Mentoring – Is it a waste of time?

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The Importance of Mentoring In Any Business

Mentoring is important to prevent your business becoming a yoyoMentoring can be a key component to achieving business growth, yet this vital step is often overlooked by busy entrepreneurs. Yes, you need to spend time focusing on business, but has your time been so taken up that you’ve forgotten to pay attention to the personal development of your employees? The fact is, investing some time on mentoring and the personal development of your staff may just be the key to unlocking the explosive business growth you are looking for.

Or you can choose to have your business running like a yoyo as depicted by this acronym.

Here are five reasons that mentoring and personal development are important for any business;

1.     Morale

To achieve business growth you need the engagement of your team so that the business runs efficiently and smoothly. Taking the time to show that you are interested in the development of your team members can be a great morale boost as people feel valued and that they are gaining something valuable. A good way to show you care for your team members is to sit down with them and find out what their development goals are. This way you can mentor those with aspirations within your company toward the role they would like. A workplace with good morale tends to foster highly motivated team members who want to contribute to the company’s success.

2.     Collaboration

Growing your talent pool begins with understanding where each individual would like to go. Once you have ascertained this, your team members become your collaborators. They will actively want to help the company to achieve its goals as you help them to achieve theirs.

3.     Growth of Skills

When personal development is a priority, employees naturally gain more hard and soft skills to help them do the job. Growth of skills amongst team members means an increase in the skills and abilities of you as a company.  For example, this can greatly improve the customer experience which, in turn, leads to business growth. Have you ever gone to a bank to do something only to have to wait for the one person there that is able to do it? Imagine that experience again if all of the frontline staff were trained to deal with that transaction. The same can be applied in any part of your business: if only a handful of staff can make widgets then you are limited by how many those few people are able to make in a time period.

4.     Employee Empowerment

Many of the best ideas in a business can come from the frontline employees who know their area very well. Taking the time to grow your people and encourage the sharing of ideas just may produce some of the best innovations in your business. When team members feel empowered to share ideas, they will often look for ways to make improvements. The secret to business growth may already be in the hands of your team members!

5.     Accountability

Have you ever had the thought that certain employees should be working harder? Or that something should be getting done that isn’t? A surprising number of business owners have thoughts like this yet, according to Forbes magazine, when they were asked what exactly it was they wanted from employees, the business owners couldn’t answer the question.  You need to spend the time talking with and developing your employees if you don’t want to end up with a gap in understanding. Mentoring and personal development activities can ensure that you are on the same page so that it is easy to hold people accountable to your standards. It’s difficult for your team members to perform to your expectations if they don’t know what those are!

So, if you want to achieve business growth, take the time to make mentoring and personal development a part of the culture of your company. Give your team plenty of opportunities to do well and you should see positive results for your business.

If you would like to learn more about mentoring and how to become a leader of your business, learn more from our Business Rescue Membership Community

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About Trevi Lim

Trevi Lim is a businessman, pharmacist, coach, mentor, entrepreneur, philanthropist, author and speaker. He went from working over 80 hours a week as an employee to now multi-business owner in less than 7 years. As founder and CEO of BusinessRescue, he specialises in helping turning businesses around and grow businesses to the next level. He is a passionate mentor and teacher who wants to show people how to achieve financial freedom through their business.

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