Single Best Piece of Business Advice You've Received?

[M3Driver]

I thought this subject could prove for an interesting thread. Hopefully if we all list one point here, we'll amass a fair amount of useful information for all PH'rs.

I've been reading a few business books recently, and watching some Warren Buffett videos on YouTube. Some of his ideas are fascinating.

The best piece of advice I've received, is that everything in business hinges on how you treat people, not so much what you know, or even what you do, but whether you can get on with people, and get people to like you.

With that in mind, I'm currently reading Dale Carnegie's "How to Win Friends and Influence People". It's amazing how many of the points really really work. I can now recognise when other people have read it too, and it's amazing to watch!

[steveatesh]

You make your own luck.
Chance favours the prepared mind.
People are constrained by systems - improve the system and culture change comes free.

All worked for me anyway

[TurricanII]

+1 for the original old school Dale Carnegie HTWFAIP

One important lesson many people's mother/grandmother will give them - don't spend all your money (i.e. really keep an eye on costs and don't go taking a dividend until you have a large buffer of cash!)

[dudleybloke]

turnover = vanity
profit = sanity

[davepoth]

A couple of good ones -

"under-promise, over-deliver"

and

"A good salesman can say no to a customer without annoying them"

[rog007]

For business: "Provide what is scarce".

To lead: "improve your self awareness as others rarely see us as we see ourselves".

[Simpo Two]

dudleybloke said:

turnover = vanity
profit = sanity

Or folly and lolly.

[Roger Dodger]

TurricanII said:

+1 for the original old school Dale Carnegie HTWFAIP

Get them saying yes! Then they are more likely to say it in reply to the question you really want them to say yes to.

[RemainAllHoof]

"Give customers more value than they are paying for." I can't decide if that is grammatically correct or not but what the guy meant was that if you are charging £100 for a product, don't give the customer £90's worth of product; make sure the customers feel they are getting £110's worth of the product. The reality is that it probably costs very little extra and it's better than charging £90 for £90's worth of product. Well, it seems to work for the entrepreneur who told me and he's been in business for maybe 30 years (and it's constantly growing internationally).

[Eric Mc]

Take time out to work "on the busienss" as well as working "in the business".

[singlecoil]

steveatesh said:

You make your own luck.

How do you do that then? I presume by changing the definition of one or more of the words?

[amirzed]

singlecoil said:

steveatesh said:

You make your own luck.

How do you do that then? I presume by changing the definition of one or more of the words?

I always likened that luck thing to..

'luck is when preparation meets opportunity'

[Rude-boy]

Eric Mc said:

Take time out to work "on the business" as well as working "in the business".

Oh yes, so true, and something that professionals are about the worst of the lot at - Busy fools.

Another one which I have learnt the hard way is that, even if they are a big Client, it is better to lose a Client who is overly demanding and under paying than to carry on with them - you can replace their business and improve your fee earning. Sorry it's not very catchy but it is so true.

You sometimes get Clients who are always expecting you to drop everything to deal with their matters, even when there is no time pressure other than that of the Client, and the self same ones are those who are the first to remind you how much business they put your way and how you should do this £750 job for £500 because "it's just changing the names on the Lease you used last time."

When faced with a Client like that you must stand up to them and only accept their business on your terms. To do otherwise can lead to you under valuing yourself, will put you in a negative frame of mind and take time away from you working for or finding more profitable Clients.

I've had a few of these sorts of Clients and after a good course on this sort of thing approached 2 of the worst telling them the facts of life, in a nice and sugar coated way. Since then I have lost one of them, but replaced their work with far more profitable Clients and the other has accepted that the rules of the game have changed and are more than happy to still use me. In fact, if anything, our working relationship has improved for both of us.

Just as no employee is truly indispensable, neither is any Client if it means that accepting their business is going to adversely affect your ability to deal with others and, ultimately, make money.

[Rude-boy]

amirzed said:

I always likened that luck thing to..

'luck is when preparation meets opportunity'

“Perfect Planning Prevents Piss Poor Performance.”

“Fail to Prepare, Prepare to Fail.”

[Eric Mc]

Rude-boy said:

amirzed said:

I always likened that luck thing to..

'luck is when preparation meets opportunity'

“Perfect Planning Prevents Piss Poor Performance.”

“Fail to Prepare, Prepare to Fail.”

Sounds like some of us have been on Results Accountancy seminars

[LooneyTunes]

Have fun.

The day you dread the office (or wherever it is you're working) it is time to do something different... may not need a radical shift of direction but if you don't enjoy what you do then you'll not deliver your best work. BUT if you do genuinely enjoy what you do then the client satisfaction and financial side of things sort of take care of themselves.

[singlecoil]

amirzed said:

singlecoil said:

steveatesh said:

You make your own luck.

How do you do that then? I presume by changing the definition of one or more of the words?

I always likened that luck thing to..

'luck is when preparation meets opportunity'

The phrase I quoted is a popular saying, but basically, as it stands, it's bullst. Your phrase is fine, and if people were to use that then it might help others realise the value of being ready to benefit from a good opportunity.

[marky1]

amirzed said:

'luck is when preparation meets opportunity'

Great one for anyone involved in financial trading.

[Dave_ST220]

M3Driver said:

I thought this subject could prove for an interesting thread. Hopefully if we all list one point here, we'll amass a fair amount of useful information for all PH'rs.

I've been reading a few business books recently, and watching some Warren Buffett videos on YouTube. Some of his ideas are fascinating.

The best piece of advice I've received, is that everything in business hinges on how you treat people, not so much what you know, or even what you do, but whether you can get on with people, and get people to like you.

With that in mind, I'm currently reading Dale Carnegie's "How to Win Friends and Influence People". It's amazing how many of the points really really work. I can now recognise when other people have read it too, and it's amazing to watch!

My old boss asked me to read that book in return for a pay rise. I told him to stick his job and started on my own, I haven't looked back since. The book is obviously st otherwise he would have used the bullst in it to persuade me to read it not tell him to poke his job.

[Roger Dodger]

Dave_ST220 said:

My old boss asked me to read that book in return for a pay rise. I told him to stick his job and started on my own, I haven't looked back since. The book is obviously st otherwise he would have used the bullst in it to persuade me to read it not tell him to poke his job.

How about if I ask you to read The Times for £100?