The 5 Worst Pieces of Advice for Small Business Owners
When you are starting a business, there is no shortage of people eager to hand out advice. It seems that everyone has an opinion on how you should be developing your product, running your marketing, handling your finances and much more.
1. "Hire people you know."
The best hiring decisions are based on the specific positions you need to fill at that moment in time. In other words, you need to focus on the specific expertise and skill sets the company needs, rather than trying to piece together how your friends or family will fit into the new business. In addition, if things are not working out between an employee and your company, you may need to part ways. You may be more reluctant to let a friend go, even if you know they are not a good fit.
2. "There's no room for you in the market."
The key to business success does not always hinge on finding a completely empty field; rather, it is how you define your company and its place in the market. Rather than struggling to come up with a brand new idea, take a look at your target industry and see where there is a void to be filled. Figure out the best possible way to fill that need and run with it. You do not always have to blaze a new trail, but you need to know who you are.
3. "You have to be cheaper than the other guys."
Many young companies feel the pressure to discount their prices heavily in order to win business. While customer acquisition is important, attracting customers at unsustainable price levels will just result in a race to the bottom. You are better off in the long run to focus on how to bring more value to customers, rather than simply slashing your prices. After all, someone will always be able (or willing) to absorb a lower cost than you. You'll need to find a new way to stand out, and then work as hard as you can to be exceptional in those differentiating areas.
4. "Social media is free."
A good comparison is that social media is free like a puppy. It may not cost much to bring a shelter puppy home, but from day one, it is an endless whirlwind of training, toys and treats. Likewise, social media is far from free once you factor in the blood, sweat and tears it demands. From developing fresh content to keeping up conversations, social media requires nonstop commitment once you start. Unless you consider your time (or the time of your employees) worthless, then there is a significant cost involved with social media.
5. "You have to spend money to make money."
It is risky to think that throwing money at a problem is your silver bullet. Sometimes, creative thinking and strategy work far better than a checkbook. Certainly, money can scale a business faster, but only when you spend money on those things that will produce more money in return.
Final Thoughts
People will always give you advice - some good, some bad. The key is to never forget that you are running the show. Other people's opinions should always be viewed through the context of your own experiences, convictions and value system. Final decisions are always up to you, so there is no blaming someone else for bad advice.
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