Running your own business can be an isolating affair – the success or failure of your organisation can feel like it’s all on you. Having someone who understands what you’re going through – and ideally has gone through it before – can make a big difference to not just your mental health, but the future of your business.
Whether you're just starting out or leading an established organisation, having a mentor can be an invaluable support. The right business mentor can provide guidance, share their experience, and offer the insight needed to steer you and your business in the right direction.
Here are the top five benefits of having a business mentor and why it's worth considering for anyone serious about growth.
1. Increased business survival rates
While the concept of a mentor can seem like a fluffy, nice-to-have idea, there are tangible benefits. One of the most significant is that having a mentor dramatically improves your chances of long-term business survival. According to research, 70% of small businesses that receive mentoring survive more than five years, which is twice the rate of those without mentoring.
Running a business is unpredictable – and usually involves a steep learning curve. Having a mentor who can guide you through the ups and downs of business ownership gives you a chance to avoid common mistakes, sound out new strategies and access networks that can support you as your business develops.
2. Boost in productivity
Mentoring is proven to have a direct impact on increasing productivity. In fact, 67% of businesses with mentoring programmes report higher levels of productivity.
A mentor can help you streamline your operations, focus on what truly matters, and make better decisions. By having a seasoned professional as a sounding board, you’re able to refine your ideas and optimise your processes.
This focus not only enhances your own performance but can lead to a more productive work environment for your team, spending less time on testing out strategies that don’t deliver and more time implementing proven strategies.
3. Expanded networking opportunities
The right contacts, advice and partnerships can make a huge difference to your success as a business owner. That’s why networking is an essential component of business success – and mentors often have access to extensive networks that you may not be able to tap into on your own. By leveraging their connections, you can gain access to potential clients, partners, and investors, which could open up opportunities you hadn’t considered. Statistics show that 92% of small business owners with mentors attribute business growth to these relationships. After all, mentors are often well-established in their industries and can introduce you to key figures, helping you expand your professional network and uncover valuable opportunities.
This applies both to partners and suppliers within your field who can collaborate directly with you, as well as the ancillary services that all businesses need at some point, such as financing, legal or consulting support.
4. Increased accountability and support
Running a business can be all-consuming, and it’s easy to lose focus or get bogged down by day-to-day challenges, losing sight of the big picture.. A mentor not only provides guidance but also holds you accountable to your goals. Knowing that someone is regularly checking in on your progress can be a powerful motivator to stay on track.
In fact, many CEOs and business leaders attribute their success to the support and accountability provided by a mentor. One survey found that 84% of CEOs believe mentoring has helped them avoid major business mistakes.
5. Fostering confidence and better decision-making
One of the more subtle but crucial benefits of having a business mentor is the increase in confidence it brings. Running a business is full of high-stakes decisions, and having a mentor by your side can help you navigate these with greater confidence. They provide a fresh perspective and help you see situations more clearly, allowing you to make more informed choices. For example, 93% of business owners agree that mentoring helped them improve their decision-making processes, which directly impacted the success and growth of their businesses. By guiding you through difficult decisions, mentors empower you to make the right choices for your business when it matters most.
Supporting your business at every stage
At Haines Watts, we've seen the difference the right support can make. With experience working with thousands of businesses, our team thrives on guiding companies through the challenges of growth, leadership, and financial sustainability that come with being an owner-manager.
Most important of all, all of our insights are grounded in reliable financial insights and processes that are essential for keeping your business on track. Whether it’s strategic planning or day-to-day financial management, we ensure your business has the strong foundation it needs to thrive.
To find out how the right support can help your business soar, get in touch with our team today.
