Facing The Dragons

Are you ready to face the Dragons?

Facing The Dragons

Are you ready to face the Dragons?
Most of us have seen an episode of Dragon’s Den or Shark Tank where the Dragons are sitting lying in wait like medieval Lords, picking over and dissecting the hapless entrepreneurs who want their help launching their business ideas. How would you prepare to meet these Dragons?

Under pressure can you explain clearly and succinctly what your product is? They will want to know who and how many people would want to buy your product. Do you have a clear picture of you is your demographic? What marketing plans are you developing to make it a success?

Then comes the questions of production and overhead costs.
What is your projected or current profit margin? Can you confidently state how investment will increase this?

Then lastly comes the question on cashflow.
This is normally what makes or breaks a deal.

Finally comes the question of cash flow, how much do you have to spend before you get paid which leads onto the question of how much investment do you need?

Yes or No
If you cannot clearly answer all these questions, then you will be humiliated on national TV.

So, prepare properly to meet your Dragons.

#startup # #cashflow # #financialmanagement # #cfo # #businessowners

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The more you examine what is true about your business, the better you will be at prioritising the areas that demand your attention. Here is a series of questions you can use as a starting point for identifying potential problem areas in your company’s financial system. This is not intended to be a full analysis, but rather a tool you can use to focus your attention. Take one question at a time and really think about your answers. This is not a test. There are no right or wrong answers. There are only responses that reflect your truthful objectivity about the state of your business.

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