Good mentorship key to growth—Business Partners

Business Partners International Malawi, a fund manager that provides debt equity financing, says growing a business in a depressed economic environment is complex and challenging, requireing good mentorship.

The firm’s country manager Akuzike Kafwamba said in an interview yesterday that mentorship offers access to the tools and expertise a business requires to grow.

He said it is proven that guidance and advice from a mentor can offer value such as any other form of training.

“Guidance from a mentor with extensive experience can help to significantly shorten a less-experienced entrepreneur’s learning curve, often saving valuable time and money,” said Kafwamba.

He advised business owners, especially small-scale entrepreneurs, to seek appropriate mentors and consultants to help steer them in the right direction.

Kafwamba shared four tips, namely shared core values, start with an informal approach, the importance of trust and be willing to learn to help steer businesses to greater heights with the right mentorship.

On shared core values, he said the aspect informs how decisions are made, how teams are managed and whether the business is heading in the right direction.

“It stands to reason that mentors add the most value when they understand and align with their mentee’s core values,” said Kafwamba.

He said it is critical to start an informal approach with a mentor to build a relationship that can help a business grow.

Kafwamba said trust is paramount to a successful mentorship relationship, adding that a business owner should be comfortable to share information on all aspects of a business.

Chamber for Small and Medium Enterprises executive secretary James Chiutsi yesterday agreed that mentorship has always been good for any business growth.

He said any business that values growth has to also value the importance of mentorship.

“Any business owner worth his salt can acknowledge the fact that there is always something new to learn about their business or market,” said Chiutsi.

Business Partners International Malawi supports viable local SMEs with financing, ranging from K100 million to K1 billion to boost their businesses.

In the 10 years that the firm has been operating in Malawi, it has dusbursed about K15 billion to local businesses.