Here at the Rules of Thumb blog from MoneyThumb.com, we talk a lot about small business accounting advice. However, an accountant who has their own firm IS a small business in itself, so today we would like to share a great article from Rhonda Abrams at USA Today Money titled:
Strategies: 7 People to Listen to for Small Business Advice
When I found the article I first assumed that there would be 7 specific individuals to listen to, such as certain successful small business owners, but this article is pinpointing the 7 positions of people rather than individual names. So you are getting some great advice here about what TYPE of people to listen to for small business advice. Below is the first portion of the article.
When you own a small business, everyone wants to give you advice.
“You know what you should do,” your annoying brother-in-law Sheldon tells you at the family barbecue, “you should sell everything below your cost; customers will flock to you.”
Right, and pretty soon, you’ll be out of business.
Unsolicited advice comes from all kinds of sources: friends, family members, neighbors, social media connections, people you meet walking your dog. Most of it is worth the price you pay for it: nothing.
But many entrepreneurs have a bad habit of failing to listen to any advice, stubbornly sure of their own ideas and stuck in their ways of doing things. That’s not a recipe for long-term survival or success. There are many people who have worthwhile insights and experience that can help you grow your business.
1. Experienced industry hands. Novice entrepreneurs often believe they know better than those old fogies who’ve been in the business a long time. It’s time for disruption, right? Well, yes and no. The realities of an industry don’t go away overnight. You can learn a lot from those who’ve been in an industry, even if you don’t follow their advice exactly.
2. Customers. You had better listen to your customers because they’re the ones who will determine whether you stay in business. It’s tempting to dismiss the advice of customers because it often comes in the form of complaints. Instead, look for ways to gather as much insight and suggestions from customers in positive situations. Ask for feedback.
4. Investors. Your investors are, in essence, your partners, so you'll need to heed their advice. They might not always understand the ins and outs of your small business, and they might worry more about their investment than they do about you achieving your goals. So, it’s your job to help investors know enough about your business that when they offer suggestions, they can be informed and well-reasoned.
Read about the other three types of people to listen to for small business advice by reading the entire article here.