The power of business mentoring

When we think of mentoring we often think of it in terms of support for career progression.  So we wanted to explore the importance and value of mentoring for business owners and freelancers, where they are looking for support in the growth and development of their business.

Research undertaken in 2023 by Newable, Enterprise Nation and The Association of Business Mentors found that 76% of respondents said that mentors were vital to their business growth, with 66% of business owners saying mentoring had been crucial to their survival.  64% of respondents had received help with their business strategy and 64% had seen an increase in turnover from mentoring.

The first step to benefiting from business mentoring, is having a real desire to improve the business or oneself.  Very often the business owner’s objective is to increase their turnover and profit.  However, this is not the only driver for seeking a mentor.  Other objectives can include support with: people management, changing the business culture, finding a better work-life balance, entering new markets, identifying efficiencies, undertaking a change/transformation project, up-scaling the business, securing funding or preparing the business for sale.  No matter what the business owner’s objective is and no matter the stage of evolution that the business is at, the right business mentor can support them in achieving their objectives.

The key barriers to business owners working with mentors can include:

• Scepticism that they would benefit from working with someone else. This is particularly the case where the business owner is used to working and making decisions alone  – answering to nobody else.
• They are already so busy that they feel that they do not have the time to work with a mentor.

Conversely owning a business can be very lonely, with business owners feeling that they have nobody to speak to who truly understands their pressures.  They do not want to burden family and friends with their issues and concerns.  Instead they feel paralysed, not having the bandwidth to resolve those issues and concerns and ultimately move the business forward.

Business mentoring presents an opportunity for business owners to take time away from their day-to-day activities, and work on the business, rather than in the business.  The right business mentor will support the business owner in identifying what they actually want from their business and what their business and personal objectives are.  They will bring perspective to the business owner’s issues and concerns, helping them to identify how to resolve them.

A business mentor will help the business owner identify the actions they need to undertake – and will encourage them to focus on those actions, making sure they are specific, measurable, achievable, realistic and have a time-frame.  The mentor will also hold the business owner accountable, encouraging the business owner to undertake the actions to which they had signed-up.  This prevents the business owner from letting things slip and keeps them on track to meet their objectives.

Business mentors come with the benefit of their past experiences and an understanding of the world in which the business owner is operating.  They have already trod the path that the business owner is taking and therefore can give advice and support which is backed by their own experiences.  They will also have a range of contacts and networks, which may prove useful to the business owner.

Famous management consultant, author and educator, Peter Drucker said: “Successful entrepreneurs know that the best way to predict the future is to create it.”  With the support of a good business mentor, the entrepreneur’s chances of success grow exponentially.