Sharp completed a £2million move to Bramall Lane from Scunthorpe in the summer, but has yet to get off the mark in competitive action.
The 21-year-old hit 32 goals for the Iron in all competitions, and Beattie - a £4m capture from Everton - insists he has plenty to offer his hometown club.
"He is a top player who wants to do the best for his club, but Billy needs to relax so I try and help him on the pitch when I can," revealed Beattie.
"He will be fine and when he gets his first goal he will get a hatful.
"He is very similar in many respects to a young Brett Ormerod who I played with at Southampton.
"He can use both feet and his goalscoring record is second to none."