The best advice we heard in 2024 from business owners and industry experts

Whether from a mentor or a stranger in passing, great advice can come from anywhere. And at some point during your business journey, you receive that one piece of advice that changes everything.

Below are some of the best pieces of advice we heard from business owners and professionals in 2024, along with ways to apply them to your business. Click the buttons below to jump to your topic of choice.

1. Building trust

“Here’s my hint to any entrepreneurs out there that are trying to grow their brand: Clients can tell when you’re lying. I see this with real estate agents all the time—I’ll ask a question and I can tell they’re lying through their teeth. It’s much better to just say: ‘Honestly, you know what? I don’t know the answer to that, but I’m going to do everything I can to find you the answer.’ Clients will respect you a lot more for that. That’s going to help your business grow because you’re building it based on integrity.”
—Drew Scott of the “Property Brothers”

How to incorporate this advice into your business

Building a business on integrity means being honest with your clients, even when you don’t have all the answers. If you’re unsure about something, it’s better to admit it and commit to finding the information they need. This approach fosters trust and respect, which are crucial for business growth. Whether you’re just starting out or looking to expand your brand, prioritizing transparency will help you establish a trustworthy reputation that attracts and retains customers.

Check these out for ways to build trust with your customer:

2. Business growth

“I have always seen that the successful companies that have grown from small to bigger, from two people to 70 people, are the ones who embrace that specialization and productivity wholeheartedly. They’re constantly chasing it. Everything they do, [they’re thinking:] ‘Is this making me more productive? Is this making my employees more productive?’ Is it making work easier for them, more efficient?”
—Kevin O’Connor, host of PBS’s “This Old House”

How to incorporate this advice into your business

Growth doesn’t happen by mistake. It happens when you bring a team of specialists together to collaborate and get the job done together. Know your strengths and don’t be afraid to hire where there might be knowledge gaps. And don’t forget to evaluate your processes and tools to ensure they boost efficiency and ease for your team.

Learn how to scale your business with these resources:

3. Team culture

“Find that individual that wants to learn, rather than finding an individual that’s great at something and doesn’t want to be taught or learn new systems. You want an employee who wants to learn and has an open mind. Of course you want a skill set. But at the same time, a lot of operators will agree with me that sometimes it’s better not to hire somebody who has bad habits or habits that we want to change.”
—Tony Gemignani, chef and owner of Tony’s Pizza Napoletana 

How to incorporate this advice into your business

When building your team, prioritize hiring individuals eager to learn and open to new ideas. While skills matter, adaptability and a growth mindset are key. Avoid those with ingrained habits that resist change, and focus on potential and flexibility to create your dream team.

Check these resources out to help build your dream team:

4. Personal and professional balance

“There’s just so much to do, so much going on, that if you take a few days off, you feel that you’re going to be behind and have to work harder to catch up. But the most important advice I can give to somebody is always just find a way to make time for yourself. You have to disconnect every couple days just to rest your brain. When you’re dealing with, at least on our scale, thousands of people a week, sometimes you need to just disconnect and use your day off to isolate a little bit, reset, recharge, let your brain recover, and then go back again.”
—Alessandro Farrugio, general manager of il Canale

How to incorporate this advice into your business

When time is limited and everyday responsibilities are piling up, it’s easy to feel like taking time off will set you back. However, prioritizing time for yourself is crucial. Regularly disconnect to rest and recharge your mind. Whether you’re managing a large team or handling numerous clients, taking a break allows you to reset and return with renewed energy and focus. A well-rested mind is key to a well-managed business.

Here are some resources to help balance the personal with the professional:

5. Financial management

“A common pitfall is [that] people don’t look at the finances because it can be daunting. You spend time on what you are really good at and what you enjoy, and you don’t want to spend time staring at zeroes and ones. But it’s very important to have some sort of budget—it could be very high level, back-of-the-napkin math, but it’s very important to look at the inflows and outflows of the business. Make sure you find your baseline, so when things happen, you’re able to navigate.”
—Jamaal Brown, VP of finance at Justworks

How to incorporate this advice into your business

It’s easy to get excited pursuing your passion and ignore the numbers, but having a budget is as  crucial as it is daunting. Even a simple, high-level overview can help you track your business’s inflows and outflows. Establish a financial baseline so you’re prepared to navigate any challenges that come your way.

Explore these resources for more tips on small business finances:

6. Leadership and vision

“A lot of folks try to be everything to everyone. If you do that, then you will ultimately be nothing to no one. Knowing who you are and what you stand for in your core is going to help you narrow in your focus. When you do that, it will also help you figure out the type of marketing channels that are going to be most efficient and effective for you.”
—Amy Jennette, marketing lead of GoDaddy

How to incorporate this advice into your business

Know your “why” and never lose sight of it. The ability to explain who you are and what you stand for will not only help you market to your target audience but inspire your team to rally around that same mission. 

Here are more resources to lead your team to success:

“Places that become staples—like when you think of people who contribute to their city and paved the way—those are the businesses that locals ride hard for. Because they also give back to us…. The fact that [R House] creates so much programming and invests in local talent [has helped] create this culture of contribution to the businesses and people around them.”
—Diandra L., associate regional manager on Yelp’s community team

How to incorporate this advice into your business

To become a staple in your city, focus on contributing to the local culture and economy. Invest in local talent and create programs that engage and support the community. By giving back and fostering a culture of contribution, your business can build strong relationships with locals who will, in turn, support you whether business is booming or not.

8. Continuous improvement

“One of the best pieces of advice I’ve ever gotten was, ‘Feedback is a gift.’ As humans, we don’t always want to hear about the things that we’re not doing well. You don’t want to hear the bad, but if you can allow yourself to get past your ego, of [thinking about your business as] this thing you hold so near and dear to your heart, it’s advantageous in so many ways.”
—Alli Webb, founder of Drybar

How to incorporate this advice into your business

Embrace feedback as a necessity for growth. While it can be challenging to hear criticism, setting aside your ego and viewing feedback as an opportunity can be incredibly beneficial. By being open to constructive input, you can make informed improvements and show up better for both your customers and your employees.

Get in the feedback loop with these resources: 

9. Marketing and branding

“The biggest [challenge] I see business owners run into is not being able to communicate ‘Why me?’ What is the value they provide versus a competitor? Why should someone do business with them and not the brand down the street? [Start by] listing out your value proposition—the thing that makes you stand out and determines why a consumer should choose you. Then transmit that message across all of [your social media] platforms.”
—Cassie Tucker, podcast co-host of Marketing Happy Hour

How to incorporate this advice into your business

To differentiate your business, focus on articulating what makes you unique. Reflect on the distinct benefits and experiences you offer that competitors don’t. Once you’ve identified these strengths, weave them into your brand. This approach not only clarifies your value to potential customers but also strengthens your brand identity.

Beef up your marketing playbook with these resources:

10. Innovation and adaptability

“You have to be open to who walks in the door, and to feel comfortable and solid about who you are as a business. Feel solid about that, but also be open to evolution within that identity. Stay open to what presents itself, and listen to your community. What [your community] needs and wants will be your starting point.”
—Robert Perry, owner of Tattooed Mom

How to incorporate this advice into your business

While it’s important to be confident in your business identity, remain open to change and evolution. Embrace new opportunities and listen to your community, as their needs and desires should guide your direction. By staying adaptable, your business can maintain its relevance in a saturated market.

Find inspiration with these “lightbulb” ideas:

The information above is provided for educational and informational purposes only. It is not intended to be a substitute for professional advice and may not be suitable for your circumstances. Unless stated otherwise, references to third-party links, services, or products do not constitute endorsement by Yelp.