Top 10

My top 10 tips for a successful business are:

Write a business plan for you primarily and use it for the bank if you need to raise finance. Revisit the plan frequently.

Work out how you’re going to sell your product/service and budget an amount for marketing and selling. Be wise with this budget and don’t just say yes to everyone who calls you with the latest must-have marketing tool. Be especially wary of business networks and people promising to get your website to the top of Google’s listings.

80/20 Rule: Spend at least 20% of your time working ON your business rather than IN it.

Get an accountant (obviously!) to take care of the compliance side of the business, to advise you and to liaise with HMRC. My record so far is 33 unanswered calls to HMRC dealing with a client’s VAT registration; you don’t have the time.

Get a good accounting and reporting system like Xero.

Think obsessively about how others perceive you and your business. Think about the 3 whats: What you’re wearing (presentation), what you’re saying (communication) and what you're delivering.

Spend money on a better printer not on the latest, shiny PC or Mac. Do spend money where it counts.

Under promise and over deliver.

Exit Strategy. The business will hopefully provide you with an income. But try and think about how it’s going to provide you with your pension.

Work hard but make time for you, your family and your friends.