One of the most important things you can do in life is to learn from those who have gone before, from both their mistakes and successes. In the business world it can be much better if only we look around and see what has been done, what has worked, what has not worked, and work from there. In this portion of an interview between Dale Beaumont and Malcolm Auld, get up close and personal with Malcolm and learn from his best business and marketing lessons, take these tips on board in your world and see the difference they will make.
Since 1987, Malcolm has worked in the US, Asia and Australia running advertising agencies for Ogilvy & Mather Direct, J Walter Thompson, Euro RSCG Partnership and his own agency, Malcolm Auld Direct (MAD). He is also the principal of The Marketing Campus.
Over the years, what are some of the best business or marketing lessons you have learnt?
- Be careful of going into partnerships – I’ve been ripped off a couple of times.
- Always get it in writing – a person’s word just doesn’t cut it anymore.
- Get a good lawyer.
- Get a good accountant.
- Get a good sounding board – someone who you respect and will give candid advice.
- Manage your cash flow and have capital in reserve or that is easily accessible.
- It’s become a bit of a buzzword now, but make sure you get a work/life balance. I was a workaholic and it ruined some important personal relationships. As they say, nobody marks their headstone with words like, ‘I wish I’d spent more time at the office’.
- In marketing, always test – it saves and/or makes you a fortune in the long run.
- Make decisions based on the facts, not just opinions. The marketing industry is full of people with opinions not supported by facts, mainly because marketing is the last bastion of unaccountability on the balance sheet.
- Decide whether you want to be right or want to be president. If you want to be right, you won’t become president, but if you want to become president you can’t always be right.
- Research candidate resumes thoroughly, particularly if the candidate is from overseas. There has been a lot of foreign migration to Australia in the marketing industry and I’ve hired and interviewed plenty of people, but the number of shonky resumes from people who expect to be hired because of their accent is frightening. It always pays to do a background check.
- Make a decision quickly. If you make the ‘wrong’ decision, you’ll know soon enough and you can then make another decision and get on with it. Procrastination kills.
For more great tips and more of this interview check out Dale’s “Secrets of Marketing Experts Exposed!“.