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.
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.
“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.
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'.
(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)
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.