What can mentoring really do for your business?

21st March 2019

As a seasoned entrepreneur, you may be tempted to think that having put in years of hard graft, blood sweat and tears, there is very little anyone can teach you about how to run your business.

What can mentoring really do for your business?

At least that was the original take one of our entrepreneurs had when we first contacted them about our mentoring service.

Having run successful business for over 10 years, when they came to Newable Business Finance for a £30,000 loan, whilst they knew a cash injection was vital for their survival, what they did not know was just how much support they would get to take them to the next level.

On our first mentoring phone call, I remember the owners saying we have met many business advisers and mentors and whilst some may have ‘talked the talk’ very few they encountered could actually ‘walk the walk’. However, they decided to give it a go and see what would come out of it.

What happened next

It transpired that the original loan amount was just a drop in the ocean when considering the long - term goals and aspirations they had for their business.

They needed a lot more finance to reach their potential, but with several debts already in place, it seemed almost impossible to raise additional funds, or at least that is what they thought.

How we helped

We worked with them to understand more about a project they were planning, and in doing so suggested that they may be able to apply for a grant to help with the costs.

After carrying out an extensive grant search, we identified a suitable source of non-repayable funding and provided intensive support to tidy up their day-to-day operations, work on their organisational structure, time management and finances. We provided step–by-step guidance through the application process, and after just five months’ into their journey, they were awarded a grant for £120,000.

If you would like to learn more about what mentoring can do for your business, call our customer growth manager on; 020 7940 1544 or email: mentoring@newable.co.uk