Lancashire Support Spotlight: mentoring

January is National Mentoring Month, held annually to celebrate the impact that mentoring can have on business owners and professionals across the UK. A business mentor is an experienced professional who provides advice and support to entrepreneurs, owners and other staff who want to develop professionally.

Statistics from the Institute of Directors show 70% of small businesses that receive mentoring survive for five years or more, while having a mentor or business coach can raise teamwork by 67% and improve business relationships by 74%. Across the pond in the US, 98 per cent of Fortune 500 companies have their own mentoring programme.

There is a range of support programmes including mentoring currently available to Lancashire businesses through Boost, such as Help to Grow, Digital Boost and Be The Business’s Productivity Programme. You can see all the programmes available from our support partners to businesses in Lancashire on the Boost Support Directory here. 

Mentoring can also be informal and happen between friends, coworkers and business networks. So, to celebrate this year’s National Mentoring Month drawing to close, for this month’s Lancashire Support Spotlight we focused on five ways a business mentor can help Lancashire businesses grow.

1.     Access to experience that you don’t yet have

Mentoring is about providing advice by sharing the mentor’s business experience.

This might be experience of building a business, facing challenging situations or even more specific circumstances such as buying a competitor. Mentors may be previous business owners or directors with general knowledge of growing a company or could have specific skills, such as international markets or developing leadership teams.

For Lancashire business owners and leadership teams, speaking to someone who can share these experiences can give them confidence, while helping them anticipate and mitigate challenges. In addition, mentors can help business managers who are in the process of stepping into leadership role by providing external experience and an impartial voice.

2.     Improved decision-making

Business owners and leaders often have to make dozens of important decisions every day. Having somebody to bounce ideas off and offer reassurance on certain decisions can be a game-changer. Mentors have the experience and impartiality to challenge business where other staff feel they may not be able to, helping improve these decisions and unlock growth.

3.     Greater accountability

Many of the businesses who have used Boost speak about how it has enabled them to ‘work on the business, rather than in the business’. Getting away from the daily to-do list is the only way for business leaders and leadership teams to execute the ideas that drive real growth.

Whether working with a funded or private mentor, regular sessions mean setting goals, tracking progress and following through. This external accountability often becomes the catalyst that turns plans into measurable results.

4.     Stronger network and opportunities

Mentors often have their own strong network of business contacts and can open doors. They may be able to introduce their mentee to potential partners, customers, investors, or specialist support. Even when they don’t make direct introductions, mentors can help business leaders think more strategically about networking and positioning, increasing visibility and credibility as a business grows.

5.     Someone to listen

Many business leaders who use Boost say that leading a company can be lonely. Owners and leaders provide a wide range of advice and support to staff, but there is often nobody within the business to support the owner.

Having a mentor means that business leaders have someone to talk openly to, especially during challenging times, who has often been there and lived through similar experiences.

Three Boost Lancashire success stories

Group55: The company, based in South Ribble, manufactures pet and personal care products and was launched by Stephen Turner in 1999. Stephen contacted Boost in 2017 when the company had nine employees and had just moved into a £2m new facility.

He received a range of support from his mentor, including strategic planning, developing a new company structure and communicating effectively with all team members. The company has seen strong and consistent growth in the eight years since the support - it now employs around 80 staff and exports its products to around 50 countries. Stephen also enjoyed Boost's mentoring so much he decided to himself become a mentor,

Code Galaxy: The Blackpool-based digital agency was founded in 2017 by husband and wife Nicky and Mary Speakman, providing bespoke website design, graphic design, software and digital marketing services to local businesses and large organisations including Club Wembley and the NHS. 

Nicky and Mary turned to Boost’s Growth Mentoring programme in March 2022 for strategic support. With one-to-one mentoring and sales guidance, they refined their business structure, improved internal systems and developed a clear growth plan. Following support, Code Galaxy doubled its profits and now has a team of around eight staff as part of its continued growth.

ScrapLocal: The digital scrap metal platform was launched in 2019 by Martin Handley. It connects scrap producers with vehicle owners and other partners. Struggling to grow his business during Covid, Martin sought Boost’s support to improve sales confidence, refine strategy and build skills.

With support from a sales specialist mentor, the company grew turnover tenfold to around £400,000, expanded to take on new premises and recruited more than a dozen staff including specialists in marketing, operations, customer service and web development.