First in Forbes July 26 2022
Everywhere you look, it seems people are sharing “the secret to business.” However, a lot of business advice that gets shared is not good or helpful.
In fact, many commonly used adages have been misconstrued over time and no longer hold their original meaning.
With time and experience, many leaders learn how to decipher the good business advice from the bad.
15 Forbes Business Council members shared some overrated pieces of advice and explain why they aren’t helpful to the success of a company - including MindEquity.
2. If You Build It, They Will Come
The best product or service doesn't always win—marketing, PR and sales do. All too often, we hear clients, especially in the SaaS and financial products spaces, talk of perfecting their platform before bringing it to market, thinking "We have to be the best option." This is wrong. Bring it out early. Let client feedback drive product evolution. - Ryan Blanch, Repute PR + Law
3. If You Love What You Do, You’ll Never Work A Day In Your Life
I’d guess this phrase was probably said by someone who wasn’t a business owner. Since business owners can wear many hats, the minutiae of day-to-day tasks like running payroll, inventory control and accounting is not exactly exciting. However, it's definitely necessary, if not crucial, when managing an organization. - Adam Povlitz, Anago Cleaning Systems
4. Go With Your Gut
While in many cases this can work out, the problem with this intuitively-appealing advice is that it's typically led by emotions that override rational judgment. Using instinct to make hiring, investing, divesting or scheduling decisions is not only short-sighted but irresponsible. Yet, many leaders boast about their innate sixth sense and use confirmation bias to justify it. - Nuala Walsh, MindEquity
5. Always Stay Ahead Of Your Competition
This advice is how you lose focus. Stop looking at what everyone else is doing and focus on your customer—What are they looking for and how can you do better at delivering it? Don't get caught up in this because someone is watching your client while you're watching competitors. - Laura Silver, Blue Door Communications
6. Follow Your Passion
This phrase is incomplete and misleading business advice. When seeking a hobby or volunteering, it works. When starting a business, that stand-alone statement may mean imminent failure. Finding a monetizable solution stemming from a passionate cause is the better suggestion. Passion leads us to a purpose, but only a strategic plan will help launch and sustain your purposeful mission. - Tej Brahmbhatt, Watchtower Capital
7. Advice From Anyone Who Doesn't Have The Life You Want
Many people will offer up an opinion on what you are doing, which can make it hard sometimes to know who or what advice to listen to. The most overrated advice you will hear is the kind that comes from the guy who is overextended financially with past due bills on everything they own. - Joshua Steinberger, NextGen Restoration
8. Do One Thing At A Time
This advice might have made sense when there weren't emails, labor issues, currency exchange issues, global traffic and cell phones, but today that recommendation is obsolete. Being able to do several things at a time, in addition to doing them well and to completion, is a must in 2022 and beyond. - Dr. David Lenihan, Tiber Health
9. Never Turn Down An Opportunity
As hard as it may be not to pursue what looks like an immediate opportunity, you should always have a sober second thought. There are so many factors to look at, such as resource utilization (Do you have the resources or need more?), the opportunity cost of doing this vs. something else? (Does it move the company forward?) and of course, SWOT analysis. - Howard Rosen, LifeWIRE Corp
10. Be Yourself
It's not helpful to be yourself. You need to be the best version of yourself! You have to be smarter, more polished and more prepared than anyone else in your field every time—no matter how well you are doing recently. - Chris Kille, Payment Pilot
11. The Customer Is Always Right
If you’ve heard it once, you’ve heard it a million times: The customer is always right. The problem is, sometimes they’re wrong, and in certain situations, it may be up to you to set them straight. When you’re the expert, own your truth, and aren’t afraid to educate your customers when it will do them (and you) good. - Ty Allen, SocialClimb
12. As The Owner, You Need To Know How To Do Everything At Your Company
As a great leader and business owner, your responsibility is to put great people in the right seats. You should know enough to understand the role, but not so much that you need to get into the nitty-gritty. Trust your people and let them do their jobs. - Sam Kaufman, On The Level Construction, LLC
13. Never Ask For Help, Be Self-Sufficient
It is good to be a self-sufficient person who knows something about everything, however, it is okay if you do not understand the technical stuff. Instead, seek assistance from the best in the business. Collaboration amplifies your vision and increases your awareness of things you have never explored before. It is okay to ask for help from experienced professionals. - Aidan Healy, Healy Consultants Group PLC
14. Always Focus On The Bottom Line
Though it seems like sound advice at first glance, you can end up sacrificing long-term success for short-term gain if you're not careful. Another classic piece of bad advice is "never take risks." This can stifle innovation and growth. Instead of following the crowd, think for yourself and make decisions based on what's best for your company in the long run. - Chris Gerlach, Synergy
15. Never Teach Anyone How To Do Everything You Do
This is terrible advice because our goal should be to empower our employees as leaders. We should help them learn and grow within the company so that it can grow. Our biggest growth came once we started sharing critical tasks with the staff. It's so satisfying to see someone rise to the occasion! - Chris Clear, Clear Storage Group, LLC