Business mentorship has a staggering impact on business survival rate. While most startups don’t make it past the first two years, 70% of businesses with owner mentorship make it to at least five years. So how can mentorships cause such a dramatic shift in business survival rates?
Because typical business failures usually come down to a battle between the need to gain experience and immediately executing with high competence.
Enter a seasoned mentor, and you have access to a wealth of experience– so you can focus on the required actionables. The evidence speaks for itself, with over 80% of Fortune 500 companies using mentorship programs to streamline success.
So, what’s so powerful about mentorship? We’re glad you asked.
(Spoiler alert! It’s because there’s a clear connection between mentorship and profitability, longevity, and accelerated success.)
1. Smoothly Navigate Common Pitfalls
Every business is unique, but most encounter the same problems in endless iterations. Every business owner worries about managing their cash flow, staying relevant, and having a motivated, satisfied staff. And these common obstacles are consistently top reasons for businesses going under.
An experienced mentor can help you to identify problems before they become major obstacles. They often have tried-and-true solutions– and you can skip a lot of the blood, sweat, and tears it costs to gain them.
2. Expert Advice Tailored to You
Running a business requires active learning– and while you may spend a lot of time reading and listening to podcasts, it’s still impersonal advice. Mentors help you take great principles and help you apply them correctly in the best order.
For example, let’s say you’re struggling to develop the right culture with a growing employee base while balancing a precarious cash flow. Of course, both are critical issues, with an overwhelming amount of available advice.
But how can you concentrate your limited resources to eliminate the immediate fires?
A mentor can help you identify the breakdowns, isolate the most effective solutions, and maybe even help you implement them. Not only will this increase your productivity, but it will significantly cut down on your study time and boost your confidence in your choices.
3. Enter A Broader Network
As the adage says, “It’s not what you know, but who you know.” Businesses prioritizing fostering a thriving network will naturally come in contact with greater resources and opportunities than those relying on grit alone.
For example, a mentor can level the experience playing field. Industry titans you have little hope of interacting with are often the peers of seasoned mentors. So your mentor can put you on the radar, quickly converting a fruitless cold call into an invested interest in your success.
Mentors can also help you develop relationships with new suppliers or vendors, give you new ideas on sourcing needed help, and help establish you as a relevant industry member.
4. A Chance to See the Big Picture
There’s a term used for parents of young children that also applies to business owners in the startup or evolution stage– it’s called “the trench years.” This term acknowledges the struggle of young parents in a war zone of frantic multi-tasking, navigating unknown territory with high stakes, and very little sleep.
Sound familiar to the startup phase?
And just like parents of older children can offer smiling advice, mentors can help you look ahead to the calmer water of running an established company. They can explain their mistakes as a young business owner, empathize with your struggle and efforts, and connect methods and principles now to future results.
In short, a mentor can act as a lighthouse or beacon as you wade through the trench years of business ownership.
5. Confidence in a Long-Term Ally
Business owners often feel isolated and uniquely burdened to ensure company success. Even if you have a great team of talent behind you, the company (and your friends and family) place ultimate responsibility on you. And while being this kind of leader is a great privilege and honor, it can feel very stressful and lonely.
Business mentors know exactly how that pressure feels. And as an outsider without a stake in your business success, they can listen empathetically and have your back. Their advice won’t be tainted with self-interest or manipulation. And they can also help you see the other side.
Looking for Hands-On Business Support?
At Relavate, we’re passionate about helping business owners maximize their efforts and create the business performance they know they’re capable of. And while we aren’t typical mentors, we offer hands-on support and powerful, applicable tips and tools for business success.
So whether you’re looking for a mentor, are interested in hiring a business consultant, or want to stay informed about actionable business tips, start a conversation with us today!
Let’s get your business performing up to its potential!