A statistic given by the Federation of Small Businesses states 70% of small business founders who have mentoring support survive for at least five years, compared to only 35% of those who don’t. The podcast begins with a discussion of how that reflects Craig and Ian’s own experience. They then discuss the benefits of mentoring for businesses at every stage, how the mentoring relationship develops, and the culture of mentoring in Scotland.
Both agreed there is a general lack of understanding about when to ask for help, especially for family businesses, and perhaps there is a demand for greater education on the whole topic of mentoring.
While the definition of mentor is hard to pinpoint there is an agreement that grey hairs of experience, and connections are most valuable in a mentor.
The benefits of a mentor at numerous stages of business development, and for a variety of purposes, are a large part of the discussion. The content of this podcast is food for thought for businesses at any stage.
While we aim to help you avoid the need for our services we are always happy to speak to those who have any concerns about the finance of your business. Please do get in touch if you have any questions at all.
You can listen to Outstanding Finance Podcast No. 7 here:
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Businesses at any stage can find a mentor through the Scottish Chambers of Commerce mentoring network which you can find out more about here.
To learn more about WRI Associates and how Ian Wright and his team can help you, even if you’re just looking for advice, please get in touch. You can contact us through our website or by calling us on: 0141 285 0910.
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