When a business owner hires a business consultant, they often do so with the intent of getting sound insight and advice—to find that “second opinion” that can steer their business in the right direction. But often an advisor turns into something more: a true mentor who can provide guidance, support, motivation and understanding when times get tough, as well as the advice needed to get you back on your feet.
When considering the advice of their own business advisers, members of Council for Young Entrepreneurs a few important tips that come to mind. Below, each member shares a piece of wise wisdom their business advisor has given them, and why they consider it some of the best advice they’ve ever received.
Young Entrepreneur Council members discuss the best business advice they’ve heard.
Photos courtesy of individual members.
1. Make a business plan
As a bootstrap entrepreneur in the digital space, I thought this was the most ridiculous advice. The industry is unpredictable and changes at unfathomable speeds. I listened and did it anyway (after being an entrepreneur for over eight years) and the discoveries were amazing. Going through the process of creating a business plan and making projections allowed me to envision where the company could grow. Once you’ve mapped this out, start imagining what it would take to grow it five, ten, or thirty times. This helps you focus on the right things and speeds up your progress significantly. I realized that the key success factor for our media business was content output, leading to systemization and faster recruiting rather than tinkering with advertising or monetization. – Karl Kangur, Above house
2. Busy and Network to Succeed
You will not succeed unless you hurry. You may be the smartest person in the room, with the best ideas and work ethic, but if you don’t worry, you won’t grow. Before that, I believed that hard work was enough to thrive. However, my mentor helped me see that I needed to find areas that were challenging for me and work on breaking those limitations. As an introvert, I find it difficult to reach people and pitch my product or ask for help. I learned through my advisor that hustling, networking and positioning myself in front of others could only lead to growth and success. – Blair Thomas, eMerchantBroker
3. Imagine your company as a workhorse
While we like to think of companies as our ‘babies’, the truth is that our companies are meant to take care of us (not the other way around). Seeing your business more like a workhorse or mule can change your mindset and change the way you run the business. You don’t have to constantly pay in the business to make ends meet or go hungry after expenses. Lack of proper planning or market research often leads owners to start without adequate knowledge of the time, effort and funds required to make the business successful. Your business should work for you, but you need to do the groundwork to ensure you create (and protect) a profitable business for the long term. – Lauren Marsicano, Marsicano + Leyva PLLC
4. Listen to what your customers need
One of the best pieces of advice I got early on is to listen to your customers. Making your product stand out in a market that doesn’t need it is like swimming against the tide: if you do it, your brand will inevitably struggle to grow. Try not to change your customers’ idea of what they need. Instead, listen to them and create offers that really solve their problems. – Samuel Thimothy, OneIMS
5. Focus on a niche market
We are a professional services company and before we found our niche, we offered a wide range of services comparable to our competitors. The advice I was given was to: 1. Print the list of all your customers you’ve served in the past year. Review the list and mark the clients you’ve enjoyed working with. 2. Analyze what is common between these customers and their needs. What makes that commonality different from the market in general? 3. Design a service package that addresses the unique needs of these customers. Delete all other services. Target a very limited segment of customers that you enjoy serving. Adjust your marketing and service delivery standards to meet their demands and charge premium fees for your services. This strategy did wonders for our organization. – Feruza Djamalova, Law firm Sobirovs
6. Talk to those who did it
Reach out and talk to people who have already accomplished or done what you are trying to do! I can’t tell you how many entrepreneurs I’ve seen try to solve a challenging problem or navigate a difficult situation, whether by toiling in silence, working it out night after night, or reading every business book they can. Do not appreciate that many are nothing more than an elaborate sales pitch. You can save yourself an incredible amount of time, grief and money by simply picking up the phone. Don’t assume that successful people are too busy to take your call. Nothing has had a bigger impact on my business life than following this simple advice. – Ben Landers, Blue Corona
7. Ask how you can help
Instead of focusing on what you need, make it a habit to ask, “How can I help you?” By asking others how you can help them, you show that you really care about them and want to add value to their lives. In return, most people will want to look for ways they can help you. You will be amazed at how much you help yourself by first asking others how you can help them. – Doug Bend, Bend Law Group, PC
8. Think long term
The best advice I ever got from one of my business consultants was to always think long term. When you’re busy running a business, it’s easy to get lost in the daily grind and forget the bigger picture. That’s why it’s essential to always pause and take a step back to think about where your business will be in the future if you choose option A or B. This advice has helped me focus my decision-making, leading to to many benefits to my business in the long run – not just in the short term. By always thinking long-term, my business has continuously evolved and grown, making it an essential part of my success. – Richard Fong, Insured standard
9. Ditch Perfectionism
“Ditch perfectionism” is the best advice I’ve been given, and it’s had a big impact not only on my business, but on my personal life as well. Perfectionists are slow when it comes to checking things off their to-do list. As a result, things rarely go beyond the drawing board. The work piles up and you have to deal with higher stress levels. This not only hinders your professional growth, but also disrupts your work-life balance. The solution? You have to keep the needle moving. Here’s what that advice taught me, and I haven’t stopped since. – Jared Atchison, WPForms
10. Invest in yourself
One of the best pieces of advice I ever got from a business consultant was to always invest in myself. This meant that I had to continue my education and learn new things to stay ahead of the competition. Not only has this advice helped me professionally, but it has also helped me grow as a person. To learn. Part. To grow. – Candice Georgiadis, digital day
