smallbusiness.co.uk: Helping your business think big

Former Dragons’ Den investor Rachel Elnaugh came through the crash of her multi-million pound turnover business to start again as a business consultant, using the lessons that she learned to advise others.

She believes that the ability to make the most of the assets available to you in a tough situation is essential to business success. Speaking to SmallBusiness.co.uk this week, she singled out that resourcefulness as the essence of a true entrepreneur.

‘If I dropped you at the side of the motorway with no cash and told you to meet me in Edinburgh, you’d have to get pretty inventive pretty quickly,' she says, 'You’d have to think about what you have got, maybe negotiate or see if there were any contacts who could help you out. It’s the same in business.’

According to the NatWest and RBS Small Business Monitor, small business owners do believe in their capability to deal with rough conditions, with 36 per cent of SMEs confident of a rise in sales in 2008, despite market scepticism.

With many business commentators warning that the financial downturn could worsen over the coming year, it is heartening to hear that so many small business owners remain optimistic.

You can read the full interview with Rachel Elnaugh by clicking the link below in the Advice Clinic section of this newsletter.

In other news, it appears that the vast majority of you have little or no confidence in pension schemes. In our poll we asked if you saw the value in them and an overwhelming 52 per cent said that you wouldn’t trust your money to such a scheme.

On the other hand, 27 per cent thought that they were vital for later life. Keep an eye on SmallBusiness.co.uk over the next couple of weeks for an article on the pros and cons of pension plans for your business.

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