Most successful executive careers are defined by risk and reward. That every business leader experiences periods of formidable adversity and professional success is hardly a revelation. What’s important to note is that business leaders who can navigate hurdles and capitalize on opportunities rarely (if ever) do it alone. Most credit a business mentor for nurturing their career development and helping to foster their personal growth.

And it’s when times are tough that they lean most on their mentor.

I speak from experience, having spent nearly 30 years as a menswear merchandiser at Bloomingdale’s in New York. Before setting out on a different path to found the retail and business consultancy SFP Solutions, I led a team of people that successfully navigated through some of the most significant economic disruptions and shifts in consumer behavior of the past century.

From triage to treatment and positioning the business for future growth, my colleagues and I managed through some tough times.

Combating adversity with new approaches

We did it by changing our own behaviors and the methods of fashion buying and sourcing. Instead of doing things the old way, we held ideation sessions where we found gaps in the market and developed products to fill those voids.

We learned that changing our own behavior is difficult, but necessary. Sometimes we become so determined to build and maintain our personal reputation that we forget to stay focused on the mission ahead—and that’s the case for professionals working at the top of their game across any industry, not only apparel and retail. Sometimes we let tasks run our day-to-day instead of plotting a strategy with measurable benchmarks. That’s where a business mentor can help.

Together you can work with your mentor to identify the behaviors that are preventing you from attaining a better future, then develop a plan of action to help you chart a new path.

At this point that could be essential, because executives are being put to the test.

A recent JP Morgan survey of U.S. business leaders found that supply chain issues (62 per cent), economic uncertainty (37 per cent), revenue and sales growth uncertainty (35 per cent) and maintaining company culture with employees working remotely or in a hybrid arrangement (27 per cent) were the greatest challenges they expect to face in the next six to 12 months. And 95 per cent of respondents believe they’ll be forced to clear at least one of these hurdles in the coming year.

Finding the right business mentor for your professional needs

Along the way one thing became clear to me: the most effective leadership strategy in good times and bad is to work on becoming a better leader. Doing so means finding the right person to help you achieve your full potential. That someone needs to be capable of seeing what you can’t, while being willing to observe patterns and help you make operational or behavioral changes to achieve success.

In that sense, an effective business mentor should be a professional with a record of exceeding planned results in both growth and profitability over the course of their career, no matter their industry or role. They must also be approachable and engaged.

Perhaps most importantly, they need to be a sounding board, to lift you at your lowest and to encourage you to ride the momentum during periods of success.

The many benefits of a (good) business mentor

In times like these, structured ideation sessions led by a seasoned business mentor can be transformative in helping to plot out a range of business scenarios and possible outcomes. Developing innovative ideas requires the objective viewpoint of a mentor who’s been there, done that. And that’s where that level of perspective can prove invaluable.

Another potential benefit: having a mentor will help you prioritize what needs to be done now or in the near-term to drive your business. Prioritization is a key aspect of behavior change that often goes overlooked.

We’ve experienced a great deal of stress over the past 18 months that’s left many of us reeling. We’re tired, and in some cases our normally quick and prudent decision-making abilities have been slowed. Knowing which strategic priorities to tackle first can be critical when trying to identify business challenges and realizing they could actually present opportunities for innovation and growth.

Lastly, a good business mentor will hold you accountable. They’ll encourage you to gather data to understand the sales or performance metrics that matter most to your organization, to better understand customer behaviors and to analyze relevant business financials. Sometimes honest accountability is all that’s needed to put you on the right path, shift sub-optimal behaviors and gain rewarding outcomes from even the riskiest situations.     

Scott Polworth, Founder and Principal, SFP Solutions