There is a marked tendency for new businesses to repeat old mistakes, despite guidance from successful entrepreneurs and gurus. We have learned lessons from others and from our own projects. The following suggestions are intended to flavour how we use those to support decision-making:

Maybe try viewing your business from the perspective of its customers and take regular soundings as to how they perceive the quality and value of your products and services.

It is easy to become obsessed with running your business. However, it is useful to keep an eye on the competition and markets. Comparative sector performance and benchmarking can inform actions, back at base.

Market shifts occur more quickly than in past cycles – whether technology, demand or ‘events’ led. What was profitable yesterday may be less so tomorrow. While serving today’s customers, bear in mind that their needs may change, with a knock-on impact for your own plans.

Identify your key audiences and stakeholders (e.g. staff, clients, trade partners, suppliers, funders and investors) and ensure that you communicate regularly with all of these groups. Relationships that are properly cultivated in the better times will prove more durable in the tougher times that many businesses now face.

When legislating for ‘problems’, ask if you should be legislating for the solutions to those? One of our clients was able to dismantle an expensive ‘after sales’ department (established to deal with quality problems) after upgrading the standard of product leaving its own factory.

In comedy, ‘good timing’ is held as a mark of great talent. In business, it is important to consider not just careful actions, but the wider context and timing of the same.