Our economy is going into troubled times. Why not hedge your bet: get a mentor.

In a recent article by Pursuit Lending, they quoted a report from Micro Mentor that during the COVID-19 pandemic, businesses with a mentor had a revenue increase of 16% and created 35% more jobs compared to non-mentored businesses.

In addition to the statistics above, an article in Inc.com reports 70% of small companies mentored survive more than five years, double the rate for non-mentored companies over the same period. A UPS study showed that 88% of business owners say having a mentor to lean on is “invaluable.”

I am a SCORE mentor. SCORE is the largest volunteer business mentoring organization in America. As proud as I am about SCORE and our successes, I am not a spokesperson for SCORE. There are other volunteer mentoring groups in our area too. I’ve teamed up with some to the advantage of the client. There are no costs to work with a SCORE mentor. Nor are there limits to how long we can work with the client. Our SCORE chapter has available a client resource guide that has a wealth of information you’ll find helpful.

We’ve learned the gender of the mentor isn’t important nor is the gender of the client. The real issue is there a ‘fit” between the two. Here is what you should expect from your mentor(s):

• Total confidentiality. SCORE mentors sign an ethics agreement with SCORE annually.  Part of that agreement is to hold confidential all conversations with a client. We can visit others outside of SCORE only with a written agreement from you.
• A commitment to your company’s success. You should have a sense your mentor is fully engaged.
• Active listening skills. In your discussions, do you have the feeling you’re being heard and understood?
• Empathy. Does the mentor understand your feelings?
• The mentor should suggest alternatives and not be demanding. It is your company to run, not the mentor’s.
• Are you growing professionally from these sessions and goal settings?
• The company, be it for profit or nonprofit, should have measurably better results.
• The mentor should make you aware of all the other resources available. This includes a library with webinars, templates, and other help.
• What will the mentor expect from you?
• Open and appropriate discussions. This should include spelling out your vision for the company. What makes you special to your customers versus the competitors and what is the organization’s culture? All activities should be based on these three points.
• Follow up on goals set at the last session(s), usually no more than three goals per session.
• A respect for their time.
• Professional growth on your part.
• Goals set for actions to be taken before the next meeting.
• If the fit isn’t right for either party, another mentor should be assigned.

Typically, we meet with the client monthly. Meetings can be more often if you wish. The major issues discussed are:

• Human resource issues.
• Growth/business expansion.
• Marketing strategies.
• Addressing the “bumps” in the road impacting maximum profitability.

As experienced business leaders, we know the value of having a written business plan. Initially, the plan can be outlined on a piece of paper and refined as the mentoring program develops. How much mentoring is enough? Score has documented that 30% of business owners (both men and women) who had just one interaction with a mentor reported business growth, a number that increased with additional sessions and peaked at 43% with owners who had five or more mentoring interactions.

There is no question that small business plays a major part in the health of America’s economic health. Starting and running a small business is challenging and for many of us, a learning on the job process. Why not tap into that treasury of talent and make achieving your dream less demanding and more achievable? Score and others are here to help.

Go to score.org.,

Richard.jordan@scorevolunteer.org

or 218 251 4413.

As a resource partner of the U.S. Small Business Administration, SCORE – which offers free business mentoring and education — notes the organization has helped more than 11 million entrepreneurs through mentoring, workshops and educational resources since 1964. The nonprofit SCORE was previously known as the Service Corps of Retired Executives.