Tuesday, May 4, 2010

Beware of Bad Business Advisors

Maybe you have a lot of resources, and are surrounded by many professionals that you consult with before making decisions. Despite this, before you take business advice from anyone - make sure that they really know what they're talking about.

Just as not all doctors are good doctors, the same goes for financial advisors, lawyers, consultants, accountants, marketers, etc.

Too often, I hear someone say something like: "Well, I talked to my friend who's a lawyer and he said its okay." My response to this is always: "How do you know he's a good lawyer?" Lawyers give bad advice all the time, and passing a bar test doesn't necessarily mean that the person is smart, intuitive or honest.

Before taking the advice of a "professional", be sure to review their history whenever possible. For instance, would you be comfortable taking advice from a lawyer who failed the bar test 10 times before he finally passed it? Would you be comfortable consulting with an accountant who graduated college with a "C" average?

Ask for the contact info of the person's previous and existing clients. Talk with them and ask specific questions. This will always give you a better idea of whether or not you should be taking advice from someone.

I find that nowadays everyone wants to share their "knowledge" and offer their opinions. I've seen overweight people telling others how to lose weight. I've seen people in debt telling others how to get out of debt. And, I've seen unsuccessful business people telling others how to be successful in business.

Listening is never a bad thing, but before you take someone's advice - make sure that they're a reliable resource.


  1. Very good article, I especially like the last paragraph, it speaks volumes to me. I have been given advice from individuals who have been in the business for 20 plus years yet they are still on the ground level. Due diligence is an important aspect of one’s success. Thanks for sharing.