Statistics That Prove It’s Worth Having a Business Mentor

Business nowadays is fast-paced and ever-changing, with success often hinging on the right guidance and support. For business owners, particularly those running small and medium-sized enterprises (SMEs), navigating the daily challenges can be all-encompassing, let alone working on strategy and scaling the business on top of that. This is where a business mentor can play a pivotal role. But how effective is mentorship in driving business success? In this article, we'll explore key statistics demonstrating business mentors' positive impacts and explain how UK Business Mentoring (UKBM) can help your company achieve its business goals.

The Key Statistics…

• Valuable Resource: 97% of individuals with a mentor feel they are a valuable and impactful asset (National Mentoring Day)
• Supporting Small Businesses: 70% of small businesses that receive mentoring survive for 5 years or more (Institute of Directors)
• Greater Chance of Promotion: Those with a business mentor are 5x likely to be promoted in their workplace than those without a mentor (Push Far)
• Enhancing Teamwork: Having a business coach can raise teamwork by 67% and improve business relationships by 74% (Institute of Directors)
• Increased Productivity: 67% of businesses reported an increase in their productivity due to the mentoring they received (National Mentoring Day)
• Empowering Individuals: 87% of mentors and mentees felt empowered by their mentoring relationship, bringing greater confidence and career satisfaction (Forbes)
• Succeeding SMEs: 93% of small and medium-sized businesses (SMEs) recognise that mentoring can help them succeed (National Mentoring Day)
• Job Satisfaction: 9 in 10 workers with a mentor say they are happy in their current career (CNBC)
• Improving Profits: 55% of businesses felt that mentoring had a positive impact on their profits (National Mentoring Day)
• Passing on Knowledge: 89% of individuals who receive business mentoring proceed to mentor others in the future (Guider AI)

What Is a Business Mentor?

A business mentor is an experienced professional who provides guidance, advice, and support to entrepreneurs, business owners, and managers. They bring a wealth of knowledge gained from their own experiences and can offer insights into leadership, strategy, and scaling a business. Whether you're looking to enhance your leadership skills, develop new strategies, or navigate the complexities of daily operations, a business mentor can be an invaluable resource.

What Prevents Owners From Using a Business Mentor / Business Coach?

Some of the main reasons that stop a business owner from using a mentor include:

1. Lack of Time: The irony here is that one of the key benefits of using a mentor is discovering how to free yourself up to allow more time to focus on other activities, such as business strategy.

2. The Cost: Actually, business mentors tend to cost a lot less than people think, and any expense is deductible for corporation tax purposes. More importantly, the benefits of a mentor are that you see bottom-line profit growth and therefore the spending becomes an investment, rather than a cost.

3. The Owner Doesn’t Believe He or She Needs Help and Is Sceptical: For those in business who may not necessarily believe or understand the benefits of a business mentor, there are plenty of statistics which represent the success that mentoring can provide. For example, a survey (conducted in 2023) by Newable/Enterprise Nation and The Association of Business Mentors found the following:

• 76% of people questioned said that mentors were vital to their business growth
• 66% of owners said mentoring had been crucial to their survival

In terms of the type of support owners received from mentors the respondents reported as follows:

• 67% had improved their leadership skills
• 60% experienced personal growth & development
• 64% had received help with strategy
• 64% had seen an increase in turnover from mentoring

Out of the same survey came results from focus groups of mentors that made two clear points:

“Mentees must want to be mentored” 

This couldn’t be more true. If a person does not want to change, then it is extremely hard to coach and mentor them. The owners who see the best results are those who enter the mentoring relationship with an open mind. There is no point in developing a relationship with a mentor if you are not prepared to listen, change and/or do some things differently.

“Mentees must be prepared to devote some time to reap the benefits”

With most of our new clients, we find that the initial challenge is freeing them up from other tasks to allow time for focusing on the more important areas of the business. Once this is done, real impactful progress can be made and the benefits become apparent.

Are You Ready to Take Your Business to the Next Level and Join the Ever-Growing Number of Entrepreneurs Who Use Mentors?

UKBM has been operating up and down the country for fifteen years and has provided guidance and support to thousands of business owners. Explore the benefits of working with UK Business Mentoring by taking advantage of our complimentary mentoring session, which comes with no obligation, but allows you to experience how mentoring works and get an insight into how it could benefit you and your organisation. The benefits include:

• Create more time for the activities you want to focus on
• Grow your turnover and bottom-line net profit
• Develop your management and leadership skills
• Engage your staff to grow productivity
• Create a strategy for your business
• Plan for a future exit
• Decide on the exit option that is most beneficial for you

Book your complimentary session now by giving us a call at 0845 680 3634, or by enquiring online through our digital form.

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