- New report from the Association of Business Mentors finds that 65% of business leaders felt that the mentoring they had received helped them directly boost their revenues, and 64% said the same of their profits.
- 7 out of 10 business leaders also said working with a professional business mentor had led to an improvement in their mental health and confidence.
- Though a quarter of business leaders said that they had found it harder than expected to find a business mentor.
November 26, 2024 07:01 PM Eastern Standard Time
LONDON–(BUSINESS WIRE)–Professional business mentoring is directly helping UK businesses increase revenues and profits as well as improve mental health and confidence of business leaders, new research from the Association of Business Mentors shows. Whilst business mentoring objectives vary from business owner to business owner and can range from increasing profit, turnover and job creation to a specific business issue such as HR and digital transformation, the research found that almost two-thirds of business leaders who had received mentoring said that it had aided them in growing revenues and profits.
The research, undertaken by a third-party research group who spoke to business leaders who had received professional business mentoring, as well as professional business mentors themselves, looked across the financial, cultural and wider workplace impact that professional business mentoring had provided to businesses.
Additional key findings from the report include:
- As well as increases in revenues and profits, 63% of business leaders also said that the mentoring they had received had allowed them to increase their headcount – suggesting mentoring can also have a powerful impact in job creation
- 72% of the business leaders felt that work they had undertaken with their mentor had directly improved their personal work-life balance, and the same number said the work had led to an improvement in their mental health and confidence.
- There are barriers to the benefits of mentoring being felt across the business ecosystem – 25% of business leaders said they found it harder than expected to find a mentor, suggesting that demand may be outstripping supply.
Georgina Waite, Chief Executive of the Association of Business Mentors, said:
“As this research shows, professional business mentoring is more than just guidance and support; it is a proven catalyst for growth, resilience, and wellbeing of UK businesses and their leaders. The benefits of mentoring are wide ranging, helping businesses to navigate and maximise the opportunities and overcome challenges of daily business life.
“Yet too many businesses still lack knowledge and access to this invaluable resource. By raising awareness and expanding access to experienced and qualified mentors, especially for SMEs, we can create meaningful change. Together, we can help more businesses thrive, strengthening not only individual businesses but the UK economy as a whole.”
Debbie Whitaker, Founder of Not Just Numbers, who has benefitted from professional business mentoring, said:
“I started my digital accounting business in 2011 and I honestly don’t think it would be where it is today without the support of my professional business mentor. My mentor Gary King has used his experience to help me navigate a range of issues from pricing to the overall positioning of the business. My turnover has grown substantially as a result over the years I have been working with him and I would encourage anyone starting out in business to seriously consider the benefits of working with a professional business mentor.”
Based on the research, the report also calls for public policy interventions to increase awareness of benefits of professional business mentoring for growth and wellbeing and expand access to qualified professional mentors. This includes the recommendation of the formation of a government and industry taskforce dedicated to identifying and implementing strategies that expand access to professional business mentoring.
Notes to editors
About the Association of Business Mentors
The Association of Business Mentors is the professional body for business mentoring.
It sets and promotes standards in business mentoring, ensuring that businesses have access to experienced and highly qualified mentors to support them through the highs and lows of daily business life.
The ABM supports its members through professional development and training, and also trains mentors across the wider business community.
About professional business mentoring
Professional business mentors are industry professionals who have significant business experience (either by running their own business or playing a significant senior role in a business). They have mentoring qualifications and/or are a member of a mentoring body. Their mentoring can be voluntary, subsidised or paid for. The Association of Business Mentors and its professional members have proudly supported numerous mentoring initiatives across the public and private sectors (paid for, subsidized and voluntary). For the purposes of this report, the focus is paid for mentoring, with these mentors running mentoring businesses and/or business support businesses that include mentoring as one of their services.
Professional mentors know how to start a mentoring relationship and keep business leaders focussed and accountable on their goals and objectives for the business. They know when to signpost business leaders in the right direction if issues arise outside of their remit and when to end the mentoring relationship. Professional mentors ensure their support aligns with the business owners’ vision while being adaptable to new challenges as they arise.
Contacts
Maisie Jenyon
maisie.jenyon@boldspace.com
Harleen Kaur
harleen.kaur@boldspace.com
source link – https://www.businesswire.com/news/home/20241126598488/en