Why business mentoring for SMBs matters
In today’s complex entrepreneurial environment, mentoring is more important than ever. However, while an overwhelming majority recognise that mentoring can help them to succeed, very few currently make use of business mentors. We call this the 'mentoring gap'.
If SMBs are to thrive, they need to look outside their business to get advice. Research from the UK’s National Enterprise Network has shown that 70 per cent of small businesses that receive mentoring survive for five years or more, which is double the rate compared with non-mentored entrepreneurs.
Mentoring can help businesses to make the right changes at the right times. It’s also an extremely effective way for people to develop new skills, navigate diverse company growth decisions and understand how to deal with people and problems.
Sage has launched Business Navigators, a campaign to encourage SMB mentoring and increase businesses' chances of success. By bringing together some of the finest minds in business mentoring, Sage aims to raise awareness of the importance of mentoring to business success and how to establish effective mentoring relationships.