Best Business Advice Ever Received

Written by: Craig Mckenna, Published on: August 29, 2012

This is another “retro” blog post…..first published back in 2010 it is still very valid today and it just goes to prove that good advice is timeless!

I am currently in the middle of writing a series of blogs on Setting Business Targets for Growth and while I was writing what will be part4 I came across some notes from three different people with the quote “it was the best business advice I ever received” and it inspired me to ask Twitter Land (I am craig_mckenna on Twitter) for the advice they judged as the best. The responses were many and I have collated them into this edition of  The Growth Academy Blog.

We all need advice from time and time and the better business people among us tend to take the right advice and implement it while the others just don’t.

There is plenty business advice around and a lot of it is, well a lot of it is just noise. How do we know what is good advice and what isn’t? Personally I take all advice on board and then form my own opinion and then I bounce it off someone I trust. I am fortunate in the respect that I have access to a number of experienced and successful entrepreneurs with which I can do this. Not everyone is this lucky and they can end up blindly taking this “guidance” and suffering because of it. What works in one sector may not work in another, what works in one city may not apply in the next. It is essential that we take advice as what it is intended to be “advice” and not instruction nor an order, absorb it, consider it and if you feel it is right for your business, act on it.

Here is a selection of the “Best Business Advice I Ever Received” and the Twitter contacts who generously shared them, in no particular order.

“Listen to your intuition and believe in yourself” @tartancat (Michelle Rodger of TartanCat)

“Write it down! Business plans, goals, ambitions, your vision. If it is all in your head, chances are it will not happen…” @angelapaterson (Angela Paterson of Guru Spot)

“Don’t underestimate the power of PR” @burnitBC (Burnitbootcamp.com)

“In marketing, nothing is ever wrong. Accept all ideas and never squash anyones creativity.” @MAMarketing ( Mari-Ann Laidlaw of MA Marketing)

“Get a good accountant!” @treeof (Gavin Oattes from Tree Of Knowledge)

“Create systems and processes in your business so someone else can pick up your business and run with it!” @louiseheasmanuk ( www.louiseheasmanuk.net )

“Honest hard work will always be rewarded” @jordanfleming (Jordan of Designate)

“Plan from a position of safety, not when you are a donkey on the edge” @danfrydman (Dan of Inigo)

“If you write your goals down you are far more likely to achieve them.” @colingilchrist (Colin of Digital Face)

“Don’t expect running a business to get easier, instead, expect yourself to get better.” @taitbw (Brian of Aillum).”

“Never be afraid to ask for guidance, especially if you are flying solo.” @mikeritchiePR ( Mike Ritchie)

“Make sure you have an accountant who understands being in business and will stand by you – always” @stuartjones ( Stuart of 3CA)

“Segment who you are selling to, create separate tactics to communicate with them & always ask where new clients heard of you.” @alisonhendo ( Alison Henderson of My Pinkie Promise)

“It’s definitely – Make decisions. Even if it’s the wrong one, at least you find out. Procrastination kills a business” @ali_mcgill (Alisdair McGill Of Freelance World)

“‘Turnover is vanity, profit is sanity’. Succinct and oh so true.” @GloM62 (Gloria of Murray Associates)

Which is my favourite? I have two, the last two in that list. Making decisions and not procrastinating and the classic Turnover v Profit comparison.

Why don’t you contribute with your “Best Business Advice ever Received”? and if we get enough additional quotes I will publish a second blog.

 

3 comments
Small Business Blog
Small Business Blog

“Honest hard work will always be rewarded” @jordanfleming (Jordan of Designate) - I love this sentence. Perhaps, doing good things will bring good things, too. Always do honest business, and you'll see how customers will trust in you and your product/service. They'll keep coming to you again and again.

Adrian Fowles
Adrian Fowles

Some good advice, there.

However, I am going to have to take issue with Gloria of Murray Associates. Having seen too many businesss go bust even though they were supposedly making a profit, I feel I must publish the correct version of the phrase:

‘Turnover is vanity, profit is sanity but cash is reality’

With lack of cash being a major cause of business failure, and profit being easy to manipulate and misunderstand, businesses need to make sure that they understand their cashflow. I'm surprised that, seeing as they are accountants, Murray Associates missed this.

A more appropriate soundbite would be 'Cash is King'.

Tim Barlow
Tim Barlow

(Missed the boat on this one as I was on holiday, hence lack of response to your tweet)

Best bit of advice I was given was read "the E-myth revisited" (but wait until you hit a brick wall for it to have maximum impact)

Craig Mckenna
Craig Mckenna

Adrian,
I can see where you are coming from but I do feel that after previous discussions with Gloria that they would only accept that a company had actually made a profit if it was seen as cash not just on paper.

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