We derive an empirical effective temperature and bolometric luminosity calibration for G and K dwarfs, by applying our own implementation of the Infrared Flux Method to multiband photometry. Our study is based on 104 stars for which we have excellent BV(RI)_C_ JHK_s_ photometry, excellent parallaxes and good metallicities. Colours computed from the most recent synthetic libraries (ATLAS9 and MARCS) are found to be in good agreement with the empirical colours in the optical bands, but some discrepancies still remain in the infrared. Synthetic and empirical bolometric corrections also show fair agreement.