By Georgina Waite, CEO of the Association of Business Mentors (ABM).
For small business owners, the path to growth can often feel complex and overwhelming. Balancing competing demands, limited resources, and high-stakes decisions that shape the future of a business is a constant challenge. In these moments, having a mentor to turn to for perspective and a sounding board is not a luxury, it can be a lifeline.
Association of Business Mentors research shows that mentoring is a key driver of performance, wellbeing, and growth across UK workplaces. Of the business leaders we surveyed, 65% felt that mentoring had directly helped them boost their revenue, and 64% said the same of their profits. Moreover, 72% reported an improvement in their mental health and confidence as a result of mentoring, demonstrating the myriad benefits of mentoring for business leaders. Yet many small businesses miss out on these benefits, often because they do not know where to start or how to make mentoring work effectively.
Business mentoring is a professional relationship where an experienced businessperson offers guidance and support to an entrepreneur or leader seeking help. A professional mentor combines mentoring and coaching techniques with practical business tools to help clients navigate challenges, identify opportunities, and develop strategies grounded in real experience.
The impact is clear. Our research found that 67% of business leaders who worked with professional mentors reported improved performance and effectiveness in their role. Furthermore, mentoring also brings mental health benefits by providing a safe space to reflect, problem-solve, and build confidence. For small business owners juggling multiple priorities at any one time, this dedicated time to reflect and develop their ideas can be transformational.
How small business owners can work with mentors
The first step to successful mentoring is clarity and knowing that you need that objective and external support to identify opportunities and overcome challenges. Business owners should start to identify the areas where support is most needed, whether that is scaling operations, managing finances, developing leadership skills, or simply having a sounding board for tough decisions.
Starting to do this makes it easier to find a mentor with the right experience and insight to help the business grow. But it’s also about value alignment, find a mentor who you can get on with, who has similar values to you, and who you feel comfortable to be open, honest and vulnerable with. All elements of a strong mentoring relationship.
But finding the right mentor is only the beginning. Mentoring works best when both sides are fully engaged. Successful partnerships involve setting clear goals, meeting regularly, and being honest about what is working and what is not. Too often, mentoring fails not because of poor support, but because it is treated as an optional extra rather than a central part of personal and business development. When approached with focus and consistency, mentoring can deliver stronger outcomes, both professionally and personally.
It’s also important to remember that mentoring relationships do not always click immediately and progress rarely happens overnight. Problems often arise when objectives are unclear, expectations do not align, or the relationship lacks structure. Without a clear plan, momentum can stall, and impatience can take over. Effective mentoring requires time, commitment, and patience. When mentor and mentee approach the process with intention, they can reflect on challenges, adjust strategies, and celebrate achievements along the way.
The challenge remains that many small businesses still do not take full advantage of professional mentoring. Lack of awareness of the benefits of professional mentoring often leads business owners to rely on informal or peer support, which cannot provide the same depth of experience or structured guidance as a professional mentor. Cost can also be a concern, with mentoring sometimes seen as a “nice to have” rather than essential. By reframing mentoring as a strategic investment, businesses can grow and scale more effectively and see greater long-term rewards.
For small business owners, the message is simple: do not wait until challenges mount before seeking guidance. The best time to find a mentor is before you think you need one. A good mentor can help you see possibilities, take bold steps, and grow with confidence. Only by engaging in mentorship with an open mind will you reap the rewards.