Mentor your way to a mighty business

Published: 11 Feb 2016

Working with a mentor could be the key to your business’ success this year. Here are a few ways a mentor can help boost your business.

Nearly half of the UK’s workforce will be looking for new jobs in 2016, with one in five workers actively job hunting, according to new research from business accreditation service, Investors in People.

These findings were published in a new report ‘Jobs Exodus Trends 2016’, which lists the top reasons why workers in the UK may look for a new career path in 2016 with 19% citing high workloads, lack of career progression (23%), and low salaries (27%) as the main factors.

Duncan Sinclair

In fact, a third of employees admit to being miserable at work – citing poor management (43%) and feeling undervalued (39%) as main reasons.

Given this shift in the employment landscape, businesses in particular will need to address these factors in order to prevent a potential mass exodus and wasting resources on various different recruitment drives.

One of the ways businesses can establish a more committed workforce and thus improve their own business functionality is to hire a business mentor.

Investors in People, a management framework which helps businesses reach their potential through their employees and optimise performance by equipping them with outcome driven tailor-made approaches, offers advisory and business mentoring services to 1,500 organisations across Scotland.

Organisations that demonstrate IIP standards achieve the accreditation through an honest and critical assessment to determine performance and success.

One small business, which has been reaping the benefits of IIP services, such as the Investors in Young People accreditation scheme, is Aberdeen Sports Village.   

Aberdeen Sports Village

Duncan Sinclair, chief executive of Aberdeen Sports Village, said: “Investors in People is an agenda for continuous improvement.

“Thanks to the advisory services offered by IIP, we have now built a competency framework around our employees to help guide them within the general organisational strategy.

“As an example, our company was encouraged and supported to introduce more varied and intuitive methods of communicating and engaging with colleagues across all sections of the business, and this approach has proved to be a particularly helpful tool across the board.

“IIP has made a huge impact on their business resulting in more opportunities for members of staff and a stronger team mentality.”

If businesses want to take their business to the next level in 2016, connecting with an experienced mentor is perhaps the most important factor to give your business a boost this year.

The proof is all in the numbers. The success rate of mentored small businesses compared to those who lack that professional guidance is staggering.

According to a study conducted by UPS, only 35% of non-mentored new businesses survive five years of existence, whereas the number for firms who are mentored is an astonishing double, at 70%.  

Mentorships can have a significant impact on business functionality. Having a mentoring relationship is a great way to provide accountability to small business owners, by ensuring that many of the tasks that entrepreneurs struggle with are recorded and completed on time.

Mentors can also help small business owners see the weaknesses in their business plan. There is tremendous value in having a third party look at your business and providing another perspective. A mentor can help you cultivate a big-picture approach and see the potential gaps in your business model.

Lastly, a mentoring relationship allows for small business owners to expand their already existing network of contacts. Whilst a mentor may not have the final say on every piece of business advice, they most certainly will know the right people to tackle your business problem. A good mentor should help small businesses find investors and clients who provide a proper service.

Forward thinking small businesses know that having a mentor is crucial to whether they will succeed in the New Year. Not only does mentoring help
they stay ahead in the market but it will present their business to new opportunities in 2016.

 

 

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