STAGE 3: GROWING YOUR BUSINESS
Looking to the Future
The CYBF Mentoring Program is designed to provide you with an experienced business mentor who can advise and assist you during the start-up phase of your business. Based on the CYBF Program, this relationship will last two years, after which time your formal mentoring relationship will draw to a close and you can begin developing your Advisory Group.
An advisory group is an informal group of professionals in your network who represent various industries and areas of expertise. This group can be comprised of paid professionals, colleagues, and informal mentors whom you can connect with as needed for advice or guidance on business issues. You will find as your business matures and you gain experience, your mentor needs will also change and an advisory group will be more appropriate.
As you wind down your formal CYBF Mentoring relationship you must evaluate the needs of your business to determine what support you may require. Consider the following questions to help you determine your future advisory needs:
- Is the business experiencing high rates of growth or unexpected growth?
- Are you operating in a complex business environment?
- Do you need to quickly respond to business issues?
- Are there gaps in your current knowledge or experience that may affect the business?
- Is your industry highly competitive or an emerging market?
- What other changes have occurred since start-up that need to be addressed (eg. Insurance requirements, company structure, additional personel)
The key to successfully transitioning from your one-on-one CYBF Mentoring relationship to an advisory group is to begin the process well in advance of the end of your CYBF mentoring partnership. This will give you time to take a thoughtful, planned approach to your advisory needs in the future. We are confident that as you reflect on the value of your mentoring relationship and consider the needs of your business, you will be best able to design your advisory support for the future.
At the close of your mentoring relationship you will need to complete a few important activities. The first is to confirm that your mentoring relationship has reached its natural conclusion. In most cases this will fall at the end of the 2-year mentoring term. On rare occasions you may complete your mentoring relationship in less time or require an extension of mentoring service. The relationship and nature of the mentoring partnership often means that the mentor and entrepreneur will continue to have contact after the 'formal' mentoring relationship is complete. In your final mentoring meeting, discuss the nature and desired frequency of this casual contact, if both parties have agreed to it, as part of the last agenda. At the conclusion of your mentoring relationship please contact CYBF to update your records.
To assist you in creating your Advisory group and help you transition out of your formal CYBF Mentoring relationship, please refer back to the Optional content in the MENT2B™ Orientation, accessible by logging into your Entrepreneur Profile.