Admit your limitations
It isn’t always easy to accept when someone else knows best, especially when you run a small business and you’re used to being the fat controller. There’s an art to knowing when to soldier on and when to stop blundering around in the dark stubbing your toes, and it’s one some business owners never quite master.
Do you follow advice or go your own way?
How good are you at following expert advice? Do you acknowledge their expertise then ignore it and do your own thing? Are you convinced you know better despite your relative ignorance? If so, you could be in for a world of pain.
Doing it like a Virgin…
Richard Branson is a good example of someone who gets it right. The Virgin brand includes a vast empire of popular businesses covering multiple sectors and industries. When asked how he keeps them in profit and on track, this is what he said:
“The short answer is that I rely on a terrific team of CEOs and top managers, and on the great people around the world who work for Virgin… Virgin’s ability to grow and diversify successfully was set in the company’s early days, with my learning how to delegate and let go.”