Business leaders and managers sometimes ask ‘what is the value of a mentor?’ As it’s National Mentoring Day this week we thought we would tackle this questions and explain not only what mentoring is but also how it can transform performance.
What is mentoring?
The word Mentor originated as the name of a character in Homer’s Odyssey and is now used more generally to refer to a trusted advisor, friend, teacher and wise person.
To help distinguish between mentoring and coaching we would say that a mentor has insightful answers for your questions whereas a coach has insightful questions for your answers.
When mentoring takes place in a business context, the mentor will work closely with the client to help meet their business objectives, largely through advice and guidance, based on the mentor’s experience, expertise and insights. Sessions are confidential and are structured around businesses-specific needs but will often focus on exploring the opportunities and challenges that are currently being faced as well as on longer term strategies.
How can mentoring make a difference?Business mentoring can help transform performance, improve profitability, sustainability and the viability of a business. Harvard Business Review surveyed 45 CEOs who were receiving business mentoring, and 71% said they were certain that company performance had improved as a result. 69% said they were making better decisions and 75% reported increased capability to fulfill stakeholder expectations.
With the experience, advice and guidance of an expert, business leaders can be supported to transform business and staff performance. Mentors can provide a different perspective and unlock insights into business operations and culture by offering leaders and senior managers access to a different knowledge base.
With the help of business mentoring, firms can become more ambitious and achieve higher turnover, in fact, 94% of small to medium enterprise using external support found it beneficial according to research undertaken by the UK’s Department for Business, Innovation and Skills.
How can Catalyst help?
At Catalyst, we help business leaders and senior managers across the UK to develop business strengths through mentoring, coaching and group facilitation. We help leaders to collaborate and communicate with integrity, to unlock insight through innovation and to improve business performance. We also offer consulting support tailored to your needs and objectives.
We combine business experience with a range of techniques to deliver tangible results. That’s why 100% of our customers would recommend us to others. Take a look at some of our results. If you’d like to talk to us about helping you or your managers to become top-performing, please get in touch.