Five Ways a Mentor Can Benefit Your Business

Posted on: 22 , August 2019

Business owners can raise their game and create growth by signing up to Boost’s Growth Mentoring support programme. Boost mentors cover a broad range of disciplines, industries and skills as well as offering expertise on their niche services.

With more than 300 experienced Boost mentors to choose from, we can match you with the ideal mentor ready to support you – and the support is fully funded for eligible businesses.

The benefits for business owners include:

Get added expertise

No-one is an expert at everything, but running a successful business requires broad-based skills. By working with a mentor who has the skills and experience that you don’t, you can tap into their expertise.

Teresa Jennings, CEO of n-compass northwest was looking for support. After an initial discussion about Teresa’s needs, challenges and goals, Boost introduced Teresa to a growth mentor with extensive knowledge of the Not-For-Profit sector, as the best person to support n-compass northwest.

Her mentor helped Teresa to formulate a growth strategy for the period 2017-2020 that she could take to the board for discussion and sign-off.

As a result, a strategy was adopted that was robust, appropriate and well-considered. The plan set out how the organisation would prepare for and create growth between 2017-2020 without jeopardising the quality of existing contract delivery.

Focus on what’s important

Unlike an employee, a mentor doesn’t have competing priorities in your business. Their sole focus is helping you succeed by enabling you to work on – rather than in – the business. Mentoring helps create a culture of constant reviewing and improving – a hallmark of the world’s most successful companies.

When Glenn Stock from Unique Clean, Hire & Facilities attended his initial meeting through Boost, it was identified that his business was growing very rapidly. He needed professional mentoring support to streamline internal processes and prepare a strategic plan to ensure the growth was sustainable.

Glenn was so busy doing everything, he had little time to actually work on the business. Through careful mentoring he was encouraged to spread responsibility across his team, allowing him more time to take stock and think about the growth of the business in a more strategic way, and to also free up time for other important things in life, like family and friends.

Benefit of experience

When it comes to making key decisions that will affect the strategy of the business, having the guidance from an experienced mentor gives business leaders greater confidence to make those important decisions.

Suzie Brooks, who operates an accounting and business advisory firm, contacted Boost to seek help to devise a pricing and marketing strategy and look at brand development for her growing business.

Guided by her mentor, Suzie rebranded her business to Brooks, dropping the word ‘accountants’ in order to reach more businesses. She was also encouraged to review her pricing structure and professional fees.

The changes she made to her businesses led to Suzie relocating to new offices, taking on five new members of staff and doubling turnover.

Outside the box thinking

Sometimes when your business is really taking off you may not be totally sure what that next move should be. A mentor can help you broaden your thinking and help you to differentiate your business from competitors. Mentoring support encourages you not to be afraid to look at something from a different angle or try something new.

REAX director Keith Parmley received mentoring support through Boost. The support enabled Keith to look at the business from an outside perspective, encouraging him to consider what customers and potential customers would be interested in.

It gave him a focus for the business and a targeted approach to marketing and sales, which has seen an increase in sales and interest from other sectors.

Support when you need it

A mentor isn’t there to tell you what to do. Running a business can be lonely and mentors act as a reliable, seasoned sounding-board to help you handle the challenges and opportunities facing your business.

Among the businesses to reap the rewards of Boost’s growth mentoring is pet and personal care products manufacturer Group55 Ltd, which increased turnover by more than 40% and created 12 new jobs after founder and owner Stephen Turner took part in the programme.

His mentor helped him to plan strategically, record the strategies and share his ambitions with the rest of his team. With support from his mentor, Stephen then created a company structure and presented it to the team, with a commitment to improve team communications and engender honest and open communication channels across the business.

In fact, Stephen got so much out of mentoring that he became a growth mentor himself.

Start your growth conversation today by calling 0800 488 0057 or visit our Growth Mentoring page.

To read the original article, please visit https://www.boostbusinesslancashire.co.uk/inspiration/five-ways-a-mentor-can-benefit-your-business/