Ways to secure a mentor’s advice for your Utah business

From the start of a career to those big pivots and transitions along the management trail, great advice from someone who has been-there-and-done-that is invaluable. It’s often at significant professional moments, whether you are in your first management role or are part of the C-suite, where a mentor’s own experience can help guide you as you make your own professional decisions.

Some people are lucky to have easy access to mentors within their company. Others have to find one and hope that they are willing to serve in that role, whether formally or informally. Catherine Wong, the chief product officer at fast-growing Utah business Domo, recently offered some advice of her own about mentorship, hoping to help emerging business leaders find some great advice.

Finding the king or queen of “the big picture”

Wong agreed with a recent comment made by a Utah Business reader that it may seem daunting to seek out a mentor. However, just as there are mentees looking for mentors, there are likely many mentors in a person’s professional circle who would be thrilled to know they can help guide a colleague in that capacity.

Consider this—maybe you’d be better served by a network of mentors rather than trying to find one person who embodies all that you are looking for. Instead, look for more than one person who can offer you their expertise in a specific area. This approach could be mutually beneficial for mentor and mentee.

“In my experience, you’re better off with a network of mentors who each bring something different to the table to help you grow in a specific way,” Wong said. “Plus, this approach alleviates the pressure you feel of taking up too much of each mentor’s time and focus.”

Another consideration Wong recommends is to find a “big picture” person, someone who understands the way the pieces work together to make the business operate. This way, their advice is more likely to be realistic and align with your end goals. And be open to the constructive criticism this type of mentor is likely to provide. If they offer advice, for instance, that indicates your goals are not achievable, hear them out. The next step beyond construction criticism involves the mentor sharing ways you CAN be successful, based on their own experiences. Sometimes mentors help us turn the mirror on ourselves, and that can be a difficult but pivotal experience. Wong recalled a time when her mentor helped her recognize a change she needed to make.

“Early in my career, I felt that I needed to be formally trained before taking on a new project, which caused me to hold myself back,” Wong said. “One of my mentors saw that pattern and challenged me to stretch myself. With that advice, I started raising my hand for every opportunity, even if it meant moving laterally or backward in my career.”

Many methods to finding mentors

When searching for a mentor on your own, be forthright with your request. Sometimes all it takes is to ask. Propose the mentor/mentee relationship in the form of a short note, outlining what you hope to achieve in your career and why you feel they are a good match. Be sure to list the time commitment you are seeking from them.

Industry groups may also be good place to find mentors, which is another reason networking is so important. Wong started such a group at Domo for women in positions of leadership. It’s through this group that Wong experienced a significant moment as a mentor with one of her mentees.

“One young woman I know at Domo works in a different department by day, but she has been able to get an outside perspective of her department and field (with our group),” Wong said. “It’s been fulfilling to see her take on more responsibility and get promoted―all through her own merits. She had the skills for these moves but needed some advice to unlock and translate her value to our company. We all underestimate the value of having a cheerleader.”

Simply put, Wong suggests that those seeking mentors “go for it.” Reach out to people whose work ethic and professional accomplishments inspire you. When people experience success, they often want to pay it forward.

Think about the best approach to savings for your Utah business

It’s entirely possible that a mentor you find will have some very specific advice when it comes to business savings and will offer sage advice related to finances. First Utah Bank is proud to serve as a trusted advisor when it comes our business savings options.

There are two options that businesses have when it comes to savings accounts through First Utah Bank. The first is the standard savings account which keeps your money safe while also giving you the convenient opportunity to watch it grow. There are no monthly service fees and no minimum balance. This way, you can have the funds needed for unexpected expenses as your business grows and expands.

There is also the High Yield Money Market account for businesses. With this option, you can still access your funds easily, but it also allows you to earn a higher rate of interest on larger balances to help grow your money fast, as interest is compounded and credited monthly. It’s also insured to the legal maximum by the FDIC. Note that you need have $25,000 in your account to avoid the monthly service fee.

As the evolution of your business in Utah continues, also know that you have First Utah Bank on your side to help along the way, for savings and other banking needs. Find out more about these programs at our website, or call us at 801-308-2265.