quote
menu

Business advice you should ignore


What business advice should you ignore

The internet is full of advice – even the best of us can get overwhelmed sometimes. You probably have an endless list of business advice you should be following, but what common pieces of advice can you safely ignore?

1. Have a risk mindset

Markets are, by their nature, unpredictable. All businesses require an element of risk – particularly if you want to enter a new market or have high expectations of growth. However, a recent trend in business advice seems to position risk as a positive thing, rather than an unavoidable consequence. Having a ‘risk’ mindset can encourage the tendency to look before you leap – making important decisions  on ‘gut instinct’ without considering the data available to you. Instead, make sure you balance risk with research.

2. The customer is always right

As Henry Ford famously said ‘If I had asked people what they wanted, they would have said faster horses.’ Whilst customer research is always useful, sometimes you have to give people things they don’t know they want yet. Apple is the master of this – finding niches in the market that nobody knew existed. This doesn’t mean that you don’t consult your customer – if you’re doing something new, make sure that you test it and gain feedback along the way, before making a large investment in development.

3. Apologise to negative reviewers

Customer focussed businesses have often voiced frustrations about the damage a negative reviews can do. Whilst the received wisdom is to pacify unhappy customers, we are seeing an increasing number of businesses fighting back. People respond well to seeing a human face behind a brand, and if a review is truly unreasonable there’s little risk to (politely) saying so.

4. Give it 100%

When you own your business, it can be hard to take a step back. You can feel that if you aren’t working 24/7 you aren’t giving it your all. Don’t get caught in the trap of being ‘always on’: even the best of us need downtime. Overwork is linked to a number of health issues, and can negatively affect productivity. Turn off digital devices in the evening, or even take a leaf out of Bill Gate’s book and use a week each year to recharge and reflect.

5. Social media is free marketing

With 89% of 18-25 year olds active on social media, having a social presence is a must. But don’t pin your hopes on generating easy sales from social networks. Over the past couple of years it’s gotten harder and harder to gain traction on social networks without paying for the privilege. Instead, dedicate a budget to social and use targeted tweets and ads to ensure potential followers see your messages.

What’s the worst business advice you’ve ever received? Tell us on Twitter.

What sort of manager are you? Take our quiz!

Related Articles

DCP228 and Business Electricity

What is DCP228? DCP228 is a regulation to be introduced by Ofgem in April 2018 which will change the way busin...

Read More
energy news

DCP 161 – Excess Capacity Charges

If your business uses a Half Hourly (HH) meter for its energy supply, make sure you’re ready for DCP 161...

Read More
Scottish Power logo

Total Gas & Power

Total Gas & Power is a business energy supplier, wholly owned by Total SA. It has been a leading business ...

Read More
Excellent, 9.8 / 10

Honest brokers who will actually save you money!

"I dealt with a gentleman called Mark Weeks. He was extremely efficient, helpful and humerous. He saved me 6 pence per/k/hr, quite the saving when your annual bill is over £12,000. I will be using this service again for my water bill!"

This review was posted by EDWARD Wickman on the 22nd of October 2018

Cheryl Sreenan delivered excellent…

"Cheryl Sreenan delivered excellent customer service, professional and polite but very natural with it - it's great to deal with someone who knows their job and cares about their customers. Great savings too and a quick switch which is always good. Will be looking to switch other businesses when they are out of contract."

This review was posted by Jackie Reeves on the 22nd of October 2018

Excellent service from Pamwan Johnson

"Excellent service from Pamwan Johnson. Polite, professional and was able to provide a much better deal than I was able to secure direct. Would definitely use this service again."

This review was posted by Andrea Kirkham on the 22nd of October 2018

i cant fault the service recieved from…

"i cant fault the service recieved from nicole and daniel"

This review was posted by alexander dawson on the 19th of October 2018

Lorraine was patient and great to deal…

"Lorraine was patient and great to deal with. Highly recommended."

This review was posted by Keith on the 19th of October 2018