'Watch the cash' and 'be financially prudent' are two pieces of advice that existing business owners would give to would-be entrepreneurs, according to a survey undertaken by the Birmingham office of Haines Watts.

One business owner suggested staying focused: "Identify what you want to achieve with your business, create a plan to achieve it and have regular progress reviews," he said responding to the firm's annual survey of clients - principally owner managed businesses.

Another agreed: "If you've researched your business strategy well and are clear how you can achieve your targets and objectives, don't be easily swayed off the path," was the comment.

Business owners recommended turning to others.  

"Always be open to taking advice from specialists. No-one can know everything about all the various aspects of running a business," said one company shareholder. Another urged would-be entrepreneurs not to be afraid to ask others. "As I've learnt over the last few months, don't be afraid to ask the experts. It is a lot quicker than looking for the answers yourself," the business owner said.

Commonsense also came to the fore.

"Be financially prudent, don't accept 'get rich quick' advice and only offer what you know you can deliver," said one company boss.

One other business owner suggested that start-ups should "beware of banks" and another to "spend time with customers - at least 20%".

Andrew Jones, partner at Haines Watts, said the advice was sound and came from the heart.  

"Successful businesses tend to be those that are single-minded and focused. There has to be realism and this is certainly demonstrated in the advice that our clients have offered," said Mr Jones.

Business bosses for instance urged would-be entrepreneurs "not to get carried away" and to never dismiss the importance of staff.

One business owner simply offered three words of advice: "Don't be sentimental".