Home » What To Do If You Were Given Bad Business Advice: Practical Tips For Start-Up Leaders

What To Do If You Were Given Bad Business Advice: Practical Tips For Start-Up Leaders

Start-up founders need a lot of advice and support, and they often get it from various sources. These include mentors, fellow founders, consultants and more. 

It’s also possible to get business advice from Government entities and linked organisations, as well as friends, family members and even your competitors.

After all, many business leaders share their advice on podcasts, blogs and videos, so you can use this to learn from. 

Wherever you get business advice, it’s crucial that you take the time to review it and try to make the most of it. 

Unfortunately, not all business advice is valuable, and some might be the opposite. As such, when you read anything online or hear advice from someone, you should always do your own research. 

If the advice comes from a fellow company founder or a professional consultant you trusted, then you might not have done as much research, and simply followed it. 

Should this advice turn out to be incorrect or deliberately counterproductive, then there are several courses of action you could take, including legal action. 

In this article, we’ll outline what you should do if you suspect that you were given bad business advice from an expert or consultant. 

Get A Second Opinion 

The first step is to work out if the advice was actually bad. In some cases, the advice might not be bad, but the tactic might not have worked, or something unknown to the advisor might have caused issues. So, before you make accusations, you need to get a second opinion. Speak to other advisors and experts to work out if the advice was genuinely bad, or if you’ve just had some bad luck, so that you can ensure that you take the correct next steps. 

Consider Seeking Legal Advice

If you’re concerned that the business advice you were given will cost you money or cause significant harm to your business, then you should consider suing for professional negligence. Use experienced professional negligence solicitors such as the team at Hugh James. They have worked on hundreds of similar cases and can give you expert advice and support that’s tailored to your business’s unique needs. You’ll then be able to ensure that you get the restitution you deserve. 

Focus On The Future 

While it is important that you do everything in your power to rectify the mistakes made by your former advisor and ensure that they are brought to justice, you also need to remember not to dwell on the past. It would help if you also considered the future of your organisation. As part of this focus, you should make a plan for the further growth of your start-up. Learn from the mistakes made in the past and find better advisors from now on so that you can drive your company towards success over the years to come. 

Coping with bad business advice can be challenging, especially if you’re running a start-up organisation, as it can lead to your new company getting off to a bad start. Thankfully, bad business advice doesn’t have to mean the end for your start-up. Use these tips to make sure that you handle the situation in a calm and professional way and move on to bigger and better things for both yourself and your start-up.