Published annually by Benjamin Franklin from 1732 to 1758, Poor Richard’s Almanack was a compendium of weather predictions, advice, poems and stories, jokes, proverbs, and more. It was a best seller in its day. A number of the famous bits of advice, which arguably were “borrowed” from other sources, are still helpful today for small business owners. The following is some advice that holds true now and what I think it can mean for you.
“Well done is better than well said.” Poor Richard’s Almanack, 1737
As a business owner, you need to walk the talk. This is true in everything they do. It’s not helpful to tell employees they need to do something that you neglect or do the opposite. For example, if you want employees to be respectful of each other, owners must be respectful of everyone…and show it (not just talk about it). If you want employees to complete reimbursement forms within a week of incurring an expense, owners should do the same.
“What you seem to be, be really.” Poor Richard’s Almanack, 1744
There is a lot of talk about being authentic. It’s something necessary for a brand to really shine. Authenticity can be demonstrated by transparency. Consumers believe that transparency is the most important trait of a brand. According to SiteCore’s 2023 Brand Authenticity Report:
- 81% want brands to ensure customers feel represented in their marketing and communications
- 84% want brands to prove they act fairly
- 70% want brands to connect with consumers on a more personal level
“Love your Enemies, for they tell you your Faults.” Poor Richard’s Almanack 1756
Today, dissatisfied customers may gripe on social media about what they think you’ve done. Listen to them. Whether they are right or wrong, it can empower you to make changes that will better satisfy customers in the future. A good business practice is to respond to every negative comment—not in a crass or critical way, but rather in one that shows you take the comment to heart.
“No gains without pains.” Poor Richard’s Almanack, 1745
Growing a business isn’t easy; it can be painful at times. It often calls for long hours as well as personal and financial sacrifice. According to SCORE, 39% of owners work over 60 hours a week. Owners may even sacrifice the quality of their personal relationships and their health. But other than the rare anecdote of overnight success, most owners have experienced pains along their path to success. Keeping this in mind can help to ease the pain.
“When you’re good to others, you’re best to yourself.” Poor Richard’s Almanack, 1748
You probably get this—how being good to your customers, your employees, your vendors, and others you meet in the course of your business activities—is good for you. Being good to customers will keep them loyal. Being good to employees will improve productivity and retain them in this tight job market. Being good to vendors may put you on the top of their list when there are shortages or delivery problems. Being good to others you meet in the course of your business activities will come back to benefit you in ways you may never have imagined.
I’m a big believer in the “pay it forward” idea because I’ve seen it work so well. Others have selflessly helped me when I needed it. And I try to do the same. For example, I answer just about every business question I get through email, even though there’s no compensation or, in most cases, even a thank you or an acknowledgment.
“Haste makes Waste.” Poor Richard’s Almanack, 1753
Business plans are a must to avoid hasty and costly mistakes. Business plans don’t have to be written documents worthy of garnering an A in a college course. They can be a simple, one-page plan you keep on your computer listing goals for sales, profit margin, and other indices of success. The important thing about having a plan is continually reviewing it to check progress so adjustments in business practices can be made. It will be helpful to see all the business planning resources—books, blogs, and more—offered by my friend Tim Berry, business plan expert.
Final thought
“The man who walks with wise men becomes wise himself.” ~ King Soloman
Listen to the wisdom from Poor Richard’s Almanack to make changes in your business that will help you—and all around you—to grow.
Find other famous quotes that might provide inspiration for you and your small business I’ve written about here.
