Wise Wednesdays - Golden Moments

Wisdom is what's left after we've run out of personal opinions.
- Cullen Hightower


Seeking advice, especially from people who know very little about your business or who give you advice because they read something in the news (i.e. housing sales are going up, there are constraints in consumer spending etc.) may in fact work against you.

This is what I call Noise: People spewing advice or thoughts that are not based on fact but usually opinion and in most cases their biases.

However, it is important to seek wise counsel. Crucial. Specifically, see if you can connect with:

- Professionals who know your industry well
- Professionals who know what running a business is about
- Professionals who have an expertise in a specific area of business (i.e. finance, legal advice etc.)

Think about these people as your virtual board of directors. These people can offer what I call Golden Moments of wisdom. Seek them out. Don’t be afraid to talk to them. At times it may be wise to pay for their services.

A client of mine was ready to spend $2,000 on, what was in my opinion, an ineffective way to market their services. I recommended they take out an expert in their field for lunch to a chic restaurant. In his words, “it was the best damn $85I ever spent and a great lunch to boot.” He also saved himself $2,000.

Smart business people know that investing in human capital is worth its weight in gold.

Cheers,

Dominik