Information | Make sure your information is timely, meaningful and relevant. Make sure you understand the financial drivers in your business, in particular your gross and net margins and your break-even point. |
Plan B | Businesses without a plan B often fail. Make sure you carry out a business risk assessment and have contingencies in place for the medium and high risks. |
Cash is king | Make sure you keep control of the working capital. An expansive order book is no use if you cannot pay your bills. |
Putting all your eggs in one basket | Avoid concentration risk. Great if you have a significant predictable revenue stream each month from one client, but what if they leave? |
Values | Don’t lose sight of your core values – they should be enduring and if you lose them you leave yourself open to risk. |