Building a startup into a thriving business is arduous, but you can easily sail through challenges with startup coaching and mentoring.
As an entrepreneur and founder of your business, you perform various functions, such as providing capital, partnering with investors, hiring employees, and managing.
You will undoubtedly need someone to help you carry the coaching and mentoring load. But you could wonder if you need a startup coaching program at your workplace if your business is thriving.
I also used to think that only struggling startups needed coaching and mentoring programs.
However, this article will show you the benefits of coaching and mentoring your employees and how to do so. So, without any further ado, let’s get into it.
As a start up owner, you might be wondering how you can effectively manage changes and bring success to your business; I wrote a whole article that I encourage you to read.
What Are Coaching And Mentoring Programs?
Coaching and mentoring are often confused and sometimes used interchangeably by many people. However, these two terms are different.
Coaching: In the workplace, coaching is shorter and has specific objectives within a short period. You will employ a coach when you want your employees to develop certain skills related to their work.
For instance, you could coach new employees on convincing sales presentations according to the company’s tone and strategy.
And since that requires gaining a particular knowledge, you may contact a confident speaker with selling experience to coach your staff.
Mentoring: this program is often long-term and seeks to build wisdom. A mentor imparts skills and knowledge to the mentees to help them become good decision-makers and succeed at their jobs.
Mentoring and coaching can also help first-time entrepreneurs gain insight into their industry. These insights will help beginners with confidence to overcome potential startup barriers and grow their companies.
Now that you know what these terms mean, let’s consider their benefits
Benefits Of Coaching In The Workplace
As an entrepreneur, your company has employees that look to you for direction and guidance. They need the motivation to help you achieve your goals and theirs. Coaching programs in the workplace will help supplement your training.
Here are some benefits:
1- Coaching Helps Employees Achieve Their Goals
If you hire ambitious employees, they must have goals. And with the help of a coach, they can harmonize those goals with your organizational goals.
A coach will guide trainees to build useful skills and enhance their professional behavior. Employees who develop these characteristics add to your brand identity and image.
You might also enjoy reading: 6 Expectations Vs. The Reality of Growing a Start-up!
2- Coaching In the Workplace Enhances Engagement Levels
Startup coaching programs engage participants since it provides one-on-one feedback and encouragement. Your staff will be fully engaged in their workplace, thus contributing positively to the organization.
Engagement also helps to retain the workforce, improve productivity, and reduce hiring costs. Here is the third reason your startup will benefit from a coaching program.
3- Coaching In the Workplace Provides a Haven For Gaining Perspective
A coaching program provides a safe place where employees can go and talk about anything bothering them.
Since a coach is often a third party, they can see situations objectively and offer needed guidance. This way, the coachee can gain a new perspective without fear of judgment by other employees or management.
4- Coaching In the Workplace Offers Higher Learning Levels
Corporate coaching can help take learning within your startup to deeper levels. The program can help employees discover themselves, know how others perceive them within and without the organization, and develop pleasing personalities.
The skills learned from a coach can be applied in different situations and make better decisions.
5- Coaching In the Workplace Helps Build Personal Awareness
Startup coaching can help employees identify areas and specific skills they can improve. They will also learn their weak points or blind spots. These are areas related to their personality and work that need improvements, even if the employee has not seen the problem.
A coach can draw their attention to these areas so your staff can improve their performance.
Benefits Of Mentoring In The Workplace
Mentorship programs can benefit the mentor and mentee, but I will focus on the latter in this article.
It helps employees to learn about workplace culture.
Having a mentor to guide new employees will help them adapt to your office culture faster. They will know your policies, workplace routines, and expectations, thus helping to build inclusive workplaces.
1- Mentoring In the Workplace Enhances Skill Development
Most trainees want an expert who can see their potential and help them grow their careers.
A mentor can tap into this need and help your staff gain a sense of direction and an entrepreneurial mindset at work. The skill set they build will help them perform better in the workplace.
2- Mentoring In the Workplace Creates Fantastic Networking Opportunities
The mentoring program benefits your startup by allowing you to hire and expand your network. New employees can know and bond with each other within a few weeks, thus enhancing general work performance.
Employees can gain access to important persons sooner to help them make good career decisions.
3- Mentoring In the Workplace Offers a Sense Of Belonging
A mentorship program enables mentees to feel a sense of belonging to your company. It also sends a message to your employees that they can grow and earn promotions at your organization.
Studies show that mentored employees have a better career track than employees without a mentorship program. Mentored employees are high achievers and are likely to be well compensated for their excellent work.
We have considered how coaching and mentorship in the workplace help employees for the benefit of a startup.
Now let’s explore their benefit to the entrepreneur.
How do coaching and mentoring contribute to leadership and development? Managing a startup and steer-guiding it through turbulent times to a full grow company can be nerve-wracking. A new entrepreneur will appreciate the help of experienced business persons who act as coaches and mentors.
Benefits Of Startup Coaching And Mentoring To The Entrepreneur
Why should entrepreneurs work with mentors? Here are some reasons.
1- Guidance When Launching a Business
Launching a startup requires quick and informed decision-making. However, most new entrepreneurs may lack the confidence and faith to jumpstart this process.
A mentor will help an entrepreneur with the needed insight to make sound decisions. They can tactfully point out what your need to work on as a business person and the quality you should develop to succeed.
Unlike generic online content and unsolicited advice from well-meaning family members are friends, mentors offer you sound advice based on facts. They have been on the ground in your niche and know what works and what doesn’t.
A small UPS survey found that 88% of small business owners with mentors found them invaluable.
2- Improved Leadership Skills
You will learn their leadership style as you work with a coach or a mentor and how they treat their employees and clients. You will rub shoulders with their philosophies that have made them great business persons.
When you tap into this knowledge, you will advance the leadership skill needed for all successful entrepreneurs.
3- They Are a Friend You May Not Have In Your Startup
Entrepreneurship can be one lonely and uncertain journey. Your employees may not be the go-to people during low moments when you need to unburden.
Once you launch the startup, you are the CEO with no boss to look to for advice or direction. You are the boss and sometimes with no employees yet.
Nevertheless, you do not have to fly solo. A mentor can provide you with the needed support. Every entrepreneur needs a reliable second opinion and emotional support when the going gets tough.
4- They May Expand Your Network
Since your mentor is an experienced businessperson, they will likely have an extensive network from different departments and industries.
Associating with them gives you access to more senior decision-makers than your current contact list. These networks are often helpful with profitable ideas and opportunities.
Your mentor will likely be willing to open their network to you because you have a program with them. This is not something they will do for a casual acquaintance, underscoring the need to implement a mentorship program at your workplace.
You should also look for ways to give to your mentor, not receive all the time.
5- Reduced Risk Of Failure
Statistics show that 18.4% of startups fail in their first year since launch, while 65.5% will fail in their 10th year (lendingtree.com). However, having a mentor who has weathered business challenges and succeeded can help you avoid being in the statistics.
You will learn from your mentor’s successes and failures since they have been there and have done it. With a mentor, you significantly reduce your chances of failure because they will help you identify potential pitfalls that could sink your company.
Start up Coaching And Mentoring: Is it worth it?
Coaching and mentoring program in the workplace is worth it because it helps your employees grow and improve their productivity. Mentorship gives your staff a sense of belonging because it sends a message that they can advance their career in your company.
What About You As An Entrepreneur?
You, too, can benefit by working with a mentor. You can tap into their wealth of experience and network. A mentor is a shoulder to lean on when the going gets tough. They will inspire you with the courage to make good decisions and take risks for your company’s growth.
So, yes, coaching and mentorship are worth every coin and time. What do you think, is start-up coaching and mentoring worth it?
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