Succeed by using and heeding good advice

The past four posts discussed some common business pitfalls and how to avoid them, including employee theft, unplanned growth, catastrophic IT failures, and poor record keeping. Finally I’d like to comment on seeking and taking good advice.

A business owner who goes entirely on his/her own without seeking and using external advice is much more likely to fail that owners who embrace the advice from outside advisors.

Here are some things to do:

• Find professionals that you are comfortable talking with and whose judgment you trust. These may include: a banker, attorney, accountant, and a general business advisor. Depending upon the nature of your business, and your own skills, you may want to seek out marketing, sales, or other advisors.
• Seek opinions from your advisors any time you make a change in your business.
• Keep in touch with your advisors. Don’t just contact them when you have a crisis.
• Understand up front what costs will be incurred when dealing with your advisors.
• Create a board of advisors, and meet with them at least quarterly.
• Most important—when you have received advice, act on it in order to get the benefits of the advice.

While, as a business owner, you have the ability to control your own destiny, you need to make the right moves and right decisions in order to assure the sustainability of your business.

Will Limkemann
Siqua Group Limited