A good business advisor or mentor helps an SME owner develop the skills that matter most, from modern marketing to data literacy to problem-solving, alongside guidance, motivation and honest feedback a business owner rarely gets from anyone else.
Before you approach a mentor
Research their track record and decide specifically where you need their help. Be realistic about what one person can actually offer, and be selective about whose advice you take in, since taking too much input from too many directions can be counter-productive to clear decision-making.
How to approach a potential mentor
Ask specific questions about their experience in the exact area you need help with, whether that’s raising finance, scaling a team, or something else entirely. Confirm their commitment upfront: most mentors offer their time and support without charging a fee, so a clear understanding of the arrangement avoids awkwardness later.
What to expect from a good mentor
- A good listener, not just someone who talks
- Genuine commitment to the relationship
- Honest guidance, even when it’s uncomfortable to hear
- A learning mindset of their own
- Real time invested in you as a mentee
Getting the most from the mentorship
Set clear expectations from the start about the specific guidance you need, and stay focused on your long-term goals rather than every small tactical question that comes up. Be respectful of your mentor’s time, arrive prepared, and respond promptly to their input. Stay open-minded rather than comparing one mentor’s advice against another’s, and actually put what you learn into practice, then report back on how it went.
Where to find a mentor
Industry and networking events, professional associations, small business and entrepreneurial development centres, social media networks, seminars and conferences, non-profit organisations, and colleges or universities all remain reliable places to meet a potential mentor.
Frequently asked questions
Should a business owner pay for mentorship?
Not usually. Most mentors offer their time and guidance without charging a fee, which is worth confirming upfront so both sides have the same expectations.
How many mentors should a business owner have at once?
Few enough to actually act on their advice without conflicting input. Taking too much advice from too many sources at once can slow down decision-making rather than sharpen it.
What is the biggest mistake business owners make when working with a mentor?
Failing to actually apply the advice given and report back on the outcome, which wastes the mentor’s investment of time and limits how much value the relationship can deliver.
A mentor multiplies your own judgement, it doesn’t replace it
The right mentor helps sharpen decisions a business owner still has to make themselves, provided the relationship is approached with clear expectations and genuine follow-through.
Further reading: Expect Support, Not Miracles: Mentorship Advice for Entrepreneurs | Department of Trade, Industry and Competition for official small business support information
Originally published in May 2019. Updated September 2026 to tighten this guidance on finding and working with a business mentor. The underlying advice remains sound.
