Business Mentoring

"Every successful person needs a coach" Eric Schmidt

Business Mentoring can support an entrepreneur in the development of their business through the transfer of knowledge and know-how that an experienced mentor can provide. Perhaps the greatest benefit of a mentor is being able to learn from other people's mistakes; a mentor can warn of pitfalls as yet unforeseen by the entrepreneur, saving the time and the pain of having to make those mistakes in order to know they exist.

A Business mentor will provide support guidance and advice that can improve planning, performance and productivity, both of the entrepreneur and of the business. The Business mentor can act as a sounding board for the entrepreneur, providing guidance in making key decisions and improving the confidence of the entrepreneur in the process.

A mentor plays a varied role in helping an individual develop, build and establish a business. Not only will the mentor guide and advise as the business relationship grows, but they will also become a trusted friend and confidante.

It is globally accepted that having one-to-one time with a teacher is the fastest way of learning. Research from Harvard has shown that a person who can access and appropriately use a good mentor, makes an earlier success of their career, does this consistently and earns more in the process.

An independent study of Northern Ireland's Bridge mentoring programme found a number of benefits for small and medium sized enterprises directly attributable to the scheme, including:

  • Increased sales turnover of 3.3 per cent

  • Increased after-tax profits of 17.9 per cent

  • Increased employment of 6.1 per cent

The report shows that there are also a series of "soft" benefits such as increased confidence for entrepreneurs, better staff management and internal processes, and broader networking, which can improve business performance in the longer term.

Engagement with a Business Mentor can provide relief from the isolation experienced by new entrepreneurs by providing regular, friendly and supportive contact from someone who has travelled their path before.

A business mentor also provides the following advantages:

  • A confidante with whom you can be completely open and honest and know that your discussions remain confidential.

  • An advisor who comes to you with significant experience that can offer new perspectives.

  • A sounding board for your ideas and opinions.

  •  A motivator that will not only give you feedback but will ensure that you are focused and challenged to do what is needed.

  •  A Business mentor plays an important role in minimizing or eliminating the mistakes that are common in the early stage of business development.

  •  A Business mentor can help in designing strategies and executing your business plan.

  •  A Business mentor will provide ideas, insights about how to market a particular product and will clearly help you to achieve your long term

  •  A Business mentor can save money, by suggesting you where to invest, what time to invest, when to do execute a strategy and how to do it professionally.

  •  A Business mentor can advise on organisation structure and contract agreements.

  •  A Business mentor can help in developing more business contacts, advise on business networking to help improve client development in a shorter period of time

AOD Consultants mentor and coach business owners and managers to support them in achieving their goals. Contact us for more information on how we can support you.



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