Mentors offer budding entrepreneurs best hope of success, Aldermore study finds

When business leaders providing a mentoring scheme were polled by the bank, 51 percent said their staff were more engaged, 41 percent cited an increase in productivity, and over a third suggested employees had a greater work ethic as a result. However the research in the Future Attitudes’s study also found almost three quarters of smaller firms still don’t offer these programmes, despite the countless positive outcomes. Business leaders aged 18-34 appeared far more likely to provide mentoring schemes than the over 55s, indicating mentoring is recognised and valued by younger people as bringing positive benefits.

Those who don’t have access to one at work take inspiration fro celebrities, athletes and entrepreneurs. Michelle Obama came out top among female mentors and Richard Branson the most popular male for UK SME owners. 

 “Mentoring programmes can be highly beneficial for SMEs given their positive impact on business culture,” says Tim Boag, Aldermore’s group managing director for business finance.

“Businesses like Aldermore which introduce mentoring programmes are rewarded with high levels of employee engagement, retention and knowledge sharing. Companies should take time out to explore the mentoring options available and take advantage of any funding that will help them introduce the support into their workplace.”

Mentoring played an important part in British motor racing driver Jamie Chadwick’s success. The sportswoman who is sponsored by Aldermore, explains: “I’ve been fortunate enough to have my very own mentor, fellow racing driver Rupert Svendsen-Cook. He has shared his own experiences which help me form clear goals of what I want to achieve, and how I go about doing it. 

“Knowing that he has tackled the same challenges that I’m facing now is a huge comfort; he leads by example, is always ready and willing to give me advice and I know I can always depend on him.  This is something that everyone should have access to in their careers.”

www.aldermore.co.uk