#14 5 Tips to help your business stay well
In previous episodes, I’ve talked a lot about setting up good foundations for business, discussing what you need to know, why you need to know it and how to go about doing it. In this episode, I talk about how you can build on those solid foundations to keep your business running well.
I share my top 5 tips to help your business stay well, including the all important business legals, licences and insurances and making sure you review these on a regular basis. I also discuss cash flow, which is the cornerstone of every business, and why it’s so important to have debt management policies, procedures and strategies in place.
A thread that runs consistently throughout this podcast is that prevention is better than cure in business. Taking the time to get things right at the start will save a lot of grief, stress and money in the long run and reviewing those vital components regularly will keep your business running in tip-top shape.
Topics discussed and where to find them
[1:20]: Get your business structure right and do so from the start. If you don’t, there are logistical, administrative, tax and asset protection implications.
[2:30]: Get your business legals right. The core documents are business terms & conditions, website terms & conditions and privacy policy
[3:10]: Look at your individual business to determine which additional documents you might need
[3:40]: Get your required insurances and licences sorted. This is one of the most important things you could do because it gives you protection and makes sure you are complying with legal obligations.
[4:07]: Debt management. Make sure there are policies and procedures in place so that you can get paid.
[4:57]: Make sure you have a strategy in place for the scenario where you have a client who doesn’t want to pay or who challenges the invoice
[5:20]: Have a good relationship with your business lawyer so that you can reach out to receive some guidance
[6:08]: Review and update regularly as your business grows and changes.
[7:30]: The cornerstone of prevention is better than cure is taking the time to make sure you’ve got things right. It can save a lot of grief, stress and money down the track.
[7:55]: My Business Legals Strength Check which has been designed for business owners to know what needs updating.
[8:22]: Recap