10 Benefits of Mentoring for a Scale Up Business

10 Benefits of Mentoring for a Scale Up Business

When I was starting out in the business world, over 35 years ago, there were many decisions and methodologies I wish I didn’t have to learn through trial and error. There are various scenarios early in my career when I wish I’d had some senior-level guidance to make better decisions that impacted my businesses more immediately and positively.

Luckily, I eventually found the right, experienced mentors, who helped alleviate some of the pain experienced early on. Not surprisingly, some of the most successful entrepreneurs, including Sir Richard Branson, credit much of their initial success to mentors who guided their decisions.

Throughout my career, I’ve set up 6 different businesses, in diverse industries such as digital marketing, management consultancy, corporate finance, sporting goods, agricultural chemicals and pharmaceutical trading.

I appreciate the challenges that an entrepreneur faces and with my collective expertise I’m now in the position to help advise entrepreneurs on digital, marketing, strategy, funding, and exit strategies.

I am proud to be highly listed in the UK Entrepreneurs Top 100 List led by Richard Branson

You’re an entrepreneur – hardworking, productive, social and focusing on the win – plus you’re always connected. Although you accomplish more by lunchtime than most people do all day, you’re still stretched too thin.

I understand because I’ve been there. I want you to feel confident that when you go out for a run, the wheels of your operation are still spinning and you are continuing to move one step closer to achieving your goals.

What’s important to understand is that as a mentor I’m not trying to replicate my experience, rather help mentees forge their own pathways to success.

I’ve worked as a mentor with scale ups through Microsoft Ventures Accelerator and also HRH Prince Andrew’s Pitch@Palace and my goal is always to inspire entrepreneurs to build the business that they’ve envisioned while being able to focus on what they’re passionate about.

I am an experienced mentor working with entrepreneurs across the country

Letting a mentor take care of guiding a scale up business on investments, strategy, marketing and anything else that comes up, is worth participating in for the success of your business.

I don’t believe scale up companies and their leaders should struggle like I did at the beginning of my career; I’m here to offer expert advice to round out the drive and passion entrepreneurs already have inherently. Of course, there are arguments for and against the necessity of a mentor, but why go it alone?

Facebook’s Mark Zuckerberg was mentored by Steve Jobs and Eric Schmidt mentored Larry Page and Sergey Brin of Google. According to a 2013 executive research survey, 80% of CEOs have received some form of mentorship.

There are countless reasons why having a business mentor is important, but the top 10, in my opinion, are:

  1. Saving Time

    Time is money and making better business decisions the first time around will increase success rates and help you reach your goals faster.

  2. Saving Money

    By avoiding costly missteps, you’ll be financially ahead of your competition.

  3. Shortening the Learning Curve

    With a dedicated, experienced mentor, you’ll be exposed to a good decision-making process, leaving less room for trial and error and building confidence in your ability to make decisions quickly. Allowing a mentor share some of the burdens of worrying about your business decisions while giving you sound advice to continue moving forward is a smart move.

  4. Network Goldmine

    Mentors are well-connected and can make introductions to the right people to help you achieve your objectives. Since your mentor is invested in your success, you’ll be able to tap into their network easily.

  5. Strategy

    The overall business strategy is critical to the success of a scale up business; mentors look to add value with a top down approach.

  6. Marketing

    Promoting your business to grow your market share is a necessary evil, especially leveraging digital marketing strategies and tactics to drive business. An experienced mentor can help steer you in the right direction to reach your target audience and maximise your marketing spend.

  7. Financial Acumen

    Overseeing accounts, assessing risks and managing cashflow are all acquired skills. Working with a mentor takes the guesswork out of how to effectively run the financial operations within a scale up.

  8. Gaining Experience

    You can only read so much and not everything is public knowledge. Partnering with a mentor will allow you to obtain experiential knowledge that you wouldn’t otherwise have access to.

  9. Emotional Intelligence

    A mentor can also help the entrepreneur of a scale up to improve emotional intelligence quicker and more effectively, avoiding the dangers of mixing emotions with critical business decisions.

  10. Exit Strategy

    Having a seasoned business mentor can help you determine the best time to begin planning for the future – and your exit. Entrepreneurs who ramp up a successful scale up are often ready after a few years or a few million pounds in revenue to move on to their next project. You’ll also want to plan how to sell while your company is in a good place financially, not a bad, one when targeting buyers.

Employing a mentor is a smart move for a savvy scale up business. I’ve experienced the highs and lows of running a business, can help you avoid pitfalls and be the voice of reason when facing tough decisions, which will occur often when running a scale up company.

If you want to chat about how I may be able to help you drop me an email at john@stockwoodventures.co.uk to arrange a call.