Posted: Thu 20th Jul 2023
Plenty of people offer their opinions and guidance regarding free business advice. But how much of this advice can you trust?
It's essential to recognise that there may be better ways to reach your goals than free business advice, as this information may only sometimes be reliable or accurate. In this blog, I examine why free business advice might be holding you back from achieving your goals.
If it costs nothing, it's a great deal
Well, only sometimes. The allure of free business advice is understandable. Who doesn't love a good deal? However, free advice often comes with limitations and risks and might not be as helpful as you initially thought. The phrase "you get what you pay for" rings true.
Being free advice, there is no warranty on its helpfulness.
There is also no real time spent to understand what you need. Often, people giving free advice are not as invested in your business as you are and might not have the necessary expertise to help you achieve your goals.
While getting business advice for free is easy, it's essential to consider the potential risks and limitations before relying solely on it.
This doesn't mean you should dismiss free advice altogether, but rather take it with a grain of salt and research before acting on it. Ultimately, the key to success in business is finding reliable advisers and mentors who can provide tailored guidance and support.
Does the advice fit your overall business objectives or the giver's perspective?
One of the biggest risks of relying solely on free advice is that it may need to be tailored to your business needs or objectives. It's important to remember that every business is unique, and what works for one may not work for another.
Additionally, the person offering the free advice may have their own biases or perspectives that could lead your business down the wrong path. If the advice contradicts your goals or needs to make sense for your business model, it may not fit you.
Watch this webinar to find out how mentoring can help your business thrive and grow:
Traditional mentor or an ‘active mentor’?
A traditional mentor may offer free or low-cost advice and guidance in a business setting. However, it's important to remember that the information they provide is usually general and may not have a personal investment in your success.
After receiving the advice, it's your responsibility to put it into practice through trial and error, which can be a lengthy and challenging process with a higher chance of failure.
If you have a business mindset and available time, a traditional mentor can adequately guide you in the initial phases of your business.
If you need guidance and support to grow your business within a specific timeframe with a low risk of failure, an active mentor can offer expert advice and hands-on management.
The active mentor charges a fee that is a percentage of your business's projected annual turnover. Nevertheless, it can provide you with a valuable package covering sales, business and marketing management.
This package can help you save money at every stage of your company's growth, from start-up to scaling.
An active mentor is someone who is invested in your financial success and will collaborate with you to create and implement strategies that align with your business objectives.