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Why Mentoring is Key for Business Growth

Kerrie Dorman, ABM Founder

June 21, 2024

In the dynamic world of business, the path to success is often fraught with challenges and uncertainties, as well as opportunities. To navigate these complexities, many entrepreneurs and business leaders turn to mentoring. At the Association of Business Mentors (ABM), we believe in the transformative power of mentoring and its positive impact on business growth.  

In this article, we will explore:

  • What is business mentoring
  • 5 mentoring statistics that show the positive impact of mentoring on business growth
  • 5 ways how mentoring can help you grow your business    

What is Business Mentoring?

Business mentoring is a professional relationship in which an experienced mentor provides guidance, support, and advice to a less experienced mentee. The goal is to help the mentee develop skills, gain insights, and achieve their business objectives. Mentors share their knowledge and experience, offer constructive feedback, and help mentees navigate the challenges of running and growing a business.

Mentors at the ABM are seasoned professionals with a wealth of business experience. They provide strategic advice, help set achievable goals, and support mentees in their professional and personal development. Unlike consultants who may provide solutions to specific problems, mentors focus on the overall growth and development of their mentees, fostering a long-term, collaborative relationship.

5 Mentoring Statistics That Show The Positive Impact of Mentoring on Business Growth

Whether you’re running an SME, are an entrepreneur or scaling a business, professional business mentoring is a permanent fixture in today’s business support landscape. The following statics show the potential impact of working with a professional business mentor on growing your business:

  1. 76% of SMEs that received mentoring state it helped them grow their business. [Mentoring Matters Report]
  1. Approximately 75% of leaders say mentoring played a key role in their professional success, showcasing the positive impact of mentoring on long-term career growth and personal development. [Forbes].  
  1. 66% of businesses that had received mentoring said it had helped them survive. [Mentoring Matters Report]
  1. 70% of small businesses that receive mentoring survive for five years or more, double the rate of non-mentored entrepreneurs. [Source]
  1. Yet, only 25% of small and medium sized businesses currently make use of business mentors, according to the UK’s Federation of Small Businesses.

How Can Business Mentoring Help You Grow Your Business?

These statistics highlight the key role business mentoring plays within the business support landscape.  But how exactly does business mentoring support you in growing your business? Professional business mentors employ various tools and techniques that can significantly impact the growth and success of your business. Here are five key benefits of business mentoring:

1. Accelerated Business Growth

Mentorship has been shown to accelerate business growth by providing strategic insights and practical advice to mentees. Mentors help mentees identify growth opportunities, develop effective strategies, and implement best practices that drive business expansion.

2. Enhanced Decision-Making

One of the critical advantages of having a mentor is improved decision-making. Mentors provide a sounding board for ideas, helping mentees consider different perspectives and potential outcomes. This collaborative approach leads to more informed and confident decisions.  

3. Improved Skills and Knowledge

Mentors play a pivotal role in enhancing the skills and knowledge of their mentees. They provide tailored advice and resources that help mentees develop critical competencies. According to the a study by the Headspace Group, 87% of small business owners who were mentored felt it was invaluable for developing their business skills. This skill enhancement spans various areas, including leadership, financial management, marketing, and operational efficiency.

4. Increased Networking Opportunities

Mentors often open doors to new networks and connections that would otherwise be inaccessible. These connections can lead to partnerships, collaborations, and new business opportunities. This expanded network can be instrumental in accessing new markets and customer bases.

5. Personal Growth and Confidence

Beyond business benefits, mentoring also contributes significantly to personal development. Mentors help mentees build confidence, resilience, and a growth mindset. The support and encouragement from a mentor can empower mentees to take on challenges and pursue ambitious goals. A study by Women Ahead revealed that 87% of mentees and mentors feel increased confidence as a result of their mentoring relationship.

Finding Your Professional Business Mentor

At the Association of Business Mentors (ABM), we are committed to promoting the highest standards of business mentoring. Our mentors are dedicated to empowering businesses and individuals through tailored guidance and support. The value of business mentoring is evident in the accelerated growth, improved decision-making, enhanced skills, expanded networks, and increased confidence experienced by mentees.

According to a study by Forbes, 76% of people believe in the importance of mentoring, yet only 37% have a mentor. The ABM provides you with the essential link to find your professional business mentor. Whether you are an entrepreneur starting your journey or a business leader looking to scale, mentoring can provide the strategic insights and support you need to succeed.  

Find your business mentor via the extensive ABM network of professional business mentors today or read our extensive guide on finding your business mentor.

About Kerrie

I founded the Association of Business Mentors to support business professionals in becoming, growing and developing as professional business mentors. Additionally, I wanted to give reassurance to mentees that they are in safe hands with a trusted and experienced ABM professional business mentor. Hence, the ABM champions both professional business mentors and standards within mentoring.

I now support mentors with practical mentoring skills training as well as work with HR departments in running highly beneficial monitored mentoring programmes guiding both mentors and mentees in larger organisations with structure and motivation.

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