The Coaching And Mentoring Network Initiative For Small Businesses
Introduction
In today's competitive business environment, extraordinary resources, competitive skill sets, and strategic planning helps to provide the edge that it takes to grew your business to the next level. How do you obtain the necessities to move to the next level? The best way are to par with a company or a group of individuals who can assist in getting to the next level.
Mission Statement
The mission of the Coaching and Mentoring Network Initiative for Small Businesses are to grow the number of successful small businesses in the City of raleigh and in so doing to help develop new comunity leader. This will be accomplished through a hands-on mentring process.
Specifically, the Initiative seek to engage the private sector in investing business expertise, skills, contacts, and purchasing power in helping small businesses to fully realize their competitive advantage.
The coaching and mentoring network initiative program elements
Before implementation, there will be an assessment of existing coaching and mentoring network initiatives for small businesses to identify one or two successful programs that can serve as a model for our own effort.
Basic Concepts
- Mentor or coach[NSU1].
- Mentee or trainee. A mentee or trainee is as the owner/operator of a small business who is to be mentored.
Expections of Mentors
- Must be committed.
- Must facilitate meetings with resource pool.
- Must help to access procurement opportunities.
- Must review case analysis.
Potential resources for identifying mentees
Some excellent resources for identifying potential mentees is
- Small business departments of banks
- Business assistance networks
- Entrepreneurial centers
- Department of women-owned business enterprises
- Attornies and accountant networks
Potential resources for identifying mentors
Resources for identifying potential mentors is
Banks
Chambers of commerce
Business professionals with specific skills in accounting, legal, banking/personal finance, marketing, and information systems
Attorneys and accountant networks, cities officials, universities
Entrepreneurship centers
Needed qualifications for identifying mentors
The following qualifications will be used to identify potential mentors:
- Business individuals who have a demonstrated track record of success.
- Business individuals who have created a competitive advantage, and, because of that expertise, have delivered a product at a competitive price.
- Business individuals who has interest in the betterment of its community by virtue of his or her involvement in various civic organizations.
Needed qualifications for identifying mentees
The following qualifications will be used to identify potential mentees:
- Business individuals who have a demonstrated track record of success but have not reached a plateau.
- Businesses that can create a competitive advantage, and, because of that expertise, can deliver a product at a competitive price
- Business individuals who has interest in the betterment of its community by virtue of his or her involvement in various civic organizations.
- The diversity of a business may be considered. This will enable us to draw from a larger pool of potential mentors (i.e. so we can spread the level of activity out across a broader spectrum of business leadership).
screening process
Interested agencies will be asked to submit two or three of there best prospects for mentees and/or mentors. A comprehensive, standardized application for each which incorporates the elements of a miniature business plan, will be developed. A screening committee will be established to review and present 15 to 20 names to SBI Board of Directors, from which eight to ten names for each will be selected.
Mentor/Mentee match and relationship
Lead mentors will be matched to the mentee based on the type of business, the mentee's needs, and the personal chemistry between the mentor and the mentee. There will be an initial three-month trial period, during which time both the mentor and the mentee will work towards establishing the foundation for a close, long-term personal relationship. Should either party elect not to continue the relationship, the mentee will be matched with another mentor.
Both the mentor and the mentee at the outset of the mentorship will sign a non-compete/non-disclosure agreement. However, either party may elect to terminate the relationship at any time, but only after every effort have been made to make the relationship a productive one.
Each mentoring relationship would be tailored to the unique needs of the business being mentored and existing resources. Business assistance programs will be utilized where there is a need and fit. The mentor will facilitate access to those existing resources.
ASSESSMENT
The current level of business acumen for each mentee will be assessed to identify the business need with respect to moving to the next level, i.e., fully realizing its competitive advantage. Also, an opportunity will be provided for the mentors and mentees to develop a new business plan or revise the existing business plan with a focus to helping the small business owner fully realize his or her competitive advantage.
The financial condition of the small business owner and the business itself are inextricably intertwined. Frequently, the small business owner is financing the business by way of his or her personal credit card. Because the finances of the small business owner and the business are so closely related, it is imperative that the financial condition of the business owner or mentee be scrutinized and addressed. For this reason, personal financial statements will be required, and where necessary, expertise from the resource pool will be drawn upon to put together a personal financial plan.
SUMMARY At the end of the program, all participants will be invited to join a small business roundtable. This individuals will meet monthly to critique business endeavors to assist in maximize optimum business opportunities.
[NSU1]1Please include a definition for mentoring. Don’t forget to include the citation and reference.