This article goes into depth on how mentorship can help small businesses grow and become a more well-rounded company.

1. Mentorship:
The Best Method
to Accelerate
Small Business
Growth

2. Over the years, many studies have been conducted to help
entrepreneurs find the best methods in which to build their businesses
and accelerate growth. One of the most consistently successful methods
is mentorship.
This method is not only powerful but is an extremely effective strategy to
employ within a company to avoid failure, increase workplace
happiness, optimize recruitment, boost revenue, and attract investors to
name only a few.

3. Being fully present and committing to the lessons learned are essential in a
mentor-mentee relationship. Studies have shown that 30% of businesses
without mentorship fail in one year and 50% will fail in five years.
But how exactly can something as simple as mentorship help a business
thrive? 70% of mentored businesses thrive after five years or more.
Here are a few ways in which incorporating mentoring into a company can
help it succeed.

4. Identifying
Weaknesses

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When starting your business from
the ground up, it can become easy
to have tunnel vision and overlook
critical opportunities that could
take your business to the next
level.
A mentor can give an objective
opinion based entirely in fact.
Mentors should challenge the
established norm and seek better
ways for you to conduct your
business.
Remaining stagnant in an ever-
changing work environment can
be detrimental to your business
and strategy.

6. Expanding
Your Network

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To grow a business, investors need
to know your company exists and
has merits that are deemed safe to
invest their money in.
A mentor brings in a new network
of connections, such as
contractors, clients, industry
leaders, and investors, with them
and can introduce you and other
co-workers to highly useful
professionals.
The more business professionals
you have in your circle, the more
you can learn about a wide variety
of aspects that may affect your
business in the present or future.

8. Boosts
Recruitment
and Promotion
Prospects

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Companies that implement
mentorship into their culture
become much more desirable for
potential employees.
By giving employees the
opportunity to increase their skills
and potentially obtain a
promotion to a position that will
boost their careers, the company
can increase workplace happiness
and employee retention.
A recent study showed mentoring
increase pay raise prospects by
20% and promotions by five times
the standard rate. Mentors are also
more likely to receive promotions
as well.

10. Increased
Employee
Confidence
and Skillset

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Managers/leaders can learn new
skills and how to become a more
effective communicator.
Employees learn how to
communicate their needs and
ambitions and ultimately acquire
new skills that are essential to their
goals.
Ongoing education and
mentorship increase confidence,
skills, and performance levels
which can only have a positive
impact on a company’s growth,
especially in its formative years.

12. Increased
Revenue

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Due to the increased performance
levels, workplace happiness, and
newly enhanced skillsets of
employees, companies often
experience increased revenue as a
direct result of incorporating
mentorship into their culture.
Analyses have shown that, on
average, businesses increased their
annual revenue by 83% when using
mentorship hand-in-hand with
their business strategy as opposed
to 16% for those who did not.

14. Almost every startup and small business can massively benefit from
mentorship in some shape or form throughout their growth process.
Few companies succeed without this key tool, and as a result, more
companies are incorporating this method to increase their
competitiveness within their markets.
Whether your company chooses to utilize this method frequently or on a
yearly basis, the results and data clearly show your business will
positively benefit from mentorship.