A MONTH AGO, CNN Money.com came out with a feature entitled “The smartest advice I ever got.” Successful business people were asked to share the best advice they received regarding money. For Bobbi Brown, founder and CEO of Bobbi Brown Cosmetics, it’s “Create your own opportunities.” For Craig Newmark, founder of Craigslist, it’s “Money doesn’t make you happy.” And for Derek Jeter of the New York Yankees, it’s “Know where your money goes.”
Going into business isn’t a walk in the park, so part of the homework is heeding the advice of other people. This ties in with Proverbs 15:22: “Plans fail for lack of counsel, but with many advisers they succeed.”
A couple of businesswomen share here the smartest business advice they ever got. See if you can apply these to your life as well.
1. Go into business involving your expertise. Jol Espiritu-Cruel of Just for You personalized stationery, party favors and diapers cakes, credits her mother-in-law, Chita Cruel, for this advice. “She always says that one should go into business involving his/her own expertise—not one that is fully or largely dependent on somebody else’s talents. That way, you will never have to worry about that person one day leaving you for greener pastures—or worse—for a competitor!” says Jol.
This work-at-home mom of three kids aged 14, 12 and 11 has taken that advice to heart and believes that is the reason her business is still around. “The greater bulk of work involved lies with me, my talents and hard work. I may hire an extra hand or two to help me out during my busy season (in time for the holidays), but the work I assign them does not make them indispensable,” says Jol. “For the rest of the year, I am on my own and I do just fine.”
2. Don’t forget relationships. Crissy Balatbat of Cerealicious, a cereal bar, and Newstar Publishing, quotes businessman William Rosenfeld: “Never be too busy or too involved in details to forget that any business is really about relationships: you with each employee, the company with its customers, and customers with their end product.”
People skills are important in business. Crissy says, “I apply this in both businesses I’m currently involved in. I find that when you treat your staff well, they enjoy working for you and are motivated to work hard to achieve the company’s goals. And in dealing with customers, I find it very beneficial and rewarding to know and understand their minds, their hearts, and their lives in general. Focusing on their desires and what makes them feel satisfied is first priority.”
And the reward follows. “I find that the more effort you exert in making your customers feel happy, the more they will keep coming back to you. At the end of the day, you realize that your business is all about catering to their needs. That’s why you put it up in the first place: no customers, no business,” adds Crissy.
How about you—what’s the smartest business advice you ever got?
September 1st, 2008 at 11:55 pm
[...] I read this blog from inquirer which listed as number one advice…Go into business involving your expertise to which I [...]
September 1st, 2008 at 4:06 pm
Expertise in any chosen field will always be the potent weapon in achieving one’s goal.
The experience of Tony Santos in his bakery business is very common in the food circle. The “dakot” system is an enemy of any cost controller. When I help manage my relative’s bakery business, I experience the same problem pointed out by Tony. If I may add, one should observe that after the unconventional “dakot” system, the baker are always in a hurry in cutting the raw materials. If a kilo of flour should produce, say, 100 pieces of pandesal, a baker will make only 90? Kaya malaki ang pandesal mo? Hapi ang customer, di ba. But look, not only that, sometimes marami pang sira or na over cook, or nakain. Whatever, but that is how intricate the micro processing of a lowly pan desal.
So one should have enough patience and discipline in managing a bakery.
August 31st, 2008 at 9:58 pm
I strongly agree! To start a business along the line of one’s expertise indeed is good advice. But it was the first error I committed when I entered the bakery business!
In the 1980’s, I went into the bakeshop business with only one sure thing: my wife is a good, very good, home baker specializing in cakes and pastries.. But opening a neighborhood bakery with
pan de sal and bread proiducts as main line took us by surprise. Our hired bakers knew all the recipes, we knew how to do the costings. But they did not operate by cups and measures the way we computed costings. They were into “dakot” system. Tantyahan ika nga! Not only that, the moment they learn that another bakery opens needing bakers they would leave us together with their recipes. And we were left by surprise!
But the business took off dramatically because I was popular in the area and that I had a good PR with my customers and neighbors. Yet the problem is more internal than from outside factors.
Our cake baker was exceptionally good in motif cakes, so we accepted birthday and all-occasion cakes. We have the orders ahead and since our baker was stay-out, he would know ahead that a good number of cakes have been ordered for the following day. Know what, he would suddenly call in early the following day, and report that he was not feeling okay and could not report for work!
With that same incident repeatedly taking toll on our sales, eventually I had to enroll in a baking and cake decorating class! And the rest is history.
August 31st, 2008 at 9:40 am
My biggest business advice would generally do it from your heart. Aside from utilising your talent and skills, you have to be passionate about your venture. It might also be equally important to do some research, your target market and how you will deliver it to the desired consumers. Make sure that the goal of profit making is only your secondary agenda. It has to follow after you have given and serve your consumers the best that they can have from your products.