S2 Ep19 Jane Tweedy – What business advice should you listen to? | FAQ Business Podcast

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In today’s podcast we look at how well-meaning advice from friends and business acquaintances can make us second-guess ourselves and what business advice to listen to. What business advice should you listen to? Recently I’ve had clients who have been second-guessed on their business decisions. This has caused them to lose their mojo and make them question what they were doing. Who were these amazing advisors? Simply well-meaning friends or business acquaintances. But did they really know better?

This is an episode in thought leadership and is intended to challenge you to think. There’s also some elements of actionable education.

Listen to the episode on all good podcast services, watch on YouTube or if you prefer to read, check out the transcript below.

Disclaimer – All information provided today is general in nature. Please reach out to Jane if required for personalised advice or coaching. 

Please subscribe to future episodes with your favourite podcast provider including Apple iTunes, Audible, iHeartRadio or Spotify or via faqbusinesspodcast.com.au 

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Season 2 Episode 19 FAQ Business Podcast transcription | What business advice should you listen to?

00:01 Have you been second-guessing yourself?

I’ve had multiple discussions this week with clients who have been second-guessed by their friends or people they’ve spoken to about their businesses or their business ideas. This leads to a broader topic. What business advice should you listen to? When is what you think enough?

00:24 Welcome to the FAQ Business Podcast  

Welcome to the FAQ Business Podcast for business owners, covering four pillars actionable, education, inspiring leaders, businesses like you, and thought leadership where we challenge your thinking. Hosted by myself, Jane Tweedy, I’m founder and lead trainer of FAQ Business Training, where we want to avoid you getting ripped off or ripping yourself off. We’ll feature an amazing diversity of guests with lots to educate and inspire you. Let’s jump into today’s episode of the FAQ Business Podcast.

01:00 What business advice should you listen to?

I’m Jane Tweedy, host of the FAQ Business Podcast and today’s episode, we’re going to talk about what business advice you should listen to. Isn’t that ironic considering you’re listening to a podcast produced by a business coach advisor and trainer from FAQ Business Training. And what am I doing? Giving you business advice and yes, I’m even asking you to question me.

01:27 Refer to podcast: Do you need a business coach or a business advisor?

I have another podcast and a blog about the differences between coaching and advice and that many people ask for a business coach when what they really want is an advisor.

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01:39 Sometimes we need a business advisor to fill gaps in our knowledge

Sometimes we need a business advisor, someone who can help us identify gaps in our business and fill those gaps in our knowledge. However, coaching is about asking you the right questions so that you can work out your own answer that is right for you. Many times what you need is not advice, than it is coaching.

Advice is great when you have no idea, you can’t determine which route to take if you don’t know what the options are. Or when there is a single way of doing something and again, you don’t know, it is just easier to get the answer.

02:17 Avoid making costly mistakes because of what you didn’t know you didn’t know

Too many times I’ve seen people ripped off or making costly mistakes because of what they didn’t know they didn’t know. So an advisor definitely has a place. Coaching, on the other hand, can be quite confronting. Refer our pushing through the frustration podcast on that one.

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02:37 Owning your own decisions is empowering

But it’s also incredibly empowering, owning your own decisions is incredibly more powerful than being told or guided into a decision that you don’t sit 100% comfortably with. Hence why I provide advisory and coaching services roles into one. I believe the two work really well together.

Apart from actual people like me who are coaches and advisors, or both, who can help you on your journey, there are also plenty of other people out there to give their two cents worth and to advise you. And that is where this podcast idea came from.

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03:16 Well-meaning friends and business acquaintances caused client to second-guess herself

The well-meaning friends and business acquaintances. The first client that raised this issue this week had actually already changed her brand, changed her business name and was completely second-guessing everything about her business. It was actually really quite sad. She had really lost her mojo, and that is the extent of when people talk. When we use negative language, when we question people too far the wrong way, we can actually make them feel really bad about themselves, which was not a good place for somebody to be.

03:52 People told her she wasn’t niche enough

She was relatively happy with the change of branding colours because she still retained a sort of fun element without it being as fun or too fun as she was told the previous branding had been. However, she was still very uncomfortable with some suggestions people had made that she wasn’t growing because she hadn’t niched down enough.

04:16 She was on both sides of the ledger in her industry

When I spoke to her and found out a bit more about what she did and why and things, it was very apparent that what she did was actually a selling point, not something to be shut down. Effectively she is on both sides of the ledger in her industry and honestly, it’s a good thing for a couple of reasons.

04:37 When one market is down, the other market is up!

Firstly, because if one market is up, the other market is down. So they are a natural sort of filler if you like, for the other market much better than being on one side of that ledger. And if the market has been down, your business is down. The other part is where the selling comes into it because she is able to provide insight from the other side into helping her clients.

So she’s helping a client from side A with information from side B. She’s really putting better information in the hands of person A, which is awesome and vice versa applies, so it’s not a bad thing at all.

05:18 Gave her some comfort, it’s ok to stick with her gut

So she came to me and I gave her some comfort. It was okay to stick with her gut, it was okay to stick with that. And I also gave her some tips and tricks to help her with her messaging so she could be clearer to people she was speaking to. But also, if she is speaking to someone on this side of the ledger on A that she is giving them a message that’s all about A. She doesn’t even really need to mention B at all.

However, vice versa. Overall, she can mention both. She needs to have that clarity around her brand voice, so if she wants to have that playful element, she needs to let people know this is actually part of my branding. I want to be playful, I want to be fun. I want to break the shackles of what is often not seen that way.

06:08 Next person was in the ideas stage and people didn’t like her business name

The second person I spoke to hadn’t started her business yet. She was at the idea stage and she had some people speak to her and say, aw, aw, I’m not sure about your name? Don’t like the name because are you selling those products? Because there were two products or items mentioned in the name, neither of which was exactly what she was selling. However, she had created the name because of it representing a vibe, representing kind of a behind the scenes approach to what she was doing.

06:44 Just needed a bit more work to make it searchable

So I actually quite liked it. I thought it was quite a cute name that works quite well for what she was trying to do. I did warn her, by not including a keyword related to her business, that she would have to work a little bit harder to make it searchable. However, not impossible by any stretch and there’s a lot of ways and means around it. You can have separate pages on your website about the actual things you do and you don’t need that to be therefore in the domain name in the URL.

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07:17 Remember does Apple sell apples?

So therefore her business name not having that exact match is fine. She can also use taglines, bylines, things under her logo that give that indication of what her business actually is. But I also said to her, if she was asked that question again, well are you going to sell those products then? Simply say this, does Apple sell apples? No, of course not. So sometimes we just need to have those little replies ready in case someone asks us the question.

Because honestly, it should shut them down pretty quick because I think everybody understands Apple doesn’t sell apples. In her case though, if she really wanted to, she could sell these two products or things that were mentioned in her proposed business name. She could actually sell them as an upsell onto her business and I actually think it would work really well. And there were some really cool things and she came up with a really cool idea. She could do as well for one of them.

08:19 She really loved this name and it was just people second-guessing her

So I think honestly, she has no issues at all with that name. But the problem is you get these people second-guessing you and she really loved the name. She said she thought of a few other ideas, but she kept coming back to that name. If she really loves it and it was available, which it was, then why not use it? Go with your gut instinct.

If you know that name is going to really represent your brand well, you can really envisage how it will be out there. Run with it, go with it. There is no harm in giving that a go.

08:53 Watch out for bad advice from Facebook and Facebook groups

Another place where we tend to get a lot of bad advice is from Facebook, good old Facebook groups. We ask people who are probably well-meaning, but they guess answers quite regularly. Some of them start with I don’t know or I think that and we know that they don’t know the answer. Why bother answering the question? Then leave the answer to someone that knows the answer. It is really quite frustrating that people just don’t know when to shut up in those groups, so they should stay out of the advice if they don’t have advice to give.

09:31 People offer advice when they really don’t know the answer

So the problem is we see people sometimes, however, put replies up and don’t give any indication that they’re guessing. You think they’re telling the truth, the whole truth and nothing but the truth, follow it and then find you completely wrong. So be careful of who you’re asking for advice. You might be getting it from well-meaning people that just don’t know the answer. Or of course, you could strike the old keyboard warriors. Either way, not a great fit.

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10:00 Be careful of comparing yourself to people we see on the socials

The other thing we need to watch out for on socials, particularly in things like Facebook groups, but also in people that we follow, is comparing ourselves to other people. People that we see on the socials. Remember, we are seeing their highlights real. We are seeing what they have curated and put together to put out to the world.

10:22 They only show things that make them look good

Even if they’re showing some of the more vulnerable aspects or things that they have failed with, they’re not going to show you everything. They’re just going to show you the one or two things that make them still look good or make them feel impassioned to you. You’ll get the odd person who will genuinely open up their entire life to you, but that’s few and far between.

For instance, one of my connections at the moment is going through breast cancer chemotherapy and she posted a video up yesterday that, oh my gosh, so emotional, so raw and really, you can 100% see this is 100% genuine. She said she was going to show the whole journey and by all means she’s showing the whole journey. And all provs to her because hardly anybody does this. Even what they show you from a vulnerable side is still a carefully curated version of it. Do not compare someone’s social media life to your real life.

11:26 Client making $200+k a year but recently demand has dropped

Another client came to me a few months back. She was making about $200-250k a year in turnover. But in recent times things have dropped off because the demand for her industry had dropped quite markedly just due to the environment around.

11:47 She thought somebody in a group was doing better

She gathered this perception that somebody in a group she was in was actually still doing okay and was still actually getting really good amounts of work. Turned out that was an assumption and turned out a few weeks later, she actually did post and did actually have a live about the fact that the industry was taking a bit of a hit at the moment and that there was very little demand.

12:17 This person was not even getting $75k a year  

So maybe she’d heard that previously she might not have signed up to this program, but she signed up to a program with this person. And the crazy thing was, I looked up this person and their business is not registered for GST. So in Australia, what that would mean is that person is not earning more than $75,000 per annum. My client, remember, was earning $200 to $250k. This one is not even getting $75k and yet she was taking advice from that person as if she was so much better than her. So please don’t make assumptions.

12:58 Even trusted advisors don’t always get everything right

Don’t believe someone’s world is so perfect and yours is so far from perfect because honestly, you might be misrepresenting what their world is and what your world is. Even trusted advisers, the people who actually do trust to give you advice don’t automatically get everything right, me included.

13:21 Nobody can know it all and so not always going to be right

For two reasons number one, not everyone can know at all. Not everyone can have caught every single update that’s occurred. It just physically isn’t going to be possible. So every now and then they’re going to mistake. Maybe they interpret something wrong, maybe they don’t realise the changes being made or just maybe they said the wrong thing or whatever. Okay, so they’re not always going to get it right.

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13:47 They might impose their self-limiting beliefs

But also what can happen is they can impose their limiting beliefs on you. So because they don’t think something is possible, they can make it sound to you that that something is not possible.

14:02 Always follow up and validate information

So at the risk of hypocrisy, I am going to advise you always follow up with your own due diligence. Validate any information back to original source if you need to. So check what they’re saying is still current, still valid. Where it’s something that is a decision for you and you have got all the facts and information. You are going to base your own decision basically on your gut instinct, on your thoughts about the topic. 

Sure, having a framework around making decisions is going to make you assess the situation in a better way. But be careful where that framework comes from. If it comes from someone sprucing something, then maybe that framework is somewhat tainted to lead you down a particular strategy. So do be mindful of that.

14:58 You may know more than you think you do!

Also, you may know more than you think you do at times, so make sure you dig around and that old noggin up here to get some of your own thinking out before relying too heavily on the thinking of others.

15:12 And remember you don’t know what you don’t know

Flip side. Also, remember, you don’t know what you don’t know. So yes, in running businesses, seeking advice, seeking external counsel is definitely necessary. But be careful who you solicit advice from and make sure you do your own due diligence to source or work out how it applies to you before making any decisions.

15:39 Thank you for listening and please leave us a review  

Thank you for listening in, I’m Jane Tweedy from the FAQ Business Podcast. Thank you for listening to today’s episode of the FAQ Business Podcast available on all good podcast services. You can subscribe today FAQBusinessPodcast.com.au or directly on Apple iTunes, iHeartRadio or Spotify. Subscribe, follow, share and where able to, review our podcast or leave us a comment on either YouTube or our blog page.

Thanks for helping us to help you the small to medium businesses who are growing and want to make a difference. Look forward to connecting with you again on the next episode of the FAQ Business podcast.

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Today’s podcast episode featured our host Jane Tweedy. Her details are as follows:

Jane is a Professional Certified Coach with International Coaching Federation (PCC with ICF), business advisor and trainer. She loves working with growing small to medium business owners who are doing the right thing, to help them do it right! Currently, Jane offers at least 50 live sessions a year to train small business owners.

Jane offers a variety of services to clients and her online school and membership site went live late 2021. Jane’s focus for 2022 is building the membership and online school out further, and offering implementable small group training – something she finds is often the missing link.

If you are interested in training, speaking, or anything else Jane has to offer, please connect via training@faqbusiness.com.au or via the contact forms on our websites.

faqbusinesstraining.com.au – our main site with a great blog

faqbusinesstraining.com – our new online school

faqbusinesspodcast.com.au – our podcast site

And on the socials …

Facebook https://facebook.com/faqbusinesstraining

LinkedIn https://linkedin.com/in/janetweedy https://linkedin.com/company/faqbusinesstraining

Instagram https://instagram.com/faqbusiness

About FAQ Business Training

If this is the first time you’ve come across us you may want to know who we are! FAQ Business Training has a mission to educate and empower small business owners to learn enough to do it yourself (DIY) or outsource with confidence. We do this via face to face training in Western Sydney (currently all training is provided online), speaking at conferences, events and networking groups and we have launched our online school and membership, offering online courses and webinars to appeal to a global (English speaking) audience. Connect with us on Facebook or LinkedIn.

 

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