BUSINESSNEWS 70% of businesses that receive mentoring support survive for five years or more. (Source FSB) Double the rate of those without mentors.
WHAT CAN YOU DO TO DOUBLE YOUR CHANCES OF BUSINESS SUCCESS? If you’ve recently started a business, you may be interested to learn that, according to a government report in 2019, the number of small businesses in the UK has increased every year since the year 2000 and is expected to do the same throughout this decade, too. However, the same report also finds that fewer than half of UK start-up businesses make it beyond the five-year mark. Ouch! That’s not great news, is it? Here’s what you can do to beat the odds… It’s simple, get a business coach or mentor! According to The National Mentoring Day website, a mentor is defined as: Someone who provides support and helps the mentee to review their situation through a process of reflection, questions, signposting, challenge, advice and feedback.
Richard Branson is quoted as saying, “If you ask any successful businessperson, they will always have had a great mentor at some point along the road.” And it’s true! From Steve Jobs advising Mark Zuckerberg on the launch of Facebook, to Warren Buffett advising Bill Gates on growing Microsoft; the history of the business world is jam-packed with stories of successful mentoring partnerships. A recent survey by the UK’s Department for Business, Innovation and Skills, found that 94% of small businesses using external support (like mentors and coaches) have seen great benefits, particularly as these organisations are now more ambitious and have higher turnovers compared with those without mentors. The National Mentoring Day website identifies other advantages of using a mentor such as; access to resources, contacts, support, feedback and being given a fresh and/or a different perspective, as well as a newfound ability to resolve challenges. Mentees find that goals can often be achieved more quickly because an experienced mentor can help to identify new skills, inspire, motivate, and increase self-confidence, whilst providing accountability for the business owner. Running a business can be an isolating experience and we are here to help you.
Research shows that there is a strong link between businesses that survive and those that get mentorship and/or coaching support.
At RWC our coaches can wear mentor hats and vice versa. We are here to help businesses to grow, lead and adapt. Here are 7 ways in which we do this…
93% of small business owners say that mentoring helps them to succeed. (Source Sage.com)
At RWC we:
67% of businesses report an increase in productivity due to mentoring. (Source mentorsme.org)
RECOVERY OF COMMERCIAL RENT ARREARS
communicate clearly and listen attentively. For both coaching and mentoring, it is important to set expectations and provide feedback. demonstrate respect and trust.
For those rents which fall within the ringfenced period, a binding arbitration process has been introduced, allowing landlords and tenants to fully conclude the impasse on any outstanding rent arrears. Both landlords and tenants should consider obtaining advice on the changes to ensure that they understand the implications. For more information, readers can email Sam Pedley at mfg Solicitors through, samuel.pedley@mfgsolicitors.com, or by calling 01562 820181.
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make room for flexibility. Goals are important for both coaching and mentoring sessions. The coach or mentor and you, the business owner, will agree on a plan. People often worry that changing course is a sign of weakness. It is the opposite, as it demonstrates both maturity and confidence. are skilled in asking great questions. This will help you explore your options and help you to get a clearer way forward, simply by talking things through. offer you the opportunity to grow and develop yourself. There’s a fine line between business and personal coaching or mentoring and it’s almost impossible to grow your business without growing yourself. are trained in problem-solving. We are there to help you to work out what you really want and then help you create a clear roadmap to get there. We offer an impartial and encouraging ear to support you. We are completely nonbiased and totally impartial. are not there to set goals for you. We are not there to do the actions for you, and we are not there to tell you what to do. We will often draw on our own experiences to point you towards tools, frameworks and best practices which could help you. We can advise you, based on things that we recognise, from what we have seen work well with other businesses, too. A good business coach and mentor is about unlocking what you want and helping you to find a clear way of getting there. If this is of interest, do get in touch and we can have a chat about how we can work together; we’d love you to double your chances of business success.
KEEPING THE SKILLS ALIVE where I’m less capable and they shine.”
Commercial landlords and tenants should note significant changes in the enforcement of commercial rent arrears. As of 25 March, the blanket moratorium on enforcement or recovery methods such as forfeiture, Commercial Rent Arrears Recovery (CRAR) and winding up petitions, was replaced by the Commercial Rent (Coronavirus) Bill. This legislation carves out a ‘ringfenced period’ of rent debt which, if applicable, will continue to carry significant exemption from enforcement methods. Commercial tenants with arrears falling outside of this period will no longer enjoy statutory protection.
Coaches and mentors should encourage individuals to think freely. We believe that it is important to show that we trust you to be successful, so that you feel confident to take action and make progress.
The associates’ skills include project management, awards/nominations forms and tenders, paid for social media advertising and website amends and additions. The You Do Better PR Futures Programme aims to support the team’s talent bank to convert their ideas into reality. Chamber Member You Do Better are looking to the future when it comes to attracting and retaining their talented associates. Ruby Edwards, Owner, works with associates rather than employees, enabling her to manage peaks and projects as well as tap into specialist talent when needed. Ruby says: “Our associates are people who often work in larger PR Agencies and want to earn a little more as a side hustle. They add to their pockets and skills in addition to their main job and we attract and retain the experience and knowledge we need to support our clients. I work with the associates to undertake projects in which they excel,
New and existing associates within the team’s talent bank will be encouraged to gain their dream client by using their creative skills to formulate a campaign. Then, together, they’ll pitch it to the business. Ruby continues, “Whether we gain the work or not, we win. Not only do we gain time working together but also learn new skills, gain knowledge and experience of the creative and pitching process plus feedback from a dream client.” More about being part of the You Do Better Talent Bank of Associates and a chance to join the Futures Programme can be found on their website: www.youdobetter.co.uk
May/June 2022
