Golden rules

When problems arise - and they inevitably will - they need to be tackled, not ignored. Here are a few golden rules for dealing with them successfully.

Rule 1 - learn from your mistakes Be honest to yourself and recognise your mistake. They are a great source of knowledge and you can turn them to your own advantage

Rule 2 - act early Don't let problems get worse - it's easier to solve them at an early stage and cuts their cost to your business

Rule 3 - watch out for opportunities - don't miss them Focus on the core problems - forget the trimmings

Rule 4 - the worst decision is no decision Don't let others decide your company's future for you

Rule 5 - keep talking ... to your creditors, business partners, employees and family. You will need their support.

Rule 6 - check which rules apply to you Make sure you stay within the law - blind hope and ignorance won't protect you from legal consequences and could get your business shut down sooner that you thought.

Rule 7 - get professional help / advice you don't turn your business around everyday, it's not your expertise. Get support from those they do.