Every business owner needs to surround him- or herself with a good CPA, attorney and banker. Like a three-legged stool, if you take one of them away, you are destined to fall.
-David Webb, Meramec Valley Bank
Success isn’t always transferable. Just because you are successful in one business doesn’t automatically mean you will be in another industry. Stay with what you know and be an expert where you’re at.
-Carl Bolm, BSR Services Inc.
I’ve received lots of great advice as I’ve built Datotel, but the most impactful centered around the people that make up the Datotel team. The advice I received early on and have stuck with is to consciously build the team. Define what an A-player team member looks like and acts like, and then hire to those characteristics. It’s tempting at times to compromise, but having the fortitude to hold out makes all the difference.
-David Brown, Datotel
As an entrepreneur, you wear many hats, and to keep expenses down you are inclined to be a “jack-of-all-trades.” When I started my advertising agency years ago, I was advised that a lot of your valuable time can be consumed by dealing with tasks that are outside your core strengths.
It goes back to that old saying: Jack-of-all-trades, master of none.
So align yourself with smart professionals to give your business the support it needs to succeed (e.g., an accountant, tech or marketing firm). Their experience and expertise will get you further faster with fewer false starts. The time you gain enables you to focus on your own strengths and a more consistent effort on growing your business without distraction. Surrounding your business with smart advisers doesn’t cost; it pays.
-Bob Kochan, Kochan & Co.
If you can pay someone else $15 per hour to do it, you shouldn’t be doing it yourself.
-Art Snarzyk III, InnerView Advisors
Don’t be afraid to fire a difficult client. Losing the money is better than losing your mind.
-Todd Schowalter, Todd Schowalter Creative
The best advice I ever had came from my boss, Robert Bell, at Ralston Purina. “Before you make any important decisions, be sure you know what you don’t know.” I have learned that although “analysis paralysis” can seriously reduce performance, failure to do prudent research and ask the tough questions can be devastating.
-David Avakian, DVA Consulting
The best advice I received is summed up beautifully by a Maya Angelou quote, and that is, “People will forget what you said, people will forget what you did, but people will never forget how you made them feel.” Building relationships is huge in business; making people feel valued and appreciated is key. (What you appreciate appreciates). When you truly appreciate people for the kind things they do, the little things or the big, they remember how you made them feel. Say “please” and “thank you,” be grateful, and don’t forget to smile. Happiness is contagious; be a carrier.
-Lori Kelling, West St. Louis County Chamber of Commerce
Strategy and planning are critical to any business’ success. Just don’t get too comfortable strategizing and overthinking because implementation is just as, if not more, important.
-Ann Marie Mayuga, AMM Communications
Be persistent. Don’t give up and always get back up. And be kind to those around you.
-Jill Butler, RedKey Realty Leaders St. Louis
The Pareto Principle works in any business; build yourself a simple, elegant business. Your business should always consist of the 20% that produce 80% of your revenue, and you should always be trimming the 80% that only produce 20% of your revenue (and close to 100% of your problems).
-Rodney George, Luxe Travel Consultants
Work is like shaving – no matter how well you do the job today, you have to do it again tomorrow. I love how it speaks to always improving and the need to do a good job every time. Customer service can never take a break.
-Rob Rolves, Hubzco Inc.
Move out of your own way and get to work! Do the tasks you hate most first.
-Jamie Brauner, Telenomics Group Inc.
Early in my career I wanted to have lunch with a successful client, who is much older than I. I asked my secretary to call him and get something scheduled. When we sat down to lunch, he looked at me with kind candor and said: “Never have your secretary call me to schedule lunch. If you want to have lunch, you call me!” At the time I was confused and embarrassed, but as the years have passed, this advice has returned to me again and again. Being a technical and interested adviser is obviously important, but being a respectful and humble adviser sets one apart from the masses.
-Jennah Purk, Purk & Associates
This advice came from a former boss, whose opinion I still value today. You don’t have to fill every second of a business conversation or presentation with words. Allow there to be moments of silence for feedback, response or even facial expressions that can tell you how you’re doing.
-Myra Katz, Myra L. Katz & Associates Inc.
Thank you for the opportunity to share this sage business advice that I received, in 1998, from my mentor in real estate investments, Mr. Albert Lowery. One of the very first things he taught me and I still use to this day was this: “You put together a team of advisers for each area of your business that you use for advice, counsel and to use for their product or service. In any business endeavor you need to use experts in that field or specialty. Do not ever trust someone’s advice who is not an expert in that area of business (legal, coach, real estate agent, escrow, etc.).”
To this day I surround myself with a team of advisers whom I go to for expertise and advice on any area of my current business venture to ensure my success. His sage wisdom was you cannot possibly know everything, and you do not have to know everything. You just have to know where to get guidance or information on that area of your business you need help or advice.
In my opinion, this is why business networking is so big and popular in business circles today.
-R.J. Stratton, RJL Express Inc.
Generate a lot of leads so you can pick the clients or customers that you want to work with. From my dad, Frank Forst.
-Mark Forst, Captiva
The best business advice I ever received was long before I became a business owner. My father owned three furniture stores, so many of our dinner conversations related to business. He would talk about the bottom line and the importance of staying focused on the financial statements and the net profit of the business. Losing sight of that often could lead to the demise of the business. He also spoke of being a risk taker. He needed a larger showroom and warehouse but had just suffered a heart attack at 49. Confident in his decision that a new building would allow him to grow the business, he proceeded with the building project. The furniture business boomed in the new facility. Thinking about my father’s experience, I was confident that building our new office and warehouse facility was the right thing to do for Shred-it’s future growth. When the building was finished, we quickly grew from four shredding trucks to a fleet of 14 trucks today. I wish he were alive to see the impact he had on our success.
-Cindy Brown Rohrer, Shred-it
Never be undercapitalized. Be aware of your competition and study your customers because you cannot know what your competition will do.
-Ron Mink, 4MyCash.com
When I first started my home-based business in late 2006, business flowed. By the end of 2007 I had almost a million dollars in sales. I thought it was time to get a building and hire employees and continue the growth. However, I had read statistics about new-business startups and that 75% fail in their first year, 50% fail after three years and 25% failed by five years. If you can reach the five-year mark. I decided to stay home-based and stick to subcontracting labor and services that I needed. By mid-2008 the economy was taking a dive. By the end of 2011 companies within my industry were laying off employees, cutting salaries and going to four-day workweeks to survive. By staying home-based, I was able to get though the slump of the economy. Business is picking up, and soon I will be able to obtain my dream of having a showroom and employees and grow my business.
-Linda Ivanoff, CIS St. Louis
Never pick a fight you cannot win. We all face situations that make us upset. Figure out what battles are worth fighting and what situations you can live with. If you decide the issue is important enough, be sure of your facts, think logically and don’t let your emotions overcome you. Most important, don’t argue for the sake of arguing. Be sure it is an important issue, and then once you decide it is worth drawing a line in the sand, do not back down. We all have our principles, which should never be compromised.
-Howard Rosen, Conner Ash
You can’t do it all yourself. Trust in your staff.
-Joe Balsarotti, Software To Go
Bottom line: Know your customers and what needs you meet. Listen to your prospects and customers. Evolve your business strategy to accommodate their needs. While this does not work for or make sense for every business, if your business is flexible and adaptable, it could mean more growth, opportunity and a competitive advantage for you.
-Laura Wiley, Marketing Lift
The best advice I ever received was, “It is better to initiate a good plan B than to wait endlessly for the perfect plan A.”
-Frederic Steinbach, MSW Marketing
My grandfather, a Russian immigrant with little formal education, offered me the following advice. He operated a candy store not far from Yankee Stadium in New York City. His lesson was more profound than any class I could take at the finest MBA program. “You do the work and you pay the bills.” That really sums it all up, doesn’t it?
-Jay Umansky, The Law Offices of Jay B. Umansky
Your product in business isn’t money. The U.S. Treasury is the only company with that product – they print it. Your product is excellent results for happy clients. That’s a product exchangeable for money. That’s where to focus.
-Matt D’Rion, Worry Free Marketing
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Submitted 9 years 275 days ago