How mentors can help boost your SME business

By Corinna Hartwig , Business Mentor at the 英国赫特福德大学

We’re here to guide your business and you

Since 2020, SMEs have been battered and bruised, forced to constantly adapt to a new economic challenge; the pandemic, lockdowns, soaring inflation, rises in the cost of business operations, and difficulty accessing funding as well as repaying that funding.??

However, amid all these problems, there lies opportunities. Mentors are there to guide your business, and you, through business obstacles, changing market demands, and challenging economic times.??

I worked with a not-for-profit creative agency in West Herts who deliver puppetry shows with a meaningful story to children in schools but struggled to attract grant funding for their projects. As their mentor, I helped them define who they were as a business; gain a better understanding of what funders give money to; and how to write effective funding bids. Over the course of six months, the business successfully secured the funding it needed for several projects, enabling them to go into schools and deliver meaningful stories, such as healthy eating, to school-aged children through the unique art of puppetry; at no cost to the schools.?

I thrive on helping all kinds of businesses get unstuck; whether that’s bringing new skills, tools, or perspectives to a business challenge. I act as trusted confidant and business friend who wants to see you not only succeed, but to also share ideas, talk about fears, and overcome problems.?

We both learn from each other?

It’s crucial that my mentee and I connect and establish a relationship built on trust. I’ve found that one of the best ways to do that is by being open to learn from one another. It is important to bring different values, experience, and skills into a mentoring partnership, and leverage them as a strength to help overcome an issue, innovate a new product/service, or boost growth.?

I mentored a young, online fashion retailer who specialised in high-end jeans for curvy women, but struggled to have an impact in the market. Bringing together her knowledge of high-end fashion and my experience of effective digital marketing for SMEs, I worked with the business to refine their ideal customer, and streamline their marketing to target more effectively. I also worked with the business to revamp its story in a succinct and engaging way, making it more personable and attracting more brand interest over digital platforms. Over the course of three months, we were able to rebrand the business and its story; reshape its cashflow with an array of digital financial tools; and reach and engage far more customers than before - resulting in a higher turnover for the business.

Once a mentee and I have built a strong foundation, mentorship can almost immediately have positive impacts on a business and its owner.?

Mentors are what you make of them?

One of the biggest challenges is explaining the value of a mentor to a business and its owner. Small businesses in the start-up phase, and specific sectors such as social enterprises, seem to understand the value a mentor can add and how it is important to leverage their network of contacts. In the for-profit sector, however, there can often be a reluctance to embrace what mentors can offer; sometimes it’s a matter of terminology between the word ‘mentoring’ and ‘coaching’, other times it’s a lack of understanding of what we do.??

I was part of the ‘Building Better Opportunities’ programme that aimed to support people who had been economically inactive for a long time to become self-employed or start their own business. Working with roughly a dozen individuals, though there was some initial reluctance and hesitancy from some quarters, once I explained my role and how I was there to help them, we got the ball rolling. I helped each of them build a basic business plan, cashflow forecast, and determine the pricing of their unique product/service offer. I also helped many of them access bursaries to help seed fund their businesses, of which five people have gone on to establish their small business or start a self-employed career.?

No matter the business or sector, I always make it a point to explain the benefits of mentoring and how I can specifically help a business with its challenges; equally, a business needs to be ready and open to guidance and mentoring.?

Having worked and lived in Germany, France, and the UK, Corinna Hartwig hails from a long line of entrepreneurs; her grandfather ran his own bakery, and her parents owned a successful video post-production business. Building on her Master’s in Media Marketing, Corinna started a baking company of her own as a part-time business, which quickly took off. Leveraging her website, digital screen advertising, and an early adopter of social media, Corinna incorporated a pioneering digital marketing mix to her business, enabling her to reach a wider audience more effectively. She has gone on to successfully run several of her own companies, including a social enterprise business that championed playground projects and upgraded open spaces for all to enjoy in East Herts, raising ￡95,000 for one playground project.?Using her extensive experience of running her own small businesses and peer-mentoring as a springboard, Corinna pivoted to mentoring SMEs through the University of Hertfordshire’s Business Incubator when the pandemic hit. Over the last three years, she has effectively supported and mentored a diverse range of small businesses across Hertfordshire, equipping them with the confidence, values, and skills to think creatively and explore solutions to a range of business dilemmas. Corinna is deeply passionate about mentoring at grassroots level with a particular interest in small community businesses, trading charities, and social enterprises.?