Member Article

Unlocking the wisdom of mentors could transform UK business performance, report finds

There is a ‘pent-up’ demand for mentoring in the small business community as the UK heads into the most challenging macroeconomic environment for decades, a major new report has found.

The nation’s appetite for mentoring is on the rise, with 82 per cent of firms saying they are now interested in being mentored, according to Mentoring Matters1, commissioned by small business support platform Enterprise Nation, business support provider, Newable, and the Association of Business Mentors, and conducted by policy research firm PolicyDepartment.

The report, launched on National Mentoring Day, found that this growing appetite is reflected by a broader move towards mentoring in the UK’s business advice culture. Two thirds (61%) of respondents said that mentoring’s reputation among their peers and business colleagues had increased, with younger founders seeing fewer barriers to being mentored than older entrepreneurs, suggesting there is also a growing role for mentoring to play in the future.

The benefits of mentoring are obvious to most people who have had a mentoring relationship, with 66 per cent of businesses that had received mentoring saying it had helped them survive and three quarters (76%) saying it had been key to business growth.

But the report also found too many leaders amongst the country’s 5.5 million small and medium-sized businesses are yet to take part in mentoring, despite a willing army of potential mentors waiting in the wings.

Emma Jones, CBE, founder of Enterprise Nation, said: “The value of the experience and wisdom that mentors can bring has never been greater as we head into more challenging economic times. With a willing army of mentors waiting to be mobilised, we must break down the barriers to ensure entrepreneurs can access this group to navigate the tough times ahead.

“This report establishes the true power of mentoring on business performance and growth and tells us about the increasingly important role that having a weekly or monthly call with someone who has ‘been there and done it’ could play now and in the future.”

Chris Manson, CEO of Newable, said: “Helping small businesses to grow is at the core of Newable’s mission. The Help to Grow: Management is a winning combination to encourage experienced mentors to volunteer their valuable time and expertise to support the growth of ambitious SMEs at all stages of business growth.”

Chelsey Baker, founder of National Mentoring Day, said: “Mentoring is an invaluable source of inspiration and support to help businesses prosper in these challenging times. We need more mentors to keep up with the demand and we hope this report being launched on National Mentoring Day will encourage more mentors to come forward to support UK businesses.”

The modern mentoring experience is overwhelmingly meritocratic, the report found. Only small minorities of respondents saw characteristics like age, gender and location as important. By contrast, life experience and relevant knowledge of business and sector issues were the top-three attributes that mentees look for in a potential mentor (chosen by 61%, 58% and 43% respectively).

The enthusiasm of potential mentees was matched by a willingness to support other businesses. The report found 83 per cent of those polled were interested in becoming a mentor. Converting the potential mentoring relationships into real ones could lead to 118,000 new business mentors and 284,000 more businesses getting support, the report said.

Younger entrepreneurs see fewer barriers to being mentored with only 38 per cent of respondents under 40 saying cost is a barrier to seeking a mentor, compared to 58 per cent of the over 40s.

Of ethnic minority respondents, just 39% saw cost as a barrier, and 36% said it was a lack of time that stopped them seeking a mentor. The same figures for white British respondents were 57% and 54% respectively. Another 38% of ethnic minority respondents said that a perception of mentoring not being relevant to their business is a barrier, compared to 48% of white British respondents, suggesting firms founded by minorities are more open to this kind of support.

Visit the Enterprise Nation website to read the full report.

This was posted in Bdaily's Members' News section by Business News .