What are the benefits of mentoring?

Small businesses make up nearly 99% of UK business and are at the heart of the UK economy. Our research shows that businesses that use external support are twice as likely to survive and succeed than businesses that don’t. Ensuring small businesses have somewhere and someone to turn to for valued and trusted support is something we’re passionate about and why we continue to promote and signpost to mentoring support.

Mentoring can mean different things to different people, however, when we talk about mentoring we’re describing a relationship in which a person is supported through a learning or developmental journey. It’s about reflecting, encouraging and supporting the new or existing business owner to make the most of themselves and their business.

Mentoring is about mutual trust and respect. It’s a two way relationship in which both mentor and mentee get the chance to learn new things and develop. Every mentoring relationship is different; but all mentoring relationships present the opportunity for both mentor and mentee to learn from each other. The benefits of mentoring for the mentee have been well documented within our research, it provides impartial advice and support, boosts self confidence, encourages self reflection and, most importantly, increases business success rate.

Our research demonstrates that mentors also benefit greatly from the experience, with over 90% of mentors stating they learnt something new from their mentee that helped them within in their own business it’s clear that mentoring isn’t altruistic. Mentors also claim mentoring enabled self reflection and widened their networks.

For the Mentee:

  • Provides impartial advice and encouragement
  • Develops a supportive relationship
  • Assists with problem solving
  • Improves self-confidence
  • Offers professional development
  • Encourages reflection on practice

For the Mentor:

  • Opportunity to reflect on own practice
  • Enhances job satisfaction
  • Develops professional relationships
  • Enhances peer recognition
  • It uses your experience, making it available to a new person
  • It widens your understanding of the organisation and the way it works
  • It enables you to practice interpersonal skills
  • It provides personal satisfaction through supporting the development of others

You can become a mentor as an IOEE Member here — with the option to take our free Mentoring Essentials course or our Professional Award in Enterprise Mentoring. If you are looking for a mentor search via our organic Mentor Directory within the IOEE Campus. Available to members only.