Negotiating business contracts is something Fish 2 appears to be going great guns, and, being a commercial lawyer, my blood started pumping just that little bit faster when Marcela mentioned one of my favourite words: ‘contracts’.

With potentially lucrative contracts around the corner, Rico Mexican Kitchen could not be blamed for trying to push negotiations through and sign as fast as possible. Get those orders in! I mean, all that really matters is the headline terms of price, quantity and the delivery date. Right?

Legal guidelines for online business should be followed. The internet can be exploited for the benefit of a business in a number of ways - ranging from the development of an alluring website to the construction of a carefully considered social media campaign. However, I will concentrate on the legalities involved in operating in an online environment.

Rico Mexican Kitchen currently has a website, however, it does not appear to have any specific website terms and conditions - at least none that are easily accessible.

Reducing bad debts is imperative for positive cash flow in a business. A strong personal relationship with its customers is a powerful asset to any business, and is certainly an area where Head & Griffiths can make up some real ground on its larger corporate competitors.

However, this cosy rapport should not automatically translate to fragmented payment terms and bad debts. Owain and Dominic need to have faith in the value of their product and understand that their customers expect to pay, and, in fact, are generally very happy to. They often just need a little push.

Trying to draw up realistic projections, as Owain and Dominic have realised, is not easy for any business in the early stages of development. With little or no history to draw upon how do you make your assumptions?

To be fair even the big, established businesses sometimes struggle to get this right. The trickiest bit is the top line, just what sales are you going to make and when?