I have been reflecting on the importance of business mentoring – the benefits it provides to business owners as they grow and develop their business. What is the role of a business mentor, what can they do for the business owner, whether they are an established business or just starting up?
Sadly, so many new businesses fail in the early stages – only 42% of small businesses get to the five-year mark; 95% of small businesses fail. The numbers don’t lie!
The work and support provided by a business mentor is based on his or her experience of having been in the same position as a business owner – and the knowledge they have developed. A Mentor will ask the questions you dare not ask yourself.
So, what can you expect from business mentor?
They are your sounding board:
· A sounding board for challenges, allowing for empathetic understanding and guidance
· Help you to brainstorm ideas, find solutions and develop your thinking
· Using their experience and knowledge to make complex decisions and deal with challenges and opportunities
Providing support and guidance for you and your business:
· Providing accountability and to stay focused and on track towards achieving your goals for your business
· Helping you to open doors and create opportunities for growth and advancement
· Serving as a trusted adviser to provide support and advice to deal with the highs and lows of the business world
Supporting you; the business owner:
· Pushing the business owner to explore new perspectives and reach their full potential
· Serving as a role model, steering business owners towards their own professional growth and development
· Help business owners to improve their skills, deal with and overcome challenges and achieve success for themselves and their business
Only 15% of the 5.9 million SMEs in the UK use support from a professional expert. The benefits of working with a business mentor are stark –
For those businesses who work with a mentor, 70% will get to the five-year mark – versus only 42% of those who do not have a mentor.
Business mentoring is on the rise because so many business owners see and understand the clear benefits it provides. More and more small businesses and start-ups work with a business mentor as the route to success.
Mentoring works and it will work for you and your business.
