Benefits of Business Mentoring

Alchemy Business Center

Business mentoring can have a positive effect on your business, whether you are just starting up or are already established.

You can develop important business skills, increase your confidence and build your network of business contacts.

What is business mentoring?

Business mentoring is a relationship between an entrepreneur and someone with business experience who is willing to act as a guide. The business mentor offers advice, guidance and support to help the entrepreneur run a business.

The business mentoring relationship
Business mentoring is a two-way relationship. It is not just an opportunity to pick the brain of a more experienced entrepreneur. Both parties must be committed to achieving certain goals.

Formal and informal mentoring

It's likely that your mentor will stay in regular contact with you through meetings, telephone calls and emails. The nature of the relationship may vary from being fairly casual - eg a monthly webinars, telephone calls or emails; to being more formal and structured - eg setting meeting agendas and business objectives.

Mentoring is a great way of getting business guidance and support on an ongoing basis.

Why business mentoring is important

If you have a gap in your knowledge or experience, then mentoring could work very well for you. For example, you may have a great idea for a business but need a bit of guidance to turn it into a successful venture.

A mentor can provide you with a number of benefits, such as:

· guidance on developing and improving your business 
· help with difficult decisions
· ideas for new products or services, or ways of working
· tips for your business that are gained from practical experience
· access to a network of contacts with other people

A business mentor can also help you to:

· develop key business skills
· improve your problem solving abilities
· build confidence
· work on your personal development

Face-to-face business mentoring

If you choose to get involved in face-to-face business mentoring, mentor and mentee need to agree on:

· the degree of involvement you want

· the level of structure you want

Degrees of involvement

You will need to agree on the degree of involvement that suits you both. Some mentors and mentees work extremely closely with each other, speaking or meeting most weeks or even most days. In most cases, however, a mentor will not have day-to-day involvement with the business. Instead, they'll provide help every few weeks or months which could take the form of phone calls, emails, meetings, etc.
Level of structure

You should also agree on a level of structure to suit you both. Mentoring can be a very formal and structured process with regular meetings which follow a specific agenda and set of goals. It can also be quite a casual arrangement, where the mentee calls on the mentor as and when problems or questions arise.
How online business mentoring works

Business mentors use online forums and webinars where they teach and share their knowledge, skills, and experience.