Home topics news Featureflash / Shutterstock.com Advice News Advice 5 business lessons to learn from Lance Armstrong Rhiannon Sawyer January 23, 2013 While you might not think that Lance Armstrong is a good business model after last week’s final confession, there are some lessons that business owners can take away from his example. Read on for what you should, and should not do in business. Honesty is the best policy – For almost ten years Lance Armstrong was involved in doping in cycling but it took years for him to admit his guilt. Instead, he often lied about his involvement with drugs. When it comes to doing business, honesty is always the best policy . There’s no point lying about something- including services or expected wait times. It will inevitably come back to haunt you later, so tell the truth from the beginning. How to handle a crisis- Hopefully you won’t have to face international ridicule on the scale Armstrong did, but one thing you can learn from his final, orchestrated admission with Oprah is to take control . Step back from a situation when it looks like it’s spiralling and regain the reigns. Facing a customer backlash over a faulty product? Issue a mea culpa immediately and get on the PR frontfoot. Dealing with a sudden loss of supplier? Tap into your contacts and stretch yourself with research. You may find a better deal than you previously had. Nothing’s worth sacrificing everything- While it often feels like spending your