can seem as if everything has a red exclamation mark next to the task! 

Your Business Mentor can support you to prioritize your seemingly endless list of daily, weekly or monthly To-Do’s so you can cut through the clutter and hone in on the most important areas that need your attention now, soon, and in the future. 

“My mentor helped me to succeed in my recent business goals such as networking more, creating a passive income, and my client inquiries became more consistent. With her guidance, I finally launched my online shop and I’m also now more motivated in completing daily/weekly tasks. In the last 6 months of the mentorship program, I would say that my time management has become better and staying focused on my business goals with a mentor really helped!” – Past WeBC Mentee

3. How do I attract more clients?

This is the million dollar question for any entrepreneur! Your mentor has experience in this area, and can help you avoid time-wasting marketing mistakes. The research you did on your client base is all in your Business Plan. Your mentor can help you to analyze your market research, and help you to decide where and how you should be spending those precious marketing dollars. 

“Bobbi’s kind, practical, and engaging approach has allowed us to fine tune our go to market strategy and been encouraged by her wisdom to revamp our marketing strategies, messaging, and ultimately investments to best attract consumers.” – Shiva Badiee, WiiBid, Past WeBC Mentee

4. How do I maintain a balance between work life and home life?

For many entrepreneurs, your work is your passion AND your life. This question, at its heart, is a very personal one, and every entrepreneur’s answer to this question is unique to them. 

Your mentor has experience, and perhaps a different perspective on this question. She may tell you a personal story from her own work and life. She may also suggest some strategies that worked in her situation. Balancing every aspect of life is an ongoing struggle, Your mentor may be able to offer insight into the very specific woman-entrepreneur experience, from someone who has lived it.

“We all have our own definition of success and for me that is happiness, running a self-sufficient, sustainable business, and the ability to work on a flexible schedule. As an entrepreneur you’re creating your own job, but it’s more than that. You have to take time to work on your business, not just work IN your business and draw a wage. Plans often go awry, and when it comes to business, you can’t learn everything from books, classes or YouTube. Experience is the greatest teacher. It was an absolute privilege to share time with my mentor.”  – Alice Ward Cameron, Alice’s Fresh Pasta, Powell River, Past WeBC Mentee

5. How do I decide when it’s time to sell or close my business?

When I started my business at age 22, I had been married for nearly a year, and had no children. When I decided to close my 2 stores at age 46, I had been married for nearly 24 years, my mother had recently passed away, and the country was in the grips of a financial downturn. 

When I meet an entrepreneur who tells me that she has a plan to build up her business over 10 years because she is interested in selling it, I think, ‘great planning!’ 

Your Business Mentor has been in business longer than you have, and has insight on the life cycle of a business. Thinking about your business as a timeline, with startup, growth, and wind-down phases, is a realistic way to consider your journey as an entrepreneur.  

You and your mentor can discuss the complete life cycle of your business as a planning tool, even if you have no intentions on winding up your business. Your mentor’s experience with her own business can be a rich area for discussing ‘what-if’ and or future planning.

“As a solopreneur working from home, my business life and efforts have seemed like “shots in the dark” without any feedback until the shot has been made. The feedback was from clients or was simply silent; in other words, I missed my target. The program was critical to help me know that I’m not on some wild and meandering path and that others have had similar questions. I became more clear about what stage I was actually at in my business. With that in mind, as well as an idea of where I want to go, I was encouraged to niche market myself. This was an empowering move! The support was astounding.“ – Past WeBC Mentee

Trust, respect, and openness to another perspective is what makes a mentoring relationship invaluable. A business mentor is different from a friend. They are more like a respected colleague. Someone who you can discuss business-related topics with that a non-business owner would not understand. These questions are to get you to think about what a mentoring relationship can look like, but every relationship is different—that’s the joy of mentorship! 

What questions would you add?

The post 5 Key Questions to Ask Your Business Mentor appeared first on WeBC.

Consider these added advantages of having a mentor:

1. Building Resiliency : A mentor can help you expand your risk tolerance and confidence. By challenging and supporting you, they can help you navigate through difficult situations and develop resilience in the face of adversity. Their guidance and perspective can help you bounce back from setbacks and stay focused on your goals.

2. Reverse-Mentoring : Mentorship is not a one-way street. As a mentee, you bring your own skills, experiences, and unique perspective to the table. Your mentor can learn from your insights and experiences, creating a reciprocal relationship. This mutual exchange of knowledge and expertise can enrich the mentor’s own growth and development.

3. Friendship : Over time, a mentorship relationship often evolves into a deep and meaningful friendship. As you build trust and rapport with your mentor, you may find that you share personal experiences, challenges, and successes. This connection can extend beyond the professional realm, creating a lifelong friendship based on mutual support and understanding.

4. Collaboration : Working with a mentor who shares your values can open doors for collaboration. They can introduce you to their network, recommend you for opportunities, and even become a business partner. The mentor-mentee relationship can serve as a foundation for joint projects, initiatives, and ventures that align with your shared goals and values.

5. Joint Learning : Mentorship is not only about the mentee learning from the mentor. Both parties can engage in joint learning experiences, such as taking on new challenges or exploring unfamiliar territories together. By stepping outside of your comfort zones as a team, you can support each other’s growth and expand your horizons.

These unexpected benefits of having a business mentor demonstrate the transformative power of mentorship. Beyond knowledge and guidance, a mentor can become a lifelong friend, collaborator, and source of inspiration. Embrace the full range of opportunities that mentorship offers, and you’ll reap the rewards in your personal and professional journey.

Would you like to connect with a Mentor to receive guidance for your business?

Check out WeBC mentoring programs for women business owners and sign up for our waitlist to be notified of the next intake in your area! Learn more >>>

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While the specific guidance will depend on your needs and their experiences and set of values that align with yours, there are some overarching benefits of mentorship that can support your growth.

A business mentor can provide guidance in the following areas:

1. Business Strategy – A mentor can help you refine and develop your business strategy. They can offer insights, perspectives, and advice based on their own experience and expertise. They can help you identify growth opportunities, navigate challenges, and make informed decisions about your business direction.

2. Goal Setting and Planning – A mentor can assist you in setting strategic goals and creating a roadmap to achieve them. They can help you prioritize, develop action plans, and track your progress. Their guidance can ensure that you stay focused and on track.

3. Skill Development – A mentor can identify areas where you can improve your skills and knowledge. They may also provide specific feedback and guidance to help you develop specific competencies relevant to your industry or role.

4. Networking and Connections – Mentors often have extensive networks and can help you expand your professional reach.

5. Personal and Professional Development – They can help you identify areas for personal development, such as enhanced leadership skills, work life balance or building resilience.

6. Accountability and Support – A mentor can help you stay accountable for your goals and actions. They can provide encouragement, motivation, and support during challenging times. They can serve as a sounding board for your ideas, challenges, and concerns, offering a safe and confidential space to discuss your business-related issues.

A business mentor is there to provide personalized guidance that aligns with your vision and values. They take into account your specific challenges, aspirations, and circumstances to offer relevant insights and offer guidance and a new perspective. 

Whether you’re seeking unbiased feedback on strategy, skill development, or personal growth, a mentor can provide valuable support and help you navigate your professional journey more effectively. Their role is to empower you, share their knowledge and experience, and provide a safe environment for your learning and growth.

With their guidance, you can gain clarity, make informed decisions, and take meaningful actions that contribute to your continued success.

Would you like to connect with a Mentor to receive guidance for your business?

Check out WeBC mentoring programs for women business owners and sign up for our waitlist to be notified of the next intake in your area! Learn more >>>

The post What Guidance Can You Expect from a Business Mentor? appeared first on WeBC.

As a business owner and leader, it can be tempting to believe you’re the person who needs to hold it all together. This results in you continually showing up for others and putting your needs, wants and happiness last.

Here are 3 keys to help you reclaim time for yourself so you can feel happy now, not someday.

#1: Identify the story you’re telling yourself

If you feel overwhelmed, what’s the story you’ve been telling yourself that’s been running the show and creating a lack of happiness? For example, “I don’t have enough time to do the things I need or want to do.” Get to the root of the story in your head to change the fruit in your life.

#2: Speak up about what matters to you

If you avoid uncomfortable conversations, what price will you continue to pay and how will you teach others to treat you? Sometimes you’re not keeping the peace, you’re just playing it safe. 

Assuming you could handle whatever the outcome of the conversation, I invite you to fill in the blank, “If I could, I would speak up about _________.”

#3: Make a decision and take action

Are these thoughts running through your mind about your current lack of personal time? “Someday I’ll go for the walk, prioritize my hobby, put boundaries around my work hours” or “When I have more energy, the kids leave the house or I get the support I need, then I’ll do it.” 

If so, you may be waiting a long time for a change. Instead, make a decision to see yourself as equally worthy of happiness to those around you. Act on what James Cook said, “Do just once what others say you can’t do and you’ll never pay attention to their limitations again.”

The post From Burnout to Bliss: 3 Keys to Reclaim Your Time and Happiness appeared first on WeBC.

That’s why it’s a good idea to take an inventory of your skills. What are you good at? What do you need to work on? 

To help you on your skills development journey, here is my list of the top 9 business skills every leader needs.

1. Cash Flow Management

I’m starting with cash flow management because poor management is the most common reason businesses run into trouble. 

You can be operating at a profit, but if you don’t have enough cash to pay your vendors and creditors, it can jeopardize your business.

Good cash flow management requires that you understand the cash and non-cash inflows and outflows of your business and that you link that knowledge with your short and long-term goals and obligations to make sure you’re not caught without enough to cover the bills. 

How can you build your skills? 

• First, get back to basics and learn about how cash and non-cash move through your business. Our guide, Financial Understanding for Small Business is a good place to start. Your goals should be to understand the difference between a cash flow statement and an income statement, and the difference between profitability and cash flow.
• Next, apply this knowledge to your business so you can understand where there is a mismatch between profitability and cash position. In particular, make sure you understand the following:
  • Capital assets are a cash outflow when they are purchased (unless you’re financing the purchase), but on your income statement, the expense is amortized over multiple years.
  • Inventory purchases are usually a cash outflow up front, but you can only recognize the revenue from a sale at the time the product is sold.
  • That if you sell products to your customers on credit, it will show as revenue before you have received any cash. Conversely, if you purchase from your suppliers on credit, the expense will be recognized right away, but it won’t be a cash outflow until you make the payment.
  • If you have debt, understand that your entire loan payment is a cash outflow, but only the interest portion is counted as an expense on your income statement.
• Learn how to prepare a cash flow projection for the next two years. Make your best guess at when cash will enter and leave your business. If your cash balance is poised to go below zero at any point, how will you handle the crunch?
• Understand the cash conversion cycle, which tells you how much time it takes you to convert inventory into sales, collect receivables, and settle your accounts payable. If your cycle is long, this can be a signal that you aren’t using your cash as effectively as possible. 

2. Financial Management – Understanding Profitability and Margins

Financial management is an essential skill, but rather than thinking about it in terms of an onerous exercise with spreadsheets, think about it in terms of getting curious about your business and making sure that your efforts are moving you forward rather than digging yourself into a hole. Here are two key skills to master:

• Pricing and Margins: All business owners should have a good understanding of their margins (or how much money they make on every product or service they sell). It’s tempting to assume that if you sell a product for more than it cost you to produce, you’re making money, but that is often not the case! You need to account for packaging, labour, shipping, overhead and much, much more! Many entrepreneurs are surprised to learn their margins are not what they thought they were once they really dig in. This information can then be used to inform your pricing strategy.
• Breakeven Analysis: Another essential skill is learning to do a break-even analysis. This is where you analyze your fixed and variable costs to determine how much volume you need to sell to make a profit. Once you know how to do this, you can play around with your costs and volumes to see the potential impacts on your profits. For example, what happens if you lower your production costs by changing suppliers? What volume do you need to reach before you can move into a bigger location? Breakeven analysis can help you understand this and more. 

I recently wrote about the importance of financial management, so if you need a reminder of why this is so important, check out that article.

3. The Art of Targeted Marketing

Do you feel like you’re doing a lot of marketing but not getting much back in the way of results? This is common. Sometimes new entrepreneurs move quickly between different marketing approaches, which has the effect of scattering your time and resources. This approach also doesn’t give enough time to see if what you’re doing is working (or as I like to say, “Is the juice worth the squeeze?”).

Focused marketing is about concentrating on your best potential customers and delivering a clear, consistent, and appealing message. WeBC’s workbook, Focused Marketing: Targeted Effort, Tangible Results will walk you through the process of identifying your market, creating your message, and choosing/implementing your marketing tools, but here are some tips to start building your skills now:

• Everyone is not your customer: All good marketing starts with segmenting your market to understand their demographics, geography, purchasing habits, interests, values, and other psychographics. Once you have your market segments, select one or two groups to focus your efforts on.
• Apply the four P’s of Marketing: Marketing is not just about advertising – There are other tools in your marketing toolbox (see my detailed article on this here). Apply the following tools with a laser focus on your target market and make better use of your time and money.
  • Product: You are not your (only) customer. Make sure your products are customer-focused, not just things that you like. 
  • Price: Understand your customer’s willingness to pay, and create a data-informed strategy for how you change your prices to incentivise sales (markdowns, seasonal sales, bulk discounts, etc.)
  • Place: Understand all the ways your product gets into your customer’s hands and what their purchasing journey looks like. Should you consider other sales channels?
  • Promotion: Communicating with your customers is not just about advertising. Work on strategies that will help build strong, trusting relationships with your customers over the long term. 

4. Delegation and Time Management

Sometimes I ask my clients this question: “If I could wave a magic wand and take away one of your problems, what would you ask for?”

Usually, people ask for more hours in the day! Thankfully, with improved delegation, this wish can often come true.

Many leaders are afraid to delegate work because they think they can do the task faster and better themselves and are afraid delegating will actually create more work for them. Sometimes this is true in the short term, but delegation is a skill that can be developed just like any other skill.

As you get better at delegating, your team will get better at doing the work, and you’ll have more time to work on your business rather than in your business.

• Practice patience: The first few times your employee does something for you, it might take them a long time, and you might not get the exact results you want. If you go into it knowing you need to be patient, you’ll be less likely to jump in to finish it yourself.
• Prepare for mistakes: Make sure your plan allows time for your employee to make mistakes—it’s a part of learning. For example, I recently taught my daughter how to crack an egg. Were there messes along the way? Absolutely! But after a few mistakes, she can now do it. I planned for the mess and let her go through the learning process.
• Plan for outcomes: Make sure your employee knows why they’re doing what they’re doing and what the final outcome should be—this will help them solve problems as they arise. Likewise, you should have a clear understanding of the outcome of the task to help keep quality in perspective—don’t let perfect be the enemy of good enough. 
• Have the right team and delegate strategically: Of course, to do the above you need a strong team with the skills needed to do the work. Get to know your team’s strengths and weaknesses, and be sure to ask what they like to do or what skills they would like to improve. Then, delegate accordingly.

5. Cultivate an Entrepreneurial Mindset

There is no right or wrong way to be an entrepreneur, and I believe that anyone can bring their unique skills and talents to a business and have great success. However, there are some characteristics that we see more often in entrepreneurs than in the general population.

To cultivate an entrepreneurial mindset requires you to assess your personal characteristics to determine what your gaps are. Once you know what the gaps are, you can work on developing those skills. The Entrepreneurship Mindset Profile (EMP) provides a valuable framework to uncover your own strengths and opportunities for improvement. The EMP covers 14 characteristics, but here are three to consider as a start:

• Risk Acceptance: People with high-risk acceptance are generally more willing to take on risks if they think it will help them achieve their goals. If you’re an entrepreneur who doesn’t like taking risks, you can build this skill by shifting your mindset. Think about risk-taking as a non-negotiable part of being an entrepreneur, and brush up on the fundamentals of risk management so you can approach risk-taking in a measured way.
• Action Orientation: Many entrepreneurs have high action orientation, which means they take quick and decisive action to make things happen. Suppose you tend to be more sluggish in your decision-making, try to get to the root of why. Are you procrastinating? Are you worried you will fail? Do you need a lot of information before you make a decision? Once you know the root cause you can tackle the barrier in a targeted way. 
• Self-Confidence: A person with high self-confidence is likely to feel that their existing skills and abilities are all they need to achieve their goals, and they take this confidence into their business dealings, which inspires others to trust them as well. If you need to bolster your confidence, find ways to connect with a supportive community in your industry, take extra training and skills development courses so you can be confident in your abilities, and also take the time to reflect on your past successes. Sometimes you just need to remind yourself of how awesome you are. 

If you’re naturally cautious, how can you become more bold to drive your business forward? And if your boldness is becoming a liability, what tactics can help you become more cautious and balanced? Learn some tips for developing an entrepreneurial mindset >>>

6. Strategic Planning and Growth Strategies

As an entrepreneur, you are building a business from the ground up, and building a business does not come with instructions. Thankfully, you can use the process of strategic planning to build a roadmap for where you want to go. There are three broad components of strategic planning to consider:

1. Set your foundation: Setting the foundation means taking the time to lay out your vision, mission, and values for your business. These are the key pillars of your strategic plan, and they will help you focus your energy and make decisions about your business. Think of these as your guiding stars as you navigate growing your business.
2. Set goals: Once you have your foundation in place, it’s time to turn your vision, mission, and values into action. Start at a high level—where do you want to be in the next five years? Be as specific as possible. Next, break that down into smaller goals. If you want to have sales of $1,000,000 in five years, how many sales do you need this year? What tactics will you use to meet that goal? See my recent article on growth strategies for ideas on how to grow your business. 
3. Implement, observe, and revise: This is the step many people forget or don’t make time for. Don’t make that mistake! Set up a plan at the beginning for how often you will check in on your progress toward your goals. It’s okay not to meet your goals, but make sure you use what you learned along the way to revise your goals. You should also plan to revisit your high-level strategy periodically. Do your vision, mission, and values still reflect the heart of your business? If not, it may be time to revisit them. 

7. How to Sell

Some people are naturally good at sales. Other people? Not so much (myself included).

It can be hard to ask people to buy from you. You don’t want to be annoying, and what if they’re not interested? The truth is, all businesses are selling something, so if you want to succeed you will need to find a technique that fits your personal style. Here are some tips to help you build your skills.

• Be a problem solver: As an entrepreneur, you already know that your product or service must be something that solves a problem for your customers. If you look at your customers as people who will benefit from your solution rather than someone you have to sell to, the sales process will feel more natural and helpful. If they’re not in need of your solution, you can move on without feeling rejected. The problem-solving approach also helps you understand your customer’s true needs, which can help you tailor the solution or suggest something else. 
• Build relationships and trust: Instead of looking at the sales process as a transaction, think of it in terms of building relationships. Maybe you won’t close the sale today, but if you can make your customer feel warm and welcomed, they’re likely to return. Good news—women are already great at building relationships and fostering trust with others. 
• Challenge your assumptions about yourself: If you suffer from imposter syndrome or question your worth, this can impact your confidence when working with customers. If you feel this way, it may pay off to explore these feelings and work on developing tactics to overcome these feelings when needed. 

8. Technical Skills

Many businesses, especially in the early days, are a one-woman show. You might be the cook, the server, the cleaner, and the dishwasher on any given day! And while it usually makes sense to outsource specialized activities to the people who are best at them, it’s also important for you, the entrepreneur, to have a basic handle on some key technical skills. Having basic technical skills will help you to 1) better identify when you need outside help, 2) scope projects and manage outside help more effectively, and 3) help you deal with emergencies as they arise. Here are a few of the essential technical skills to consider:

• Online marketing and social media: You should know the basics of the platforms you work on and be able to make attractive posts, look at your metrics, and engage with followers.

• Basic website maintenance/SEO: Depending on your business, it makes sense to have a basic understanding of your website and how to make small changes to it. This will allow you to edit a broken link or update a photo without going back to your developer. For bonus points, take a few SEO workshops to understand how to draw more visitors.
• Bookkeeping and reporting: Your accountant or bookkeeper is an essential part of your team, but you should be able to use your accounting software to pull basic reports and make entries on your own.
• Basic Analysis: Do you hate excel? If so, that probably just means you need more training! All entrepreneurs should have at least basic excel skills to allow them to prepare cash flow projections and budgets, and to analyze business data.

9. Communication

Communication is a soft skill, but it can have an outsized impact on your business if you’re not communicating effectively. Business communication is not just about what you say or write, but it’s also about how you say it, and, crucially, how you listen and react to others. By improving your communication skills, you can not only improve your relationships with your customers, but also with your employees. 

• Remember body language: If you walk into a business and the salesperson is standing in a corner with their arms crossed and doesn’t make eye contact—that sends a message, doesn’t it? You might even leave the store right away. Or if your employee wants to talk and you don’t take your eyes off your phone, how does that make the employee feel?  Take the time to learn more about non-verbal communication and pick one or two things to work on.
• Be professional: You might not care about typos and mistakes, but your clients and partners might! Always make an effort to catch typos and write in complete sentences. Learn how to proofread effectively, and always run your materials by a few people before sending them out into the world.
• Cut out the diminishing language: Assertiveness is an important skill for business owners. Sometimes it’s hard to be direct, but when you’re the boss, it’s part of your job! Take note of the language you are using. Do you use diminishing words and phrases like, “I just wanted to…”, or “It’s just an idea…”? Do you find it necessary to assure people that you won’t take too much of their time, saying things like, “can I have a quick minute of your time?”. Take note of your habits and start tackling one today. Removing “Just” from your vocabulary is a good start!

The post 9 Business Skills that Every Entrepreneur Needs to Cultivate appeared first on WeBC.

When it comes to entrepreneurial mindset, I’ve noticed that many early entrepreneurs fall into a continuum. On one end is the bold entrepreneur. This person signs a business lease before they have the money to pay the rent, shells out $50,000 to manufacture a prototype for a (hopefully) revolutionary product, and shouts about their product from the rooftops (even if it’s not quite ready…). This person is in business!

On the other side is the cautious entrepreneur. This person has a business idea, and they’ve spent countless hours working on their logo, crafting a perfect business plan, and researching the market. If they can do something sitting comfortably behind their desk, they’ve probably done it. They might tell a few friends about their idea, but they keep it pretty quiet in case it doesn’t work out. And, critically, they often struggle to execute their idea. 

Do either of these sound familiar? Maybe too familiar? The good news is, there’s no right way or wrong way to be an entrepreneur. With a bit of work, you can adjust your mindset to become a better entrepreneur. 

If you’re naturally cautious, how can you become more bold to drive your business forward? And if your boldness is becoming a liability, what tactics can help you become more cautious and balanced? 

As a Business Advisor, I’m also a Certified Entrepreneurial Mindset Profile® Practitioner. In this post, I will explore some of the characteristics of successful entrepreneurs (based on the EMP framework) and some tips on how to take action.

Balancing Your Entrepreneurial Mindset

Entrepreneurial Mindset: Risk Acceptance

Entrepreneurship involves risk—there’s no getting around that. Some people are scared to take any risks, and some people bet the farm to less-than-ideal results. But the good news is, anyone can shift their mindset to become more risk astute. Here are some actions you can take.

Tips for Becoming Bold:

• No risk, no business: Think about shifting your mindset to see risk as a necessary part of building a business. You know what they say—No risk, no reward! Many successful entrepreneurs will say that the real risk comes from missed opportunities. So instead of thinking of risk as a potential loss, think about it instead as a potential gain, and an unavoidable part of doing business.
• Be logical about your fears: An inability to take risks often comes from a place of fear. Next time you have to make a big decision, think through the worst case scenario. What is really the worst that could go wrong? How could that be mitigated?
• Practice risk and experimentation: Try taking small risks in your day-to-day life. Order something new at a restaurant, or (gasp!) let Netflix pick the TV show for you. Then apply this mindset to your business, and start small! Change the colour on your website or try a new promotion. You will see that risk-taking can be beneficial, and not as scary as you thought.

Tips for Becoming Cautious:

• Use a Risk Matrix: If you tend to take risks without always thinking it through, then maybe you need some tools in your toolbox. One approach is to use a risk matrix. 
  
  To put together a risk matrix, write down all of the risks you could face when starting your business or embarking on a new project. Then, rate each risk based on 1) the probability of it happening, and 2) the level of harm it would result in (there are lots of examples online!). You will soon see that some risks are ‘riskier’ than others, which will guide your decision making.

• Learn about Risk Control: Risk control helps you to treat risk in certain ways to lessen their impact. You can use tactics to avoid the risk, transfer the risk to someone else, mitigate the impact of the risk by taking some pre-emptive action, or accept the risk and plan for contingency. Using risk control and a risk matrix together is a winning combination!

Be clear about what you need input on. Instead of asking, “What should we do?” try saying, “Here’s what I’d like to do, and here’s why.”

Entrepreneurial Mindset: Action Orientation

Entrepreneurs often have high Action Orientation, which means they like to take quick and decisive action. This is usually good, but not if you’re acting based on incomplete information. On the other hand, people with low Action Orientation are more likely to hold back on taking action, usually because they want more information before they make a decision. They may also be procrastinating—driven by perfectionism or a fear of failure. 

Tips for Becoming Bold:

• Map your decisions: If you’re an analytical person, it can be hard to make decisions. I call this “Analysis Paralysis.” But, you can also put those skills to good use to become more Action Oriented. When you’re getting stuck on a decision, take the time to map things out at a really high level. 
  
  What is the decision you need to make? What is your deadline to make the decision? What information do you need before you can make the decision? 
  
  This map can serve as a touchpoint when you find yourself going down rabbit holes (It’s funny what you will spend your time on when avoiding making a decision!)

• Practice taking action: Much like risk taking, it takes practice to develop action orientation. Try breaking down a task into small pieces and set timelines for each piece (e.g. take four hours to price production costs or research potential suppliers). 
  
  Allow yourself that set amount of time for the task, then walk away and take a break. Then, revisit your decision map. What does your gut tell you based on your analysis? Still need more information? That’s ok, but limit the time, and always check back on your map.

• Change your mindset: Entrepreneurs must move quickly to adapt to changes in the market—that’s just the way it is. Try treating this as a core competency or value that you can work on, rather than a shortcoming. For example, you could name this in your business strategy as part of your mission or values—“We make thoughtful, expedient decisions to stay ahead of trends and maximize profit.” 

Tips for Becoming Cautious:

• Build  a circle of advisors: Action-oriented people tend to make decisions independently but, as they say, “If you want to go fast, go alone; if you want to go far, go together.” 
  
  So set up a structure that works for you to consult with people you trust, but don’t get bogged down in consensus building or bureaucracy. Be clear about what you need input on. Instead of asking, “What should we do?” try saying, “Here’s what I’d like to do, and here’s why.”

• Back up your gut feelings: You don’t want to get analysis paralysis, but you need more than your gut to make decisions. Use the mapping exercise outlined above under “Becoming Bold,” Allow yourself the time to dig into your question, and don’t be afraid to delegate the research if it’s not your skill set—just be sure to listen once you get the results!

Engage with other entrepreneurs to learn about their challenges and successes. You will quickly see that no one knows everything, and even the most successful entrepreneurs question their abilities sometimes. 

Entrepreneurial Mindset: Self-Confidence

Finally, let’s discuss self-confidence. Many entrepreneurs have high self-confidence—they believe they have the skills and talents needed to reach their goals. This can help them get others to rally behind their mission, but also can come across as arrogant. 

What if you lack confidence? Well, this can make it hard to gain trust, and second-guessing yourself is sure to slow down decision-making. 

Tips for Becoming Bold:

• Remind yourself of your awesomeness: It’s normal to feel overwhelmed and like you don’t have what it takes. No one knows everything about everything. 
  
  Write down a few things that you recently succeeded at doing. When you’re lacking confidence, look at this list to remind yourself you’re capable of success.

• Act as if: Sometimes it helps to “act as if” you are already a successful business person, even if you feel like you’re pretending. Ask yourself what a successful business person would do, and then do it! Confidence breeds confidence. 
  
• Connect with a community: Engage with other entrepreneurs to learn about their challenges and successes. You will quickly see that no one knows everything, and even the most successful entrepreneurs question their abilities sometimes. 
  
• Be the best: Want to build your confidence? Offer the best product or service you can. Build your skills and knowledge by taking courses, joining industry associations, and keeping up with the latest developments. When your business is successful, your confidence will grow. 

Tips for Becoming Cautious:

• Look at the source: Sometimes high self-confidence is actually low self-esteem in disguise. Do you find yourself constantly trying to prove yourself? You might want to adopt the mantra “Show, don’t tell.” Let your actions and results speak for themselves.
  
• Ask questions: Here’s another saying: “You have two ears and one mouth for a reason.” If you’re prone to talking a lot, make an active effort to listen more and speak less. When you do speak, try asking more questions.

Wherever you sit on the bold-cautious continuum, I hope these tips give you some tangible ideas for how to adjust your entrepreneurial mindset and get your business to the next level!

The post How to Develop Entrepreneurial Mindset: Be Cautiously Bold appeared first on WeBC.

Your enthusiasm is inspiring and just a tad flattering. Yet, in my role as both One-to-One Mentor, and Peer Mentoring Group facilitator, I can tell you that mentors are real people who have won and lost at business…and once upon a time, they were probably just like you! 

In many mentoring programs, including at WeBC, Mentor matches are made by considering a variety of factors. Experience, compatible industry, location (urban/rural) and area of expertise. 

If you were fortunate to have been matched with a Mentor, there is still more to consider. 

How do you know if your business Mentor is a good match?

Mentoring is a relationship, first and foremost, so you have to be able to work with this person to solve a business challenge, or capitalize on a business opportunity. If, after one or two meetings, you find yourself questioning the relationship for any reason, you may want to reach out to the mentorship organization to discuss your concerns.

But, before you do that, you may want to ask yourself a few questions…and follow up with a conversation with your mentor.

3 questions to ask yourself

1. What are your expectations for this mentoring relationship?

Did you need an answer to a specific problem, and now that you have one, are you unsure what to talk about for the next few months? 

Setting your expectations together can build a solid foundation for your mentoring relationship. Try to think of the big picture: are you asking her to focus on the symptoms (e.g. drowning in paperwork) when you need to solve the bigger problem (e.g. going from solopreneur to employer). As someone who is further down the path, she may have the benefit of hindsight to help you skip the interim steps to where she ended up on her journey. 

The company is growing fast, and I wanted to hear how other women were able to make the transition. What worked for them, what didn’t and why? I wanted to learn from others how to be able to make better, informed decisions moving forward.

Christine Grouhel, Fence ‘N More Supplies Ltd., Logan Lake

2. Are you stressed about the tasks your Mentor is asking you to complete?

Does she expect you to be more financially savvy than you feel you are? Does she ask too many hard business-related questions, and you feel you already have too much on your plate? 

Your Mentor can provide strong encouragement and guidance for your next steps, but she’s not the only person who can assist. Perhaps a Business Advisor can help you to complete your financials, or a short webinar can help you brush up on your SEO so your time with your Mentor can be better spent receiving guidance and a boost of confidence. 

3. Are you questioning the suitability of your mentor’s experience to your business challenges?

Does she use examples that you can’t relate to? Are you worried about your upcoming lease negotiation with your landlord, and you discover that your Mentor has always worked from home? At WeBC, we personally interview all Mentees to make sure we match them with a Mentor who has strengths in the areas they need. Even so, it may take some time to find the sweet spot where her expertise can fill in the gaps. Perhaps commercial leases aren’t her thing, but negotiation is! 

If you’re stressed with other aspects of your life, but need to keep your business on track, you may be projecting those feelings onto your Mentor. If you’re sensitive to questions around finances because money is one of your number one concerns, you may not react well to questions from a business Mentor who you have only spoken with twice.

Entrepreneurship can be a lonely place, it is vital to have community with other entrepreneurs who understand this world.  Find like-minded mentors who know and understand your passion and vision and also remind you of self-care once in a while!! Start where you are, there will never be ready or perfect and every mistake will lead you to your next level up.

Lianne Wessner, Lianne Wessner Coaching and Pukalily Aromatherapy , Vancouver

I guarantee you that your Mentor is familiar with situations where business and personal collide. It’s not as if the minute you turn your computer on in the morning, or unlock your store’s front door, you become ‘Woman Entrepreneur’ and leave yourself behind. 

Your Mentor has been there, remember? She will welcome a conversation about expectations, or mentoring-workload.

Signs of a great business mentor match

What does a productive, respectful, dynamic mentoring relationship look like? 

• When you and your Mentor are really talking. Not firing questions and answers back and forth…rather, you’re in dialogue with each other. 
• When you take the time to listen and answer, and ask questions that can’t be answered either ‘yes’ or ‘no’. 
• When you look at the clock and realize that the time has flown by; you feel relaxed, and energized at the same time. 
• Perhaps a challenge you had been thinking about suddenly seems like an opportunity…with a clear plan to move forward. 

That’s when you know that your Business Mentor is right for you!

The greatest lesson I learned was to get the perfectionism out of the way. I became more aware of the super high standards I had for myself. I would often put off doing things because I couldn’t do it ‘perfectly’ or needed to be more prepared. Perfectionism was actually just holding me back. Working with her illuminated how to let myself be more human and to continue to empower my purpose.

Jocelyn Gordon, The Way Forward Coaching Services, Kamloops

Try to recall why you wanted a mentor. Your Mentor is not a mind reader, or a miracle worker. She’s a woman just like you who has been where you’ve been. The mentor-mentee relationship may be unfamiliar at first. But with a little patience it may end up being exactly what you and your business needs. 

The post How to Evaluate if Your Business Mentor is Right for You appeared first on WeBC.

I’ve volunteered as a One-to-One Mentor and I’ve led several Peer Mentoring Groups, and the experiences are completely different. So how do you choose the right one for you?

Here are some things to consider:

One-to-One Mentoring

What it looks like

In this type of Mentoring, a ‘seasoned’ entrepreneur is matched with an entrepreneur who has been in business for 1 to 5 years. 

The Mentor and Mentee meet via Zoom, telephone, or in person for an hour each month for six months. Each meeting has an agenda and a list of items to discuss. The meeting ends with a decision on the date and topic for next month’s meeting, and a list of to-do items.

The Mentee is responsible for setting the agenda, based on what she wants to talk about. Maybe she has a business challenge she has to manage or a business opportunity she wants to capitalize on. 

The Mentor is responsible to the Mentee to provide relevant information and resources, as well as providing a bird’s eye view of each challenge or opportunity. 

Why it works

A woman who has been in business for a year or more is BUSY! She’s following her business plan, working on her marketing plan, hiring staff, purchasing product, manufacturing, and/or providing a service multiple times a day. The Mentee may feel that every single thing on her to-do list is priority number one.

On the flipside, the Mentor has been there. 

She uses her experience to provide insight into what actions may be taken, and how the decision may impact the business, based on her own experience. The relationship is a two-way exchange of ideas and information as the Mentor answers questions, provides resources and acts as a sounding board. 

How you can benefit

One-to-One Mentoring can fast-track your business growth by helping you avoid the common mistakes that new business owners make. Your Mentor has the benefit of hindsight, so she can share the lessons she learned the hard way so you don’t have to. Many Mentors and Mentees stay in touch long after the program is complete, and are long-term Champions for each others’ success!

“I learned to stay focused on your numbers. Learn your messaging and how to target your market. I also learned to always prepare for meetings with your mentor, to stay organized, and really understand your numbers.”

Angela Saxena, Lav and Kush, Vancouver

Peer Mentoring Groups

What it looks like

A group of 6 to 8 women who have been in business from 1 to 5 years (Mentees) meet with a Peer Mentor Facilitator (the Mentor) who guides them through a structured process. 

The group meets regularly (weekly, bi-weekly or monthly) for two hours for six to eight sessions. Each month one woman is chosen to be ‘the Situation Owner’ and shares with the group some background on their business, as well as a specific business challenge or business opportunity that she would like the group to help her solve, and/or capitalize on. 

Why it works

These groups are all about the ‘Hive-Mind’. 

As the Peer Mentoring Facilitator, I share resources, and provide insights; however, it is the entire group that gives the individual Mentee their complete attention each month.

In my experience, the group acts as a collective, adding to the discussion by sharing their experience, and providing insights from a variety of industries. The groups are structured so that the six Mentees are non-competing. So if you own a hair salon, the other five Mentees may own a coffee shop, or manufacture fencing material, or specialize in destination weddings. 

The benefits of metaphorically walking in another woman’s stilettos or work-boots, cannot be overstated. Each participant has written a Business Plan, created a Cash Flow, and has a marketing strategy. Some Mentees may be leasing a commercial space, or may be running an online business. Your business opportunity or challenge may reflect another Mentee’s future opportunity or challenge. 

You may be strong with financial management and weak with social media marketing, while another woman may run a communications business and be weak in the financial side of her business. You can fill each others’ gaps with your areas of expertise, and gain a circle of support in the process. 

How you can benefit

In the groups I facilitated through the darkest days of the pandemic, the number of ‘light-bulb’ moments were staggering. Never underestimate the power of six women talking about business for an entire two hours smack dab in the middle of a crisis! The support and insight was incredible. 

I owned and operated a retail ladies clothing store for nearly 20 years. During that time, my husband was working for a large retail chain. We talked about business and retail all the time! The reality for most women in business, is that they don’t know many other women who own and operate a business.

The benefits of a Peer Mentoring Group is that you get two dedicated hours a month to work on your business with women who understand and with a facilitator who has perspective on opportunities and challenges, because she has experienced them.

“The women in our peer group were such a huge, huge help to us – I loved that time, I really did. I’ve learned so much I didn’t think I would.  It was great to see other women in business who were like us trying to learn, tying to make things better, trying to grow, it was awesome.”

Janelle Eftoda and Jessie Porter, Twisted Orchid Beauty Supply, Prince George 

The Difference Between a Mentor and Business Advisor

After reading this, you may be thinking ‘I just have a question, do I need to sign up for a whole program’? And the answer is ‘No.’ 

Sometimes you just need a referral to a government grant, or support to build your export plan, or a second set of eyes on your cash flow spreadsheet. In this case, a Business Advisor can assist with that.

At WeBC, our Advisory Services are free, and can be an easy option to get your business questions answered. You may even use both an Advisor and a Mentor!

In my opinion, you can never have too many sources of support—it takes a village to raise a business. So, One-to-One Mentoring or a Peer Mentoring group. Which one will you choose first?

The post Different Types of Mentoring Available for Women Business Owners appeared first on WeBC.

Staying Connected

We all know entrepreneurship can be lonely. Often there are few people that share your perspective.
Having a strong community of peers (other entrepreneurs and mentors) outside your industry can offer a range of benefits. You can share common challenges and strategies, celebrate success and grow new skills together. It gives you a whole new lens on leadership and beyond.

New connections that can lead you to:

• Potential employees and contractors,
• Resources like grants, funding, and professional services
• Technical resources like new apps and organizational systems
• Opportunities for leadership growth
• New business practices and a fresh approach to solving challenges

Staying Current

It broadens your horizons!

Mentoring offers what I call—Reverse Mentoring. In the traditional mentor-mentee relationship, mentors usually have many years of experience, while young entrepreneurs come with a fresh new perspective and a different set of skills. This can be invaluable and can start a life long relationship when the pairing of mentor and mentee share similar life and work values. (I have personally experienced this on numerous occasions, thank you mentees!)

Staying Forward Focused

When you leverage your skills and talents by utilizing them in a completely new environment you have the opportunity for personal and professional growth. It’s a chance to fine-tune your current skills and kickstart new ones. It’s a chance to step into a deeper leadership role and work on your learning edges.

Mentoring broadens your reach in many ways. You connect to a whole new world of entrepreneurs, other coaches, and mentors, which I can tell you firsthand, can lead to exciting new opportunities.

In addition, I always recommend working with your own mentor and /or a coach/consultant that can offer a fresh new perspective, unbias feedback, and support.

The post 3 Reasons Why Volunteering as a Mentor Can Help Your Career Development appeared first on WeBC.