The hidden value in free advice
The hidden value in free advice
When building a business, you encounter many challenges. From the ordinary growth stresses to extraordinary curveballs (like pandemics, for example). In those situations, most leaders will ask the advice of someone they trust – or someone who has been through a similar experience.
But do they listen to that advice and act on it?
The answer is: it depends. Studies show that when leaders pay for advice by hiring consultants or industry experts, they are more likely to follow it. But if the advice is freely given, they are less likely to trust it or see its value.
I think this is a mistake, and one that we all must try to avoid.
I’m both a giver and receiver of advice. When I started BigChange, I was lucky enough to be able to turn to family and peers for their take. They never led me astray. The only times in my career that I have made errors in judgement were as a result of paid advice. I once brought in a consultant and ignored my own instincts, making a mistake that I later had to rectify.
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When I do my Shop Floor days, I meet BigChange customers out in the world. And while about a quarter of my time is spent talking about our technology platform, the other 75% is me giving free business advice – have you considered x or done y? I would never think of charging for my advice and it brings me real joy when something I’ve said helps a fellow business owner. ?
But I have noticed that when I meet organisations, and offer my advice for free, the response is somewhere between shock and disbelief. How could my advice be valuable if I’m giving it away for free? The culture of paid advice is pervasive.
There are a few reasons why leaders may choose to ignore free advice. Maybe we worry that they don’t understand the problem fully because we haven’t paid for their time to listen. Perhaps, we sometimes struggle to admit that we don’t know it all? If we take free advice, are we subconsciously admitting that someone who doesn’t even value the advice enough to charge for it knows more than we do? Whatever the psychology, it’s flawed.
So, the next time you need advice, be empirical about how to seek it. Speak to people with experience, or whose instincts you trust, and give them the opportunity to advise you - and benefit from all the warm-and-fuzzies that go along with helping a friend or fellow business owner. Don’t immediately go down the consultant route or presume that paid advice is best.
That’s my advice, take it or leave it.?
Ethical and Sustainable Recruitment Agency Founder | Authentic Keynote Speaker | Host of The Ethical Business Podcast | DM me for a call
2 年I can certainly think of a few people who have shared their experience for free because they wanted me to succeed. Hence why I love this post. One of the great things about having a long career in business is being able to spot a train wreck before it happens, and being able to share advice, based on experience, to help someone avoid it. I’m always honoured when someone comes to me for help because it tells me I must be doing something right, and it’s good to give something back for no other reason than because I can. Another great post Martin??
Experienced and exited entrepreneur, NED, now Founder and Chair of Pabasso Peer Advisory Boards - Award-winning mentor, Public Speaker, GC Suite 'Playmaker' and Blogger - supporting enlightened MDs and CEOs since 2005
2 年Martin Port, great free advice. I also spend a lot of my time helping people with FOC advice and support, mainly early-stage business leaders, I find it hard to say no when asked because I hope I can help them avoid some of the mistakes I have made and seen others make along the way. They say we should learn from our mistakes, I think it's better (and less painful) to learn from other people's mistakes. Sometimes the support is more valuable than the advice. However, I also know that there is value in providing support that is paid for and we do this incredibly well in our Pabasso - Peer Advisory Board Associates groups where 12 leaders of established businesses meet together once a month to discuss opportunities, challenges, and issues and draw on the combined experience, expertise and support of that group to progress. Keep well, R
Natural Skincare ??
2 年Really good post and I can relate to it massively!
The Operators Friend | e-learning Expert | Advisor to Owners and Transport Managers | Professional Development for Drivers | Worshipful Company of Carmen
2 年Great advice Martin. I visit clients on my Yard Days. One of my objectives is to offer advice to add value to their relationship with us at Road Skills Online. "Have you thought of this way to cut your operating costs?" I should do more of it.
I develop HR strategy for SMEs that minimise risk, protect profits and add value .............. speaker | author | HR business strategist
2 年Insightful share, Martin Port!