Loughborough

#19 – 20th May 2008

Know Your Limits

Whilst chatting to an accountant recently, I was reminded of my own tendency to “Go-it-alone” when I should seek advice. Our conversation had strayed on to tax. I was given two tips that could save me rather a lot over the next 2 years.

This conversation reminded me that I should:

• Value other people’s expertise;
• Ask for help sometimes;
• Place a higher value on my own specialist knowledge.

It also reminded me that one of the most common mistakes in business is that of failing to get help with the parts of the business that are outside our own experience.

Avoid Assumptions

At times it may be reasonable to make considered assumptions about business elements with which we are familiar. However, assumptions can be very dangerous when we allow them to influence decisions in areas outside our specialist expertise.

Flawed assumptions lead to flawed decisions.

Find the Experts

It can pay handsomely to seek expert advice and guidance from people who really understand the issues with which you are grappling. Sometimes this knowledge comes with an invoice attached, at other times it may be free.

Many issues will be within the remit of an advisor you already deal with (Accountant, Solicitor etc.) but there will be times when you need to find somebody new. In this case, use your networking skills to obtain a referral to a person who is genuinely knowledgeable on the issue in question.

Investment or Cost

Consulting an expert is always going to be lower risk than making decisions based on assumptions or on advice from well-meaning people who are no better informed than yourself.

Check the price but value the expense as an investment in wisdom which will do one or more of the following:

• Save you money;
• Avoid embarrassment;
• Help you keep a customer.

 

Paul Fileman MIET CEng MCIM
Chartered Marketer
paul.fileman@talktosps.com
Tel:  01509 854447
Mob: 07969 188820
www.talktosps.com