I love Dragons Den. It has a host of great lessons for us entrepreneurs….

Dragons Den - Bookkeeping for Financial Information - July 2008

How many times does a great business idea, with a great business person bringing it, get turfed out of the den with no money, but with the sharp end of the dragons tongue, because of lack of figures that make sense.

The dragons realise that if an entrepreneur runs their business with little or no financial control, the chances of their valuable investment being lost are high. So the solution is to reject the person along with their potentially deserving idea.

This is exactly why we recommend having quality management accounts that can be relied on, at least every month. Quarterly is simply not enough, and both you and I know how much damage can be done to cash flow on 90 days, right?

Monthly accounts allow you to track your performance against your strategy, and make continual improvements to your activities, increasing profitability, value and especially cash. Accept nothing less, your future may depend on it (especially in the current credit crunch).

Good luck.

Dragons Den - Preparation - December 2008

Don’t you pity the budding entrepreneurs that go cap in hand to the Dragons for much needed investment and advice only to find themselves tongue tied, flustered and confused under questioning?

Preparation and training is the key. Without adequate planning, opportunities can be wasted. Prospective customers may be less than convinced that you can meet their needs, and they walk away with their wallet or purse not seeing daylight in your presence.

First prepare your message, make sure it stands up to scrutiny. Practice it so that you can deliver it professionally and so build confidence in your listener. Practice aloud so that your vocal chords get a chance to flex around the words and sentences you are practicing.

In front of a mirror is also a great idea – watch your facial features, as they sometimes contradict the words you are uttering. Remember that studies show that only 7% of communication is the words you choose, leaving 93% as not words (35% is tonality and the remaining 55% physiology or body language). How many different ways are there of saying “no” for example.

My Mum was wrong - Practice does not make perfect. Only perfect practice makes perfect.

So go ahead – get some perfect practice in and make your business fly.

Good luck