Sage launches national mentoring prize fund

The Mentoring Matters’ competition is giving one lucky small business the chance to win the main prize of £10,000 to put towards business mentoring. Also on offer are two runners-up prizes of £2,500.

Sage believes that mentoring matters, and that it has the potential to transform the performance of any small and growing business.

Announced at MADE festival last week, Sage seeks entries from the small and growing business community who see the value in boosting their business through professional mentoring.

Sage’s research found 89% of small and medium sized businesses in the UK acknowledge that mentoring can help them to succeed. However, less than a quarter (22%) are currently making use of business mentors.

Brendan Flattery, CEO of Sage UK & Ireland, said: “We call this barrier the ‘Mentoring Gap’ and it’s something we want to help address.

“We are launching ‘Mentoring Matters’ to inspire the business community and to break down the reticence that exists around taking up a mentor. Mentoring comes in many forms, but the crucial aspect is that an outside view brings fresh perspectives and workarounds for the blocks we can all face.”

Mentoring can have a significant impact over business success. According to the Department for Business Innovation and Skills nine out of ten businesses who had worked with a mentor said it had a positive impact on their business. It also found that nearly twice as many mentored business reported an increase in turnover (44%), than non-mentored counterparts (23%). Similarly twice as many mentored businesses had hired more staff (10%), than non-mentored businesses (5%).        

The competition will be overseen by a panel of small business and mentoring experts, which includes:

·         Matt Gubba, CEO & Founder of BizBritain

·         Matt Glover Producer, Makegood Festival, School for Start-ups

·         Jonathan Pfahl, MD & Founder, Rockstar Group

·         Paul Smith, CEO & Co-founder of Ignite100

·         Kerrie Dorman, founder, Association of Business Mentors

Businesses can enter by following the instructions here.

All entrants need to do is tell their company’s story and provide three reasons for why it needs a mentor for their next stage of growth and success.

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