Partnerships
While partnerships are the key to any successful business, it is often an area that is not only overlooked but causes the most distress.
Whether you are starting up with your best friend, a sibling or a former business colleague, ensure you have a watertight partnership agreement outlining how you will address issues when things go wrong. You also need to be absolutely clear about the person you are entering the new venture with, what you both want from the business and whether you share the same values. Despite best intentions, running a business is a human adventure, inevitably difficulties arise often around money, so it is important you don’t lose track of your common goal.

Appointing advisers
Surround yourself with advisers that share your vision. This will include your accountants, lawyers, tax advisers and even your bank. By this I don’t mean ‘yes’ people but those that understand where you want to go and are happy to support you along the way. Many banks claim to support small businesses but in fact don’t. If this is the case, talk to them about it and if you are not satisfied with their response, move on. I would also recommend that when choosing advisers, remember two golden rules – select experts who have already advised successful people and don’t be afraid of spending money for good advice.

Focus on your product
You get just one chance to make a first impression so you must make sure you get it right. Many people focus on marketing to the detriment of their product. The product is your best marketing, which of course highlights the need to have the right product from the beginning. To be able to do this, you need to be able to ask yourself, for example ‘What service am I providing?’ and ‘Am I doing it the way my clients want it to be done?’

Under-estimating the importance of recruitment
Don’t rush the recruitment process, as the people who work for you are your most important resource. It is better to wait until you have found the right candidate than settling for second or even third best. Increasingly, it is becoming more and more difficult to recruit staff with the specialist skill you are after. As a result, the cost of recruitment can prove to be expensive and often not budgeted for. One of the most effective and cost efficient ways of recruiting someone is through your own personal network and referrals from existing staff. Then, as a last resort, try traditional recruitment agencies or websites. My golden rules for recruiting staff include always ask for references, check them thoroughly and make sure your candidates complete a writing test to check their professional writing skills.

Personal balance
You will not succeed if you fail to find a balance between work and home life. While this is easier said than done, you do need to take time out from the business to think. I also find that you are often only really creative when you take a step back (have a think when or where your best ideas come to you!). For more obvious reasons however, becoming a raging workaholic will inevitably cause friction at home and if you are unhappy at home, this will reflect on the business. I am a great believer in the strong link between a healthy body and healthy mind. No business is worth your health or family. Just remember, there are relatively few mistakes that somebody hasn’t tackled already, so make use of the people around you and learn from them. Also, as I mentioned right at the start, you are bound to make your own mistakes as well. Make sure you make the most of them.