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Liquid’s Lis Lewis-Jones set up her business above her mother’s garage 12 years ago. In celebration of Global Entrepreneurship Week, she offers her best tips to help you on the road to success.
1. Beware rose-tinted glasses When you start a business, you may look at your company or partners with rose-tinted glasses, but it’s really important to think about what might go wrong and have an exit plan. Get expert legal advice and have a memorandum of association and a shareholders’ agreement.
2. Get the best people Your team will be your greatest asset, so invest in the best you can get.
3. Start how you mean to go on Think about the systems and processes you’re using, and ensuring you meet your industry standards.
4. Don’t get lazy Complacency can kill businesses, with many often failing in their third year. Always think about the next goal that you need to reach.
5. Cash is king Guard your cash flow like there’s no tomorrow. Nurture it because it’s crucial. Stay on top of credit control - turn into a charming Rottweiler if you have to, or even better, employ someone else to do it.
6. Don’t give up on your baby Like children, your business will be time consuming, frustrating, emotional but can also give you great enjoyment. It will be more work than you’ve ever done in your life, but invest in it and it will pay you back in rewards and more importantly, dividends.