Highlighted during Dragon’s Den last week.
There is something to learn from every Dragon’s Den program… Last week, there were people who had started businesses, had established products and sales, but did not understand profit margins, marketing budgets, and, cash flows!
Great credit to all those businesses which had reached their business levels and managed to appear on the program, and especially to those who received offers from the Dragons. But others would also be celebrating good business futures with a Dragon’s support, with some basic business ‘know how’.
Without understanding these figures , and having a Business Plan which includes all of these and more, very few businesses will grow or even survive.
The way to identify these key business numbers for any business, and use them positively to grow a business, is to create a Business Plan with assistance from an experienced business person. And learn the significance of the numbers in the process.
But it must be recognised that every business may not be available for significant growth: with particular products or services, or the particular market, or the lack of drive and ambition of the business person.
As an early indication of the potential for any business idea, or a business with setup underway, get a Review of the business. ( Whether it is a ‘one person’ business, or a ‘company’ with premises and staff with national and international ambitions)
Startup Assist Uk offers a review ( free ) to all UK startups. Click for a Review of your New Business: https://startupassist.uk/new-business-review/