178 brilliant start-up
Got rid of any personal guarantees on your borrowing, or be
within close distance of this.
Have at least 80 per cent of your clients paying within 60 days.
Know exactly how much money you have in the bank, and
this ideally to be equal to one month’s turnover.
Have adequate insurance for your main business assets.
Be spending the majority of your time selling.
Have either a ‘sales funnel’ full of at least 14 leads, or a
minimum 5 per cent increase in new sales every month.
Have a price high enough that you lose a small proportion of
Be enjoying yourself.
Mojo meter: coping when things go wrong
By now you will have had your fair share of scrapes and bumps.
It’s important you realise you are not uniquely rubbish at busi-
ness. If you get slightly more right than you get wrong, I think
you are doing pretty well.
Understandably, people are nervous about talking about their
business failures. But read about great inventors and entrepre-
neurs through history, like Eddison
and the light-bulb, and you real-
ise how many failures they went
through. It’s an inevitable part of the
fail quickly, cheaply and
don’t take it personally!