The use of Business Mentoring by Small and Medium Sized Enterprises

1. The use of Business Mentoring by Small and Medium Sized Enterprises A Summary of Data and Policy Development 21 December 2011

2. Evidence has shown both the suitability and benefits of business mentoring… New and existing SMEs help drive economic growth by raising competition, stimulating innovation and were recently shown to make a disproportionate contribution to job creation Using external information, advice and guidance (for example, through a mentor) can have a major impact on improving business skills and, through this, improve business outcomes Mentoring is particularly suitable for engaging with entrepreneurs as it meets a common preference for learning to be informal, from experienced peers, and it can be tailored to the needs of their business Research and evaluations have shown that mentoring can have significant impacts including : Positive improvements in soft skills such as business confidence and aspiration which can lead to improved business performance, including increased sales, employees, turnover and profit Professional development of both parties, enhancing leadership and management skills and abilities of both mentor and mentee