In Show 045 – Business Legal Lifecycle in 2018 originally broadcast on Facebook Live on Wednesday 27 December 2017 we explore this interesting topic.
Show Notes
It’s the last show of 2017! We wanted to use this episode to recap some of what we have spoken about over the last year. And we want to give you a preview of what you can expect in 2018. We have been building The Business Legal Lifecycle for a while now but we now want to expand into other countries. Our goal is to offer low-cost and easily understood legal advice for everyone.
One of the new products we are going to roll out this year is a free test. The test will give you some really valuable information about where you are in your business and where you need to go. The BLL is divided into four different sections. It outlines what you need at the beginning middle and end of your businesses life. The first focusses on the start-up phase. The second is on the consolidation phase. The third deals with scaling up the business. And the fourth and last section talks about the business exit phase. We are working on new books that will expand on each of those sections and will provide more detail. Each of those books will be released this year.
Our international expansion is well under way. We are already collaborating with a lawyer in the UK to develop a UK specific version of the BLL. We also want to bring additional versions to the US and Canada. Our long-term goal is to take this product worldwide.
BLL TV and the podcast are also going to continue through 2018. We are going to bring you a lot of new interviews with many business experts.
January
We are going to be focussing on Phase 6 of the BLL which is all about maximizing your current business and bringing in new investors. We are going to detail the best ways to get the most out of your current business model. Investors are a big part of expanding the business. Dan Holden will be one of our guests on investors. Dan has a lot of experience on how to maximize and grow a business using shareholders agreements.
February
We are going to discuss Phase 9 in February which is about real estate investments and investments in general. Investing in property is a great strategy for increasing your capital. To that end we will detail how to deal with real estate agents. We are also going to show why investing in property early in the business is often a good idea.
March
Most business owners have a long term plan of selling the business. In March we are going to discuss the best ways to prepare your business for that sale. Maximizing the sale price is hugely important. There are many individual parts of the business that need to be prepared for an eventual sale. It isn’t always easy to do that but we are going to give you a step-by-step guide.
April
No business owner wants to even think about the possibility of their firm going under. But if that misfortune should occur you need to do it right. April will all be about insolvency and the best ways to wind-up the business. Understanding this process can be difficult. The consequences of bankruptcy and insolvency can be severe so you need to educate yourself.
May
We will cover Phase 4 in May. It’s all about bringing on employees and how to do that correctly. The costs of an unfair dismissal lawsuit can be high. Having your employment agreements in place is hugely important. You have many obligations when hiring people. Detailing their rights and responsibilities must be done in accordance with the law. If you don’t do this right from the start you could be headed for trouble down the road.
June
It’s the end of the financial year in June and we will be discussing dispute resolution that month. The debt recovery process is really important at the end of the year and you may have to take people to court. Litigation can be avoided using a dispute resolution process that will save you a lot of money in the end.
July
July will mark the one year anniversary of BLL TV and we will be doing something a little different that month. We will be discussing both Phase 8: Estate Planning and Phase 12: Retirement. Retiring can mean selling the business or winding down the business if a sale can’t be made. Estate planning is really important for the succession plan of the business. If something were to happen to you clearly detailing who should get the business is really important.
August
We are going to be discussing with many of the business owners who have been helped by the BLL in August. We are also going to be talking about how the BLL applies in other countries around the world.
We’re really excited about the upcoming year and we hope to provide you with excellent legal value over the next 12 months and beyond!
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 044 – the Debt Recovery Process originally broadcast on Facebook Live on Wednesday 20 December 2017 we explore this interesting topic.
Show Notes
Today on the show we are going to continue our conversation about debt recovery. This conversations fits nicely into Phase 3: Initial Clients. The reason is simple. Without paying clients you don’t have a business. Cash in king when running any business and if your cash flow is too low you risk shutting down. We always recommend that you get paid up-front. That isn’t always possible however. That’s when debt collection becomes absolutely critical.
Whenever you’re providing goods or services ahead of time you have to create an internal debt collections process. You should have a specific staff member tasked with carrying out the debt collection process. If you follow a regimented process delinquencies are going to decrease and that means more money for your business. That process should include the following steps:
- Send an invoice with the expected date of payment
- Then in the event of non-payment send a second letter requesting payment
- If payment still has not been paid a phone call requesting payment should be made
As part of your team you should have a professional in the debt collection industry. Having someone with some expertise is really important to ensure payment. Outsourcing this kind of work is going to be more effective and is going to save you a lot of time in the long run. The details of how the debt collection process will work should be detailed in the terms of service portion of your contracts.
The debt collection guidelines in Australia detail how this process should take place. The guidelines are quite broad and you should seek a lawyer before crafting your policy. There are rules around contacting a debtor. You have to have a reasonable belief that the method you are using to contact the debtor is the correct one. It is also illegal to make contact with a debtor by falsifying your identity. You have to be who you say you are. You also have to make contact at reasonable intervals. You can’t call them 15 times a day. These rules are in place to protect people from over-zealous debt collectors.
The rules around debt collection are incredibly important. You don’t want to fall afoul of the ACCC. Getting your debt collection process in place early on is hugely important for the future success of your business.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 043 – Importance of Debt Recovery originally broadcast on Facebook Live on Monday 18 December 2017 we explore this interesting topic.
Show Notes
Today we are going to talk about the best ways to engage with your clients and the risks of unfair contracts. One of the big contracts many companies have to get right is the application form. These are typically used when your business is providing credit. It includes your details and the details of the client. The agreement must be properly defined to be useful. You need to protect yourself from lack of payment and that’s where the application form is so important. It can be very tempting to keep your costs low by just copying another businesses application form. Taking the time to hire a lawyer that can craft a useful application form can save you a massive headache in the future.
Another important document that you have to get right is an engagement letter. This details the terms of service with a new client. You have to ensure that you are engaging with the client you are actually working for – not a separate legal entity. This is important because in the event of missed payments you will have an agreement that is legally binding. This agreement can include terms and conditions, credit applications and a clear understanding of when invoices have to be paid. Getting the terms and conditions right is critical when creating a contract. If those terms and conditions are not properly defined the contract can end up being useless. Business owners often don’t realize how important it is to get this right. If you don’t you may not be able to enforce the contract when you need to.
Unfair contract terms are another big mistake business owners often make. If you create a contract that a judge will later find to unfair can render that contract utterly useless. The case law has been shifting on this question recently. There are some examples on the ACCC website about what could be considered unfair. Contracts that automatically renew unless they are cancelled six months before are a good example of an unfair contract. JJ Richards recently fell afoul of exactly this kind of contract. The Ashley and Martin decision is another example of an unfair contract that was declared null and void by the courts. You can try and be clever with a sneaky provision in a contract but you risk having the entire thing thrown out by the court in the event of a lawsuit.
Personal guarantees are an important part of engaging with a client. They can detail guarantees about debt or supplies. It can be easy to lose track of all the guarantees you’ve made so you need to be comprehensive about them.
Privacy notices are increasingly common in documents like credit applications. How you are collecting and storing that information is really important. You need to keep getting advice on the latest requirements in privacy law. This part of the law is always changing and you need to be extremely cautious with your client’s personal information.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 042 – How to Engage with Your Clients originally broadcast on Facebook Live on Wednesday 13 December 2017 we explore this interesting topic.
Show Notes
Today we are going to talk about the best ways to engage with your clients and the risks of unfair contracts. One of the big contracts many companies have to get right is the application form. These are typically used when your business is providing credit. It includes your details and the details of the client. The agreement must be properly defined to be useful. You need to protect yourself from lack of payment and that’s where the application form is so important. It can be very tempting to keep your costs low by just copying another businesses application form. Taking the time to hire a lawyer that can craft a useful application form can save you a massive headache in the future.
Another important document that you have to get right is an engagement letter. This details the terms of service with a new client. You have to ensure that you are engaging with the client you are actually working for – not a separate legal entity. This is important because in the event of missed payments you will have an agreement that is legally binding. This agreement can include terms and conditions, credit applications and a clear understanding of when invoices have to be paid. Getting the terms and conditions right is critical when creating a contract. If those terms and conditions are not properly defined the contract can end up being useless. Business owners often don’t realize how important it is to get this right. If you don’t you may not be able to enforce the contract when you need to.
Unfair contract terms are another big mistake business owners often make. If you create a contract that a judge will later find to unfair can render that contract utterly useless. The case law has been shifting on this question recently. There are some examples on the ACCC website about what could be considered unfair. Contracts that automatically renew unless they are cancelled six months before are a good example of an unfair contract. JJ Richards recently fell afoul of exactly this kind of contract. The Ashley and Martin decision is another example of an unfair contract that was declared null and void by the courts. You can try and be clever with a sneaky provision in a contract but you risk having the entire thing thrown out by the court in the event of a lawsuit.
Personal guarantees are an important part of engaging with a client. They can detail guarantees about debt or supplies. It can be easy to lose track of all the guarantees you’ve made so you need to be comprehensive about them.
Privacy notices are increasingly common in documents like credit applications. How you are collecting and storing that information is really important. You need to keep getting advice on the latest requirements in privacy law. This part of the law is always changing and you need to be extremely cautious with your client’s personal information.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 041 – Top 5 Mistakes Business Owners Make Engaging with Clients originally broadcast on Facebook Live on Monday 11 December 2017 we explore this interesting topic.
Show Notes
On today’s edition of Fast Fix Monday we are going to reveal the top 5 mistakes business owners make when dealing with their clients.
Failing to ask the right questions
This might seem obvious but you would be surprised at how often important questions go unasked. You need to find out what the client actually wants rather than what you want to do.
Not being consistent
We are all in business to sell our products but you shouldn’t view every customer as a dollar sign. You have to have a consistent message that reveals who you are and what your company stands for.
Being too ready to reduce price
Once you set your price you should make sure that you remain confident in that price. Believe that the people you engage with value your product or service. Once you slash your price your negotiation room is eliminated.
Taking on the wrong client
When you take on the wrong client at the start of your business you tend to be stuck with them. If they are not paying or don’t value your service they are likely the wrong client. Focus on your ideal client instead.
Customer service
No matter what type of business you operate your customers are the people paying your bills. Show your clients that you care and that they are going to enjoy working with you.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 039- Finding Your Ideal Client originally broadcast on Facebook Live on Wednesday 6 November 2017 we explore this interesting topic.
Show Notes
Today on Fast Fix Monday we are going to discuss the top three tips for expanding your business. This month we are focussing on the best ways to grow your business in a way that is sustainable. Without the proper
Personal details
Pick a name for the ideal client. Then think about their age range and their income level. Do they have children? If so, what schools do those kids go to? What about their holiday habits? Do they like snow or surf? What are their beliefs? Their favourite books and TV shows? What is their favourite social media platform? All of these questions will help you to better understand how you can target people that fit this model. The average person will see between 4 and 10 thousand ads per day. If you don’t properly target your ideal clients you will get lost in the noise. You also need to think about what your ideal client does with their free time. Do they like sport? Fast cars? What clubs do they belong to? What are there politics? These and any other personal details you can work out before you launch your business will be hugely helpful.
Business details
Beyond your ideal clients personal details you also need to have a good think about their business. That doesn’t just mean what industry they work in. It also means developing a clear idea of their work habits. For example: What level of commitment does your client have to their business? This is important because there are a lot of people in business simply as a job. Others are passionately committed to their business. Depending on what kind of product or service you’re offering answering this question will help you to narrow in on your target audience.
A deeper dive
After constructing you ideal client avatar you need to better understand who this person is. Ask yourself what they are thinking and feeling when buying your product. What emotions are they experiencing? Get into their shoes and write down the answers to important questions. You don’t have to make the answers up by yourself. If you have clients now that you think are very much like your ideal client, go and talk to them. Ask them probing questions about their lives and how they are engaging with your business. Everyone has an internal voice. Once you understand your ideal client’s internal voice you can better market to them. Maybe the biggest question you need to answer is what you can do for you client. What problems can you solve for them? Figuring that out will allow you to create a product or service tailor-made for them.
Using the avatar
When you go through this process you are going to accomplish a lot more for your clients and in turn for your business. You are not selling to everyone in the world you are selling to your ideal clients. Determining you that is means you can tailor your marketing and product development for the right audience. Developing your ideal client avatar before you launch your business is going to save you a tremendous amount of money in the long run.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
In Show 038 – Who is Your Ideal Client originally broadcast on Facebook Live on Monday 4 December 2017 we explore this interesting topic.
Show Notes
Today on Fast Fix Monday it’s the first show for the month of December and that start of a new phase. All this month we are going to be discussing Phase 3: Initial Clients. The average person will see huge numbers of advertisements each day. That means it’s really tough to break through when first starting your business. You have to work out exactly the right kind of client you need. That’s important because you can then target the niche audience. You need to be specific about who your perfect client is so you don’t waste time and money.
Try and envision your ideal client. Think about their personal information and their business. Then you have to think about how you are going to reach out to them. What marketing are you going to use? People buy on emotion far more than on logic. We’ll be discussing how to do that on Wednesday’s episode.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.
