What is business coaching / mentoring?
Similar in essence, however, coaching generally refers to more short-term programs with clear timed objectives, and mentoring is more of a long-term relationship of training & support.
When deciding to work with a business coach/mentor, just think of it like this: you’re paying for a consolidated version of their years of experience, learning, and expertise and someone to hold you accountable to ensure your growth.
Much has been said about the importance of business coaching/mentoring, with almost every successful entrepreneur using a coach/mentor at some point in their journey.
Too many people put off finding a coach/mentor, telling themselves that it’s not a priority or they will look at it when they have more revenue. The reality of it is that the long-term cost of not finding a good coach/mentor at the beginning of your journey far outweigh any short-term costs.
Coaches/mentors can help you to become the best possible version of yourself in business, keep you motivated and guide you through difficult patches when you’re struggling to make decisions or lacking the experience to know which direction to take your company in.
Research shows that 70% of mentored small businesses survive past the five-year mark — nearly twice the rate of non-mentored businesses.
71% of Fortune 500 companies have mentoring programs. Why? Because investing in leadership capability pays off in performance, productivity and innovation.
For CEO’s in formal mentoring programs (Harvard Business Review 2015):
84% said mentors had helped them avoid costly mistakes.
84% became proficient in their roles faster.
69% said they were making better decisions.
Research also shows:
Participants are 40% more likely to achieve their goals if they write them down. This increases to 70% if the goals are shared with someone to keep them accountable, such as a mentor.