Business Mentoring is a powerful tool for professional development and business growth, offering mentees invaluable insights, guidance, and support from a seasoned professional. Whilst volunteer mentoring has its merits, investing in paid mentoring often yields significantly greater benefits for both the mentee and the mentor.
Let me explain why.
If you had an umbrella that cost £1, chances are you wouldn’t look after it that much and wouldn’t be too bothered if you lost it. If you had an umbrella that cost you £100 or had been passed down as an heirloom and had sentimental value, you would look after it at all costs. It is the same in anything you invest in, including business support.
I am in no way suggesting that volunteer mentoring isn’t of value and doesn’t have a place. It is and does. I am suggesting that there is a stronger likelihood of action being taken and results achieved if the mentee has “skin in the game”.
Let’s explore why paid Business Mentoring stands out and how it positively impacts both parties.
- Commitment and accountability
One of the primary advantages of paid Business Mentoring is the increased level of commitment from the mentee. When individuals invest their hard-earned money into a mentoring relationship, they are more likely to take it seriously. The financial investment creates a sense of accountability and urgency, driving the mentee to actively participate, complete assignments, and implement the advice they receive. This commitment often translates into faster progress and more tangible results.
If the mentee hasn’t paid, they are inclined to not see it as a waste of money if they don’t take action and don’t get results.
- Higher quality of mentorship
Paid Business Mentoring relationships tend to attract higher-quality mentors. These mentors often have extensive experience and a proven track record of success. They are professionals who understand the value of their time and expertise and expect their mentees to value it as well. This professional approach ensures that the mentee receives top-tier guidance and support, tailored to their specific needs and goals.
Whilst there are many examples of so called experts charging high rates for their services and don’t have the skills, ability and experience to deliver (I’d always recommend doing due diligence and checking out testimonials, insurance cover etc.) there is a suggestion that the better Business Mentors charge the higher prices.
- Customised and focused support
In paid Business Mentoring, the mentor is financially compensated for their time, allowing them to dedicate more attention and resources to their mentees. This often leads to a more personalised and focused mentoring experience. Mentors can afford to spend time understanding the unique challenges and aspirations of their mentees, offering tailored advice and strategies that are more likely to yield positive outcomes.
If a mentor receives a lower than expected rate (offering a price reduction or accepting a volunteer role) there is a likelihood that resentment will kick in at some stage and they will look for opportunities to reduce service in line with the rates.
- Motivation through investment
The act of paying for Business Mentoring can be a strong motivator for the mentee. It represents a personal investment in their personal and business growth and development, which can lead to increased motivation and a stronger drive to succeed. Knowing that they have “skin in the game” encourages mentees to maximise the value they get from the mentoring sessions, making them more proactive and engaged.
- Professional boundaries and respect
Paid Business Mentoring establishes clear professional boundaries and mutual respect. The financial transaction sets the stage for a structured relationship where both parties understand their roles and responsibilities. This professional framework helps maintain a focused and productive dynamic, minimising the risk of the relationship becoming too casual or unfocused which can be the case with volunteer relationships.
- Sustainable and long-term relationships
For Business Mentors, being compensated for their time and expertise makes the mentoring relationship more sustainable. It allows them to dedicate sufficient time and effort to each mentee without sacrificing their own professional responsibilities. This sustainability can lead to long-term mentoring relationships, providing mentees with continued support and guidance as they progress in their careers. A mentee getting a demonstrable ROI is likely to retain as a client and be a great referral partner.
- Enhanced learning opportunities
Business Mentors also benefit from paid mentoring relationships through enhanced learning opportunities. Engaging with motivated, invested mentees can expose mentors to fresh perspectives and new challenges. This exchange can be intellectually stimulating and professionally rewarding, helping mentors refine their own skills and stay updated with industry trends.
In summary
While volunteer mentoring offers many benefits, the advantages of paid Business Mentoring appear to be compelling. The financial investment fosters a deeper commitment, higher quality of mentorship, and a more personalised and focused approach. Both mentees and mentors stand to gain significantly, making paid mentoring a worthwhile investment in professional growth and success.
Whether you’re seeking to accelerate your career or enhance your mentoring practice, embracing the structure and professionalism of paid mentoring can unlock new levels of achievement and satisfaction.
