Doug New on going bankrupt – Iain’s Business Heroes

Doug New has had a colourful life. Early in his career he was an up and coming football player. This is part 2 of the interview which we had about going bankrupt.

After his football career was over, Doug went on to found 2 companies. Both of which went bankrupt.

Learn why, and how to avoid Doug’s mistakes in Iain’s Business Heroes.

His top tips are:

  • Keep an eye on the balance sheet and cashflow
  • Look at your debtors, understand your risk, they might go bust
  • Don’t just concentrate on the people and sales
  • Build the right team, with the right skill base
  • Four pillars you need – Managing Director, Finance Director, Sales and Marketing Director, Operations Director

He is my business hero as he has taken the risks and learnt some hard lessons. This in my view makes him a safe bet and a better person as he has gone out there, tried things and learnt from his mistakes, or how I would like to rephrase is, learnt from his experiences.

Iain’s business heroes are now released every Thursday at 11AM UK time.

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I am always looking to interview more business heroes, so feel free to get in touch at businessheroes@redpowerstation.co.uk