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Know that it as a fact of business and life that things will not turn out right: they will always take longer than scheduled, be harder than imagined and more challenging than planned and cost more than budgeted. If you ignore this and think otherwise, the ‘how to’ of your plans will bring you heartaches.
What to do therefore is to work the worst case scenario into every business proposition or plan, as well as every investment decision or forecast: what if recession struck your business? What if you suddenly fell sick and could not work for months? What if interest rates doubled overnight? You’re warned: accidents and catastrophes are part of life and they don’t forewarn!
Your business plan forecasts profit from year 3; what are your plans if it doesn’t happen until 2 years later?
Work out your sensitivity analysis [projections of earnings/turnover] on low figures. Imagine what happens if you planned to turn over £1m in year 1 but actually get £50,000?
If you obtain an affiliate network website supposed to make you money in 1 month on autopilot, make it 2 months. People working with you, especially when subcontracting, will not act with the same vigour and urgency as you. Is it their business or yours?
Things have a way of costing more, especially if programmed over the long term. Therefore always factor in a good contingency [Law 7] to cover unexpected costs. So if you need £10,000 for marketing, budget £15,000 or best, £20,000.
Eagerly watch over your streams of revenue. That way you can back out of any threatening to dry up and move your investment elsewhere where it would be safe.
Know that millions of ways exist for money to be taken from you. Worse, the more you have the more people devise ways to rip you off!
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