Business owners are being urged to volunteer more to help out fellow start-ups.

A volunteer mentoring scheme backed by Business Link in the West Midlands is being run by Herefordshire-based Midwest Rural Enterprise Community Interest Company, a not-for-profit organisation with more than 40 mentors on its books.

But organisers are looking for more mentors to spread the practice across the West Midlands.

They said using volunteer mentors was one of the most effective ways of helping companies to grow and prosper by addressing skills shortages and teaching people how to stand out from the competition.

A recent survey found that only 63 per cent of new businesses survive beyond their first year, according to Business Link.

But with a mentor in place the chances of survival soar to 83 per cent, it added.

Adviser and mentor Roy Walford said: “Anyone who has just taken up the role of a manager or owns a new business, for example, could really benefit from this scheme.

“Full training is given which the freshly trained mentors can, in return, take back to their own places of work and pass on that knowledge in-house.

“The idea is of course to spread that knowledge further afield though and help inexperienced companies get off the ground and keep running.

“The training can really improve leadership skills and helps people learn different ways of thinking. It can be challenging, inspiring and provide great personal satisfaction.”

But with a mentor in place the chances of survival soar to 83 per cent, it added.

Volunteers can spend as little or as much time with the company they’re assisting, from one day a month, and out-of-pocket expenses will be reimbursed.

Business Link Enterprise Director Jill Parker said: “We’d really welcome interest from would-be mentors.

“Mentoring is an excellent way to provide support and it encourages people to help them maximise their own potential and that of their business.

“This is a great chance to make the most of an opportunity which is free of charge and could really improve the success rate of your own business as well as helping others.”

Anyone interested in becoming a volunteer mentor can contact 0845 002 0900, or contact Business Link.