In this series I have take a number of ‘F’ words and unpacked some lessons we can all learn from how to do business more effectively and efficiently.

The first set of ‘F’ words are Fail Fast. The ability for any business to fail is often frowned upon, especially by your accountant and bank manger. Failure is just not why we went into business in the first place so we try to hide it and deny it and ignore the very fact it happened at all.

But a true Entrepreneur has to learn to embrace failure and more importantly to fail fast. Learn to recognise the signs of a failure, embrace it and get it over with as soon as possible. Put it up as school fees fix the cause and resolve any outstanding issues that may require your focus.

Failing fast reduces costs of denial and dragging it out in some blame game with suppliers or customers. People, being customers, will better sympathise with you if you admit up front where you screwed up or went wrong than if you try to hide the truth and then it all comes out later.

Fail Fast, learn and get back on the horse to ride another day.