Lord Alan Sugar

Sir Alan Sugar, much like Sir Richard Branson has had a strong role in revitalising the perception of entrepreneurship in the UK albeit making it more 'sexy', 'cut-throat', 'comical' and 'thrilling' through his lead role in the infamous Apprentice. The BBC series hardly provides a realistic impression of what it's like to manage a real business. What it does though is highlight everything you probably shouldn't do.

The essential art of profit making

The Apprentice series 5, episode 7 featured the remaining contestants being set a task to select two products with the aim of selling them on to a client described as having 'huge buying power'. The challenge was that they did not know some of their buyers specifically. They were required to sell to their own researched buyers too, in addition to Sir Alan's two contacts that he gave both teams. Five minutes in and Mona's team failed to select products with mass appeal or value from the selection given-they chose the love lead and the silk bag.

Dealing with objections
Yasmina has made an art of this. When challenged by the buyer on her cycling bag sales presentation. She was told by the buyer, (who was a cyclist) balance in a bike bag was essential, to which she abruptly replied; "I'd suggest you buy two". We were more impressed than Martha.

Don't back down, have confidence and keep it there
Be prepared to know where the product you are selling is going. Howard put the new concept sleeping bag to his buyers without researching which department or section they could sell it in, or what competitors were out there. More crucially the average price of a sleeping bag in comparison to his presented product, at both the bottom and top scale of the market. The meeting ended up a waste of time; something SMEs in the real world don't have.

Good value reigns supreme
Buyers prick their ears up at value for money because customers always want the best deal. It's nothing to do with the recession. It's pretty safe to say that everyone wants a bargain 365 days a year.

Talk their talk
Yasmin did this in series 5, episode 7 as she tried to sell to the buyers at retail department HEALS, by using words such as contemporary, modern and funky. She subtly appealed to their aims by understanding their retail style and other products they currently stock.

Don't devalue your product
Cash on the table is always enticing but in the long term you are jeopardising your brand or product. Negotiation is fine, as long as you have prearranged it before your meeting on how low you want to go and discussed your minimum order. Mona got this down to a tee. If you can't see the value in what you have to offer, don't expect anyone else to.

Keep your options open
Unfortunately, now more than ever, SMEs will need to adapt to hardened customers and economy woes i.e. 60 day invoicing terms, special offers or rewards for long-term contracts. These steps can all be temporary without devaluing your company but will ensure there's money coming in.

Monkey see, monkey do
Always be aware of what your customers are doing, their reactions, their preferences and mirror it with something that will appeal to them. This is part appealing to people's vanity and part assurance.

Less talk, more body composition
Ben is a champion of this, there's a lot of talking but he's quite selective on what he actually does. To avoid rubbing people up the wrong way it's best to work on subtle posturing rather than shouting and persistent chest inflation.