516: Construction Business Growth Through Networking And Having A Mentor

This Podcast Is Episode Number 516, And It's About Construction Business Growth Through Networking And Having A Mentor

Most business owners receive plenty of well-intentioned advice and 'helpful opinion' from family and friends. However, good business advice spoken from commercial experience is another matter entirely.

That's not to say it's hard to find, but finding a reputable source in the Internet age is sometimes less than straightforward – especially if you have a specific problem to solve and limited time.

This is why, for good times or bad, developing a network of peers or seeking out a business mentor can be a great idea.

Networking

Business owners shouldn't feel they need to operate in isolation. There are several options to consider, and you're not limited to only one or a few. Developing a network of peers and colleagues is an excellent way to keep in touch with new developments, and you'll have a great resource to access when you need input and advice.

Your local chamber of commerce

Your local chamber of commerce is likely to be a helpful resource. They should be able to put you in touch with industry bodies and refer you to people who can give you professional advice. In addition, they might also have information and resources to help you deal with the issues you are facing. Attending meetings and events is also an excellent way to brush up on skills and meet and network with other business people operating in your area. Local chambers can be found online through the US Chamber of Commerce.

Your industry body

Most industry sectors have some organization representing the collective interests of businesses operating in the sector; some will have more than one. They can give you industry-specific advice and put you in touch with other people in your line of business for input.

These sources should also be able to refer you to reputable outside professionals if you need the help of an accountant or a lawyer, for example. They will generally also hold regular meetings where you can meet and get to know other small business owners.

Once you've met or contacted a business peer or professional, swap business cards and keep their details on file; while you can do this manually, it would be more effective to include their details in your contacts on your computer and mobile and to connect with them through other networks like the business-focused LinkedIn or even Twitter. If you keep people's contact details, you can give them a call whenever you need assistance. Even if they cannot help you, they might be able to suggest someone who can.

LinkedIn is a great networking resource for business people. You can join several online groups to ask relevant questions and get good advice. You can create your own if you can't find a forum to suit your needs. 

We are also highly recommended on Alignable, and we recommend it, too. It is a great way to connect with local business owners and work-from-home entrepreneurs who are also there to network and market their services and might need a plumber, handyperson, roofer, or remodeling soon.

Credible online sources of advice

It would probably be best to meet face-to-face with your banker, accountant, or lawyer for financial or legal advice, depending on the advice you need. But there are several additional resources you can turn to for assistance.

The usa.gov site dedicates part of its site to small and medium businesses. The United States Patent and Trademark Office website lets you do many online functions. For the answers to several employment or health and safety issues, look at the United States Department of Labor website.

Business mentors

If you're not looking for business advice on a particular problem but are more interested in long-term direction to help you grow and develop your construction business, you should consider getting a business mentor.

Mentors can act as an experienced sounding board for ideas and help you consider long-term strategies, assess your business from an independent but supportive point of view, and even connect you with others from their business networks.

So how do you connect with a mentor and get the most out of your mentor-mentee relationship?

Perhaps you already have an accountant but would like a Construction Accounting mentor. The first step to seeking a mentor is knowing the kind of guidance you and your business would most benefit from right now. 

For construction business owners in the early start-up stage, someone who can provide advice for surviving the first few lean years—and someone you can get in touch with more often—may be the perfect fit.

In this scenario, finding a mentor with a background in your industry is a plus. Mentors with relevant experience have been where you are now and understand all your issues and frustrations.

Let's face it: all business owners are busy people. And although meeting with a mentor consistently is most beneficial, doing so in person regularly can be a challenge for both parties. For some mentors and mentees, what works best is video calls. Our Contractor Bookkeeping Review, for instance, offers consultation and mentoring from Sharie and works well through a phone call or in-person meeting.

To get the most out of mentoring—and to demonstrate how valuable your mentor's help has been—be sure to follow up on your progress. A mentor will appreciate hearing how you've put their advice to work, your milestones and successes, and the goals you'd like to work on in the future. Acknowledging your progress will help you stay motivated by seeing how far you've come.

Final thoughts

Profitable contractors attend networking events not because they have nothing better to do; they do it because it pays off. You can either spend hours doing office tasks like bookkeeping or getting face-to-face with someone who may need your services. Meeting people gives you the chance to build and develop relationships, hire you, or refer you to someone who might.

The opportunity to learn from not just an accountant but your Construction Accounting mentor can do more for your business than any course, educational program, or degree. Being a mentee means you get first-hand experience without dealing with all the mistakes yourself. 

About The Author:

Sharie DeHart, QPA, is the co-founder of Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com