The Costly Consequences of Bad Advice

When growing your business, how can you differentiate between good advice and bad advice? In this episode, Bill shares a personal story about taking bad advice that cost him millions. He also explores the importance of timing when raising capital and the difference between surface-level advice and experience-based guidance.  Topics explored in this episode:  - Why a “good story” is an opportune time to bring in investors or partners. - The danger of waiting too long to reach revenue milestones before seeking investment. - How greed and the desire for control can cloud business judgment. - Questioning an advisor’s experience behind their recommendations. - How confirmation bias can lead you to seek advice that validates your preferences. Chapters in this episode:  (00:20) The Danger of Bad Advice  (03:45) The Costly Decision to Wait for a Revenue Milestone (05:32) Missing the Perfect Timing to Raise Capital (07:04) Aligning with Company Values and Goals (08:11) Learning to Probe for Experience Behind Advice Bill Gallagher, Scaling Coach and host of the Scaling Up Business podcast, is an international business coach who works with C-Suite leaders to achieve breakthrough growth.  Join Bill in the Growth Navigator Coaching Program: https://ScalingCoach.com/workshop  Bill on LinkedIn: https://www.LinkedIn.com/in/BillGall Bill on YouTube: https://www.YouTube.com/@BillGallagherScalingCoach  Visit https://ScalingUp.com to learn more about Verne Harnish, our team of Scaling Up Coaches, and the Scaling Up Performance Platform, which includes coaching, learning, software, and summit. We share how the fastest-growing companies succeed where so many others fail. We help leadership teams with the biggest decisions around people, strategy, execution, and cash so that they can scale up successfully and beat the odds of business growth.    Did you enjoy today’s episode? If so, then please leave a review! Help other business leaders discover Scaling Up Business with Bill Gallagher so they, too, can benefit from the ideas shared in these podcasts. Subscribe via Spotify: https://spoti.fi/3PGhWPJ Subscribe via Apple Podcasts: https://apple.co/3PKe00u Bill on Facebook: https://www.facebook.com/billgall/  Bill on Twitter/X: https://x.com/billgall  This episode was produced by Story On Media & Marketing: https://www.successwithstories.com