Number 1:
You should practice everyday if at all possible. Even if it's just 5 or 10 minutes, you'll be amazed how much you'll gain from it over the long run. Conversly, you'll also be amazed at how much you lose your touch if you don't!

Number 2:
Don't play too fast. It may feel very satisfying to play everything fast, but many songs don't sound good fast. Plus, your fellow musicians may not appreciate the speed, and beginning musicians certainly won't as they probably can't keep up! Save the speed for a couple of select songs, and do several more at a medium pace and you'll have a much more satisfying repertoire.

Number 3:
Define Your Musical Goals. A set of goals - daily, weekly and long-term (I also keep a monthly one myself) will go a long way in keeping you on track and making progress.

Number 4:
Keep those right ring and little fingers in place.
If you're playing Scruggs, melodic or Reno styles, it's pretty much useless practice to let those two fingers flop around while the other three try to pick strings. It's extremely important to keep them firmly on the banjo's drum head, thus giving you an anchor for the other three.

Number 5:
Make it Your Own
Don't you like something more if it is "yours". Well, okay, maybe it's not really yours, but you sense a feeling of pride, protection or maybe responsibility with something. Try making not only your repertoire and techniques but also the songs you learn "your own' as well. If you're like me, then sometimes it's hard to separate what your doing from the people involved in it, but to do so and to make whatever you're doing "your own" is to increase your effectiveness.

Number 6: Find Your First Banjo!
If you've been playing long, you probably play a different banjo from the one you learned on. Do you still have that first one? Maybe you don't care about it; guess I'm just a sentimental old codger, but my old Lark banjo means a lot to me and I found it again after loaning it out and then losing track of it for about 10 years.