Business owners are widely ignoring the benefits of a personal business mentor.
Business owners are widely ignoring the benefits of a personal business mentor, research finds.
According to a survey conducted by accountants Moore and Smalley, more than two fifths (42 per cent) of those running owner-managed businesses have never used the services of a personal business mentor or coach.
Judith Dugale, corporate services director at Moore and Smalley, believes that business owners often ignore themselves when it comes to personal development.
She adds, ‘Business owners will use professional advisors for their own business but obviously don’t see the benefit of one-to-one mentoring.
‘When running a business, owners can use a business mentor to bounce ideas off, to point them in the right direction, to help focus on the most important issues, to be a confidential sounding board and to be able to work 'on', not just 'in' the business.’
Dugale says that the firm has seen many business owners gain crucial support and motivation in the most stressful and challenging times, helping them achieve their goals.
She adds that those businesses owners should look to make regular mentoring sessions a key part of their business improvement strategy. ‘Whether it’s paid-for mentoring advice, free advice provided by a business support organisation, employing a non-executive director, or even consulting a wise business head that gives up their time for free, having some form of mentoring can make a real impact to a business.’
Figures from the government’s Small Firms Enterprise Development Initiative suggest that 70 per cent of small businesses that receive mentoring survive for five years or more, which is double the rate compared with non-mentored entrepreneurs, and are 20 per cent more likely to experience growth.
See also: Advice on mentoring for SMEs