In January, Exponential warned that it would be necessary for BIG budget cuts to be implemented and as the coalition government promised these are now taking place.
News from Nottingham Business Venture confirms the news that many were expecting in the East Midlands that the new Business Mentoring programme will not proceed. The long awaited replacement for the Mentoring for All programme has been shelved.
At first glance this might appear to be bad news for the many self employed and independent business coaches and mentors that work on such schemes, but Exponential believes it should be seen as great news.
One of the problems of such large, publicly funded programmes such as Mentoring for All, Train to Gain and other funded programmes is the impact that they have in the market place. They skew the market place by driving down the market rates as often these programmes come heavily subsidised and are only available through a small number of contracted providers.
The removal of funding, either in full or in part, will make for a more level playing field and open up the market place. It means that training suppliers, business coaches and consultants who have a strong value proposition, who are good at what they do and which are able to reach buyers will be well placed over the next 6 – 12 months to reap the rewards.
There is one word of caution though. Do make sure you have a clear and distinctive offering and have the right professional qualifications and designations such as the Diploma in Strategic Business Coaching because it is likely that there will be an influx of people who having been made redundant fancy themselves as coaches and consultants.