The Wholesale Forums

[Anthony]

All of us here have some level of experience or other in business. What is the best piece of business advice that you would pass on to other businessmen and women?

Perhaps you have learnt from your own mistakes or through experiences over the years. What sticks out for you?

I can think of quite a few, here are three:

* If you are taking a risk in business, always make it a calculated risk, never do something without thinking about it first.
- It may be obvious, but I've seen many times in business. People buy stock with no real consideration of how they are going to sell it, where they are going to sell it or whether the margin is even worth it.

* Never rely on others for things that matter! Always assume that you have to fend for yourself.
- At this precise moment, on a personal level, I don't trust anybody in business. This is partly due to a few recent bad experiences, but I think it holds some truth. If you get too comfortable, you lose your edge, stay vigilant and always cover your own a$$ when it comes to business.

* Don't spend more than your budget can afford. Buying stock is one thing, selling it is another. Always consider unexpected costs.
- Cash flow, cash flow, cash flow. I've heard once or twice this being referred to as the "life blood" of any business. Never spend more than you can afford, always budget according to your situation.

What would you pass on and why?

[Tango34uk]

Know your enemy!
This is left over from my military days, but it works very well in business as well, if you know what your enemy is upto, it makes it a lot easier to run your business.
I often see what items others have run out of, so at that moment I can find my hidden supplies of the same items

[hardwareheroes]

When times are good, SAVE for the bad times !

Trust NOBODY.

Do NOT treat staff as friends

[Anthony]

Originally Posted by Tango34uk

Know your enemy!
This is left over from my military days, but it works very well in business as well, if you know what your enemy is upto, it makes it a lot easier to run your business.
I often see what items others have run out of, so at that moment I can find my hidden supplies of the same items

That's certainly an interesting way of looking at it!

I actually quite like refering to competitors as enemies. Put it this way, they are competing against you to feed their own families, who's feeding yours?

Do you ever monitor your competitors for any other reasons? Besides stealing sales of course.

[Anthony]

Originally Posted by hardwareheroes

When times are good, SAVE for the bad times !

Trust NOBODY.

Do NOT treat staff as friends

I like this too!

The staff issue is a given. A relationship is important, but never get too close.

Your the second person in fact in the last few days to say that you should never trust anybody in business. Is that based on a past experience or is it a philosophy you have always had?

[lighthousedirec]

Don't worry about competitors too much, trust your own judgement.

I worked markets for over 20 years and a m8ty who worked for me used to get very upset that I NEVER ever walked onto a competitors stall to check out their stock and prices.

I preferred to set my own agenda, all my competitors used to react to myself, not the other way round.

Some research is great, but most importantly, to borrow a phrase.....
JUST DO IT.

You see it over and over again on forums, guys who have been researching for over a year and are yet to buy anything, guys looking for that mythical cheap supplier etc yet will never find them. Best way to learn is to start small and trade your way up.

I know a woman who has bought £50k of stock and has yet to sell anything since she wants everything "perfect" before launching her website. Such a situation rarely happens, launch with what you have and re-invest what you earn in the meantime.

Some people are not cut out for making decisions.... if you are one of them, go get a job or stay in your present one.

[greedyboy]

The best bit advice I can give is treat your business like an athlete.

An athlete requires 101% dedication. As soon as you stop training and take your eye off the ball (so to speak) the athelete becomes fatty, bloated and slower. The same can happen to your business and then you lose money and may never get the level of fitness back. So if you are making a nice few quid, don't rest... train harder!!!

[orkus]

Hmm... intrigued here and totally agree with all of it. Just joined the forum to see what business owners think about day to day issues. Have you come across the www.telegraphbusinessclub.co.uk? They have good case studies of SMEs who face challenges and other helpful stuff.
They could do with more down to earth comments like these!

[hardwareheroes]

Originally Posted by Anthony

I like this too!

The staff issue is a given. A relationship is important, but never get too close.

Your the second person in fact in the last few days to say that you should never trust anybody in business. Is that based on a past experience or is it a philosophy you have always had?

I have had problems in the past trusting people (even family) who have turned out to shaft me in the end, either financially or taken a loan of my good nature. 3 distinct instances I can think of, one of which lost me nearly £250,000 in turnover.

[consultant]

Never spend/invest any more than you are prepared to lose!
different to Anthony's in as much as even if you can afford it, can you afford to lose it!

KISS - Keep It Simple Stupid
it is very easy to overcomplicate things


If it sounds too good to be true, it probably is!
A general life one, but one that noobs and the greedy just don't get.

Unfortunately, very relevant in importing - caveat emptor - buyer beware!

Revenge is a dish best served cold
One my old boss rarely threw around, but meant it when he said it