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Liquid’s CEO Lis Lewis-Jones set up her business above her mother’s garage 12 years ago. In celebration of Global Entrepreneurship Week, she gives six of her best tips to help you on the road to success.
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.
Your team will be your greatest asset, so invest in the best you can get.
Think about the systems and processes you’re using, and ensuring you meet your industry standards.
Complacency can kill businesses, with many often failing in their third year. Always think about the next goal that you need to reach.
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.
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.
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