Why mentoring does more for your business than you think

The internet is awash with help and advice for business owners. With all this information at your fingertips, is it worth having a dedicated mentor? The short answer is yes, without a doubt. Read more: Why mentoring does more for your business than you think

Why mentoring does more for your business than you think

The internet is awash with help and advice for business owners. With all this information at your fingertips, is it worth having a dedicated mentor? The short answer is yes, without a doubt.

For me, the ultimate Apprentice prize was the opportunity to receive the 1-2-1 guidance and mentorship from Lord Sugar and his wealth of experience that came with it. Working in the same office as him for the first years of my company taught me so many invaluable lessons that couldn’t simply be gleaned from reading a book.

In the business world, the power of a good mentor is a known fact, and the statistics back this up. CNBC reported that 91% of workers with a mentor are satisfied in their jobs, while SCORE found that 30% of entrepreneurs reported increased growth in their business after just one interaction with a mentor, rising to 43% with five or more interactions.

With the likes of Bill Gates receiving mentorship from Warren Buffet, or Mark Zuckerberg from Steve Jobs, it’s clear to see a direct link between solid mentoring and high performance in the corporate world.

Business growth

When you consider the average lifespan of a new startup is just 20 months, according to Saleforce statistics, having a good mentor can be the difference between your business making it or not.

Inc.com reported that 70% of mentored small businesses survived more than 5 years, which is staggering when you consider that it’s almost double the rate compared with non-mentored businesses over the same time period. A good mentor can anticipate the common downfalls of new businesses and offer precious guidance on how best to navigate them, so it’s unsurprising that 88% of businesses owners have said that having a mentor was invaluable to them.

Mentors that have successfully scaled their own businesses can help you drive growth in a similar way, as they can readily identify any adjustments that need to be made to ensure a positive impact on the bottom line, without affecting your product or service delivery.

Experience and networking

Experience truly is the greatest teacher and working with a seasoned mentor gives you the opportunity to learn lessons not just through what they say, but how they act in business.

It’s difficult to not be inspired by the achievements of a good coach or mentor, and this can be a strong motivator for achieving your own goals in business.

A mentor can also help with opening doors that might otherwise be shut to you. Their time in business will usually come with a much greater circle of influence and a long list of contacts that a mentee will benefit from. They may not have all the answers, but will most likely be able to connect you with relevant and mutually beneficial contacts, service providers and investors, that will assist in expanding your own circle of influence.

Challenge your perceptions

Let’s face it, your business is your baby. It’s easy to become attached to a particular strategy or way of doing things, and risk stagnation due to tunnel vision. A mentor is like a drone, they can hover above your business without being entrenched in it, offering clarity and insight in places you might otherwise overlook.

Having that objective perspective allows mentors to more readily recognise problems and opportunities, whilst also identifying weaknesses. On the flip side, it also keeps you accountable, as they can challenge you on why you’re spending your time in a particular way or on areas of the business that are struggling because of a certain line of approach you’ve decided to take.

A sounding board

Running your own business, especially during these recent unprecedented times can be a lonely and isolating experience. It’s no secret that business is tough, but having a mentor with similar experiences is invaluable in reassuring and navigating you through the tougher periods

Most importantly, they can act as a sounding board that won’t just tell you what you want to hear, but will actually provide you with useful, experience-tested feedback. They also force you to articulate problems and ideas in a clear and concise way, stopping you from getting bogged down in the irrelevant detail during times of elevated stress.

Business EQ

We don’t often link business with emotion, but having a high emotional intelligence is directly correlated with high performance. Being aware of your own strengths and weaknesses, developing productive working relationships, and how you act under pressure are all key skills in business.

A good mentor can give you direct feedback on how you come across through your words and actions. This guidance is invaluable in enabling you to effectively coach your leadership team and in collaborating and delivering constructive feedback to your employees on an individual or group basis.

Conclusion

Put simply, having a solid mentorship is a no-brainer. No one is expected to know it all when it comes to business but having the right guidance and support from an experienced mentor doesn’t just help you on your business journey, it helps you to put your business first so it can flourish and grow.

Read more:
Why mentoring does more for your business than you think

Source : Business Matters More   

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Government rules out extending list of workers exempt from self-isolation

Ministers have ruled out extending the list of workers who are exempt from self-isolation rules and warned that the August 16 date for lifting quarantine for double-vaccinated people could be delayed. Read more: Government rules out extending list of workers exempt from self-isolation

Government rules out extending list of workers exempt from self-isolation

Ministers have ruled out extending the list of workers who are exempt from self-isolation rules and warned that the August 16 date for lifting quarantine for double-vaccinated people could be delayed.

George Eustice, the environment secretary, said he recognised the “stress” that staff shortages were causing for businesses after a record 618,903 people were pinged by the NHS Covid-19 tracing app last week.

However, he defended the government’s decision to limit the lifting of self-isolation requirements to food supply workers, saying ministers were keeping “a very close eye” on the number of hospital admissions.

He also suggested that the government could delay the August 16th date when all self-isolation rules are lifted for double-vaccinated people, saying the government had only announced the date to give people “some kind of indication” of when rules might change. He warned that the date could still move “in either direction”.

Supermarket depot workers and food suppliers will no longer have to self-isolate for ten days if they come into contact with a positive case and will be able to take daily tests instead. The government has also published a list of 16 industries where businesses can apply for an exemption from self-isolation if a worker is pinged by the app.

However, businesses have said the relaxation of measures do not go far enough and have called for the August 16 deadline to be brought forward.

Rail workers warned commuters to expect line closures next week because of staff shortages. Port operators said they were baffled why they had not been included in the same category as supermarket depot workers and food manufacturers.

Tim Morris, chief executive of the UK Major Ports Group, said: “Employers now need to go through a laborious process of producing, agreeing and receiving official letters of approval from the government of named individuals. However, it seems that thousands of supermarket staff get waved through without any such process. We simply don’t understand why it’s one rule for one sector and another for the critical pinch points in the economy.”

Eustice was asked this morning if the exemption list would be expanded to include workers from other sectors beside the food supply industry.

He told Sky News: “The reason we’ve made a special exception for food is for very obvious reasons — we need to make sure that we maintain our food supply.”

“When it comes to other sectors, yes, of course the fact that they are also carrying high absence levels is causing some stress for them and making it more difficult.”

“You also have to bear in mind why we’re doing this and we are trying to still just dampen the pace and the velocity at which this infection is spreading because we have to keep a very close eye on those hospitalisations.”

The minister was also asked why the government had announced a firm date of August 16 for lifting self-isolation rules rather than ease measures closer to the time on the basis of infection data.

He said: “I think people want to have a clear idea of where they stand. The reason we have set that date — of course, things could always change in either direction — but the reason we set these dates is to give people some kind of indication of what they can expect.”

Within the food supply industry, there was still confusion this morning about what workers would be exempt.

Richard Harrow, chief executive of the British Frozen Food Federation, said the exemption list was “worse than useless”.

Nick Allen, chief executive of the British Meat Processing Association, said: “We’ve been told there will be more detail coming out on Monday, which I think is disappointing. We’re delighted that the government has recognised there was a problem bordering on a crisis and something needed to be done but there needs to be recognition this is a 24/7 supply chain, and you can’t wait to Monday to understand who’s going to get this and how it’s going to work — I’ve been inundated with questions from members about how it’s going to work that I just can’t answer at the moment.”

Supermarket staff and suppliers will be exempt from quarantine if they have been fully vaccinated.

Workers in 2,000 warehouses and supermarket distribution centres who are identified as contacts of people with covid will be allowed to take daily tests at work instead of self-isolating.

It represents a significant retreat by the government after Boris Johnson said only a “very small” number of people would be allowed to use testing to avoid quarantine. Up to 10,000 staff are expected to qualify for the scheme.

John Foster, CBI Director of Policy, said: “The exemption list will help some of our critical sectors to keep moving but it will rapidly become significantly challenged. First, the idea of potentially thousands of businesses emailing Whitehall officials to request approval for individuals to go to work is undeliverable let alone undesirable. Second, the list is slim, missing out many businesses in the supply chains that will be crucial to the running of these key industries so will need to be significantly expanded within days.

“We welcomed the Government’s strategy to open the economy and support a new approach to living with the virus and noted they believed now was the right time to make headway on that strategy before the Winter.

“If we want the economy to stay open, we need a confident but balanced plan. We should bring forward the date from 16 August when those who have been double-jabbed no longer need to self-isolate if they test negative once contacted. We also need a test & release scheme for those who have not been double jabbed. And we should use testing and Covid safety measures to promote a culture of safety and mutuality in workplaces, shops, hospitality and public transport.

“We need mass testing – not mass self-isolation – to tackle staff shortages. That’s why the government should be applauded for moving to a test and release scheme for the food industry to help relieve staff shortages. This is exactly the kind of agile response that firms need to build confidence in the reopening. If the Daily Contact Testing scheme is deemed as a good, safe solution by the government, the next step must be to scale this up at pace. This scheme illustrates what it is to live with the virus.

“More broadly, it’s critical to have the right balanced plan not just for the next few weeks but also for the next 12 months as we consider how a well vaccinated population deal with difficult evolutions of the pandemic.”

Read more:
Government rules out extending list of workers exempt from self-isolation

Source : Business Matters More   

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