The importance of knowing what you don't know
Being an expert and knowing a great deal about a subject area is an advantage, a big advantage. In business you may know a lot about accounting (if you're unlucky) or law and you can both use this to advantage in your own company as well as for others as a director/advisor/consultant.
It is stating the obvious however that an expert in one area is not therefore an expert in all areas. It does beg the question why we ask our accountant or lawyer for advice on business in general. Especially accountants who have somehow become seen as more general business advisor's when they remain a limited expert in one area only, an area that faces towards the past and not importantly the future.
Letting that go for a minute, I think what is very important is to know what you don't know in areas of business that we sometimes think wrongly are more like common-sense. Marketing and branding, human resources, IT and (god forbid but yes) strategy and governance are just a few examples where people often like to have a go rather than get someone who actually knows what they are doing.
The problem is that we can't know how badly (or well I suppose) we have done because we can't turn the clock back and see what would have happened if we had actually paid for someone to do the job properly or at the very least provide us a little bit of advice and at least get us pointing in the right direction. By not using experts we think we are saving money and the only way this logic works is that we have to assume that the expertise will be no better than our own 'common-sense'!!!!! Yeah Right!!!!!
Strategy and governance (my own areas of interest) are to me the most obvious. A company run by inexperienced, often owner/directors, that isn't running well would benefit hugely by replacing the directors with an experienced, knowledgeable and balanced board. Yes you may have to pay them more than you pay yourselves but always remember.........
IF YOU PAY PEANUTS, YOU GET MONKEYS..................
It is stating the obvious however that an expert in one area is not therefore an expert in all areas. It does beg the question why we ask our accountant or lawyer for advice on business in general. Especially accountants who have somehow become seen as more general business advisor's when they remain a limited expert in one area only, an area that faces towards the past and not importantly the future.
Letting that go for a minute, I think what is very important is to know what you don't know in areas of business that we sometimes think wrongly are more like common-sense. Marketing and branding, human resources, IT and (god forbid but yes) strategy and governance are just a few examples where people often like to have a go rather than get someone who actually knows what they are doing.
The problem is that we can't know how badly (or well I suppose) we have done because we can't turn the clock back and see what would have happened if we had actually paid for someone to do the job properly or at the very least provide us a little bit of advice and at least get us pointing in the right direction. By not using experts we think we are saving money and the only way this logic works is that we have to assume that the expertise will be no better than our own 'common-sense'!!!!! Yeah Right!!!!!
Strategy and governance (my own areas of interest) are to me the most obvious. A company run by inexperienced, often owner/directors, that isn't running well would benefit hugely by replacing the directors with an experienced, knowledgeable and balanced board. Yes you may have to pay them more than you pay yourselves but always remember.........
IF YOU PAY PEANUTS, YOU GET MONKEYS..................
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