Taking The Wrong Business Advice

We are always keen to promote taking good business advice, it is the cornerstone of an effective and prospering company. Being open to business advice can only add benefit to your company.

We recently looked at a survey from Surrey Business School who surveyed over 1,000 owners/ directors of small and medium sized business across the UK.The results of this survey where interesting. The graph below shows areas where companies do not seek business advice, this is done on a percentage of those surveyed who said they rarely, or never, took advice in these key areas.

business advice graph

The interesting part of these results is where companies did not take business advice, the top areas being;

  • Business Planning
  • Growth and Maximising Opportunities
  • Cash Flow

Without being simplistic, if these areas are not covered then your business is in trouble. Cashflow should always be near the top of your priorities, so why isn’t advice being taken?

There are several reasons we could think of, the main one being that small businesses are very ‘outward’ facing. Therefore, things like printing, websites and media are prevalent as things that impact upon the ‘outward’ focus.

Professional business advice in the areas of cashflow and planning are very ‘inward’ looking, which is a difficult concept for some small businesses to grasp, it is very much against the grain of who they are.

All we promote is that you consider taking business advice in the right areas, don’t take advice too late or when something has happened. There are options to take advice on a gradual or very limited basis and at a low cost, so use it.

If you want to know more then contact us here, or add your comments above and we will respond.

Author Byline – By Dave Farmer

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