Dragon Peter Jones - my biggest mistake
Dragon's Den entrepreneur Peter Jones was a guest on the Chris Evans Radio 2 Breakfast Show today (18th July) along with fellow Dragon Kelly Hoppen.
When Chris asked the Dragons about mistakes they had made in business, Peter told Chris how he learnt about the benefits of Credit Insurance the hard way (Peter has been quoted before in the business press on this subject, which we share here).
He established a computer services company providing goods and services to other businesses. Unfortunately he was hit with buyer failures. "I failed to look after the most important thing which was the assets of the business,...in other words I didn't take out credit insurance. I was supplying people with products and in the late 1980's when the recession hit, it hit those companies which in turn hit me. I lost everything…. it was a very big lesson to learn".
Peter lost his business and his home, and went back into paid employment. "My advice to small and medium sized businesses, particularly in these tough conditions, is to tighten up on your financial controls, check your customer's credit rating, always agree terms in writing, invoice promptly, never be afraid to chase late payments and take out credit insurance".