The importance of mentorship in small business success is tough to overstate. Small businesses benefit hugely from mentorship, as the right mentor can help the entrepreneur stay on track, and offer guidance when troubleshooting difficult challenges. Mentorship also has a positive impact on morale and goal setting, and helps foster a collaborative environment in which business owners can learn from one another. Here are some of the key benefits of having a mentor in the small business arena:

1. Financial Guidance –
Small business owners often need assistance in the realm of financial planning. This can range from budgeting and forecasting to debt management. A mentor can provide necessary advice and help create those financial plans to ensure success and stability in the long term.

2. Strategic Guidance –
Small businesses are often confronted with future scenarios where they must make critical decisions and think long-term. A mentor can provide invaluable experience and insight into looming strategic decisions, such as decisions relating to team structure, technology, or market positioning.

3. Networking –
Small business owners often lack the large professional network of employers, investors, and industry giants that larger businesses enjoy. Mentorship offers unique networking opportunities, with the mentor often acting as a bridge to collaborations and new professional relationships.

4. Generational Pass-Down –
As startups and small businesses continue to rise in popularity, declining rates of traditional business transfer mean that mentorship is more important than ever. Mentors can pass down the knowledge, lessons, and tactics acquired over generations, giving small business owners a greater level of success and peace of mind.

5. Learning –
Finally, a mentor can assist small business owners in developing a host of skills including business management, problem-solving, and communication. A mentor can be a teacher, a support system, and a sounding board for ideas and need-to-knows when developing a business.

When done right, mentorship can provide that much needed guidance and help create a positive experience for small business owners. With so many tangible and intangible benefits, mentorship in small businesses should not be taken lightly.