Becoming a Mentor Can Make You a Better Leader

great leadership through mentoring

Chances are, most successful individuals have benefited from being mentored by a CEO, owner or another business leader at some time in their professional career. If you’re among this group, you’ll likely remember how valuable the experience proved to be.

Generally speaking, mentors work with talented employees because of a sincere desire to see them succeed. “The goal isn’t to master a particular skill, reach a specific goal, or bolster the company’s knowledge base,” notes marketing expert Jodie Shaw. “Although it can involve tasks and timelines, it’s really about helping the mentee grow and develop as a professional over his or her career.”

What about the benefits inherent in being a mentor?

Taking on the role and responsibilities of mentoring may seem time-consuming and lacking in any clear ROI for the business leader involved. But this is a narrow interpretation of what becoming a mentor actually means. In fact, sharing your wisdom and experience can prove to be immensely helpful and satisfying to the person in this role. Here’s a brief look at some of the benefits involved:

Mentoring requires that you stay up-to-date on industry trends. The skills and knowledge that enabled you to achieve leadership status can sometimes get stuck in place. Market conditions change. Industry trends come and go. Becoming a mentor means you need to reaffirm an interest in the most up-to-date events in your field, so you’re not dispensing inaccurate or unhelpful advice to the mentee. As a result, you supplement your own knowledge and experience at the same time.

In some cases, you may be mentoring an individual who has attended industry-related academic courses and/or gathered more recent with changing industry trends. In the course of your mentoring sessions, it’s probable they’ll share with you the latest developments in the field, so you’ll benefit from the exchange of views, too.

You’ll see your leadership skills enhanced. As a mentor, you may find yourself expressing views and insights in ways that might surprise you. During your mentoring sessions, “you have the chance to reflect on and articulate your own expertise and experience—something you probably don’t take the time to do otherwise,” notes business author E. Wayne Hart.

Also, Hart adds, mentoring may help you “view the organization with a fresh eye towards its functions, politics and culture.” Such insights may prove very useful in devising new strategies to change the workplace culture for the better.

Expand your professional network. A successful relationship with a mentee generally results in a broadening of the mentor’s own professional network. For one thing, if the person you mentor goes on to become a leader in his or her own right, you’ll have a valuable, high-level (and likely very grateful) contact that might result in more business for your organization.

Yes, mentoring requires time and occasionally some added patience, as the person you mentor struggles with his or her personal and/or professional challenges. But the benefits you receive as the mentor—personal satisfaction, greater industry credibility, an enhanced ability to listen closely—far outweigh those disadvantages.

A CEO peer advisory board is another way of mentoring—with tangible benefits for any business owner’s company. Contact a local TAB Board to learn more about membership.

 

How Business Psychology Can Help You Gain Customers

happy worker holding sandwiches at the backery

By Guest Blogger, Eileen O’Shanassy

There is a ton of psychology involved in doing business, and as a business owner you must understand that people behave in certain ways and can be influenced with the right triggers to purchase your products or services. There are many examples of how to use basic psychology to get more customers and if you are savvy, you can use these to your advantage as you market. If you want more information, check out applied psychology programs online or courses where you can learn these skills in a business sense.

Using Social Proof
When people have an opinion on something, you will put more weight into that opinion even if they didn’t conduct any in-depth research and haven’t compared the pros and cons. Businesses use social proof in the form of reviews, ratings, social media mentions, and buzz to bring attention to their products and services. They know that if they build a positive conversation around their business, it’ll create a momentum that will attract new customers. Use positive reviews like these to improve your customer reach and to market your business more easily.

Using Authority
You are more likely to trust a business if some kind of authority is attached to them. For example, if you see an endorsement given by a well-known figure or celebrity, you are more likely to trust the company that’s being endorsed. Sometimes the authority is built around reputable roles like doctors, law enforcement, physical trainer, etc. If you can establish authority around your business, you’ll increase your credibility and make it easier for new customers to trust you.

Scarcity
A psychological trigger that you often see used in infomercials is scarcity. People are generally attracted to things that are harder to get. Some get emotionally worked up by the possibility of losing something valuable. Infomercials often use this trigger by building up value in bonuses and discounts. The kicker is that the bonuses and discounts are only available for a limited time. This creates scarcity and often triggers customers to buy when they may not have done so under normal circumstances.

While psychology is an incredible way to gain customers, you still need to realize that your customers are people too. Don’t insult your audience by making it obvious that you’re trying to use a gimmick to get them to make a purchase. You have to walk a fine line and embed psychology into your communication in a way that is respectful while also impactful. Consumers have become more educated about marketers over the last few decades, so it’s important to learn how to use psychology the right way for the right products.

Need more advice on gaining more customers? Find out if the collective wisdom of a peer-advisory board is right for your business.