Online guides, courses, blogs, and brochures are bristling with business advice, tips, and steps. However, most of this ‘how-to-start-a-company-and-get-rich’ advice is useless. You have to work hard, be determined, optimistic, etc.
Wait a minute!
Don’t those apply to everything you do? The business advice people need are tangible ideas – how to make a plan, how to hire the right people, how to move your business online, how to handle clients and much more. Here we’ll try to confirm or bust some of today’s ‘hottest’ business advice myths.
- 1. You need to invest in communication skills – Confirmed
- 2. You need to be cheaper than anyone else – Busted
- 3. Leadership skills are always important – Confirmed
- 4. Don’t bother, the market is saturated – Busted
- 5. Marketing is the heart of any business – Confirmed
- 6. If you want something done, do it yourself – Busted
- Conclusion on Business Advice Everyone is Talking About
1. You need to invest in communication skills – Confirmed
According to the Bloomberg Recruiter Report, the skill that most employers were looking for in candidates in 2015 is strong communication abilities. It doesn’t matter whether your job is talking to clients, co-workers or partners, your effectiveness depends on your clarity as well as the ability to be concise and persuasive.
Surprisingly enough, it seems that recruits with that skill set are hard to find. Many business institutes and community colleges offer education programs that focus on communication styles and strategies through group work, team discussions and sessions on public speaking.
2. You need to be cheaper than anyone else – Busted
If you run a smaller company, it is only natural to think that your only chance to hook horns with the competition is to offer lower prices than everyone else. However, if you lower the prices over the margin, you will end up losing money with every new order and soon you’ll have to scrape around just to break even.
Instead, it’s better to focus on how to bring more value to customers rather than how you can offer the insanely low price. Sooner or later, there will always be someone who will offer a lower price than you. Making your customer happy at sustainable prices is the only way in the long run.
3. Leadership skills are always important – Confirmed
Contrary to popular belief, having strong leadership skills is not important only when you reach a managerial position. Being able to lead is important even when you are the most junior person on the team. If you understand how to unify a group and reach the decisions quickly and without conflict, you’ll become incredibly valuable to the company.
Still, bear in mind that being a leader sometimes means not doing things your way. Not everyone is going to agree on everything, and you often need to make compromises to make sure everyone’s voice is heard while still coming up with a solid plan.
4. Don’t bother, the market is saturated – Busted
Whether you are planning to start a gift card company or sell used books online, you must have heard a lot of people say that the market is too crowded, and you better think of something revolutionary. Business gurus preach to us to be ‘disruptive’ – defining a completely new product or service category is the safest way of succeeding.
However, the success of a company doesn’t depend only on creating a new niche. Examine your target industry and identify what elements are missing from the current offerings. Then, figure out how you can fill that void in the best possible way. It is much easier to build on an existing market than to create a new one.
5. Marketing is the heart of any business – Confirmed
No matter what industry you are in – at the end of the day, your success depends on the customer. This is the reason why it is critical to understand what makes people pay for something and how you can use that knowledge to achieve your company’s goals.
Marketing skills can tell you which types of customers will be interested in your product, or inversely, how to develop a different strategy for each customer type by tailoring your message and price range to their needs.
6. If you want something done, do it yourself – Busted
While it’s true that money can be tight when you are just starting out, there is something even more valuable – time. You need time to plan, act, execute and map out where you are headed. This is why one of the best ways of buying more time is delegating.
At the beginning, hire someone to help you with the paperwork and correspondence. As your company grows, you can outsource more complex business matters like bookkeeping, social media or inquiry on how to make money online to professionals who can stay focused on their segment. Entrepreneur-types are usually highly driven and it is hard for their personality to give up the reigns, but in order to scale up, you need help.
Conclusion on Business Advice Everyone is Talking About
Implementing these six pieces of business advice will help you grow your business by building relationships, planning strategically, and thinking about your company as a whole. Being a leader doesn’t only count when you are on top.
No matter which position you occupy, the ability to pick up where someone failed and get the work done by motivating people around you is the recipe for success.