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.

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.

Debt recovery can be one of the most frustrating aspects of running a business. It’s really important to get this right at the beginning of your business. When you start you want to collect any outstanding debts quickly and efficiently. Cash is king in business. If you can’t pay your own debts you are going to quickly find yourself out of business. Get your invoicing and credit policies figured out early so you will have a consistent flow of cash. Train your clients so they know when they are expected to pay. Invoicing consistently is a big part of that. It’s a good idea to use a third party to collect your debts. It frees up a lot of time for you. It also protects you from any uncomfortable interactions with your clients.

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.

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.

On this month’s legal updater we are going to talk about some of the big stories that grabbed our attention. The recent state elections in Queensland are, once again, going to change the legal landscape. The current Labour government is likely to remain in power and that means there are going to be some new policies implemented.

How can you find your ideal client? If you’re going to sell your products or services you need to properly identify who you are trying to serve. Identifying their priorities, buying behaviour and media consumption are all critical elements. The first step of this process is creating a client avatar. That means constructing the perfect client in your own mind.

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.

Today we are taking a break from this month’s focus on Phase 7: Expansion. Instead we are going to talk a little about our Accountant Partnership Plus Program. That’s a program that gives our accounting partners some information about different areas of the law that will impact their work. A lot of the accountants have been asking about what they need to know about franchising.

Today on Fast Fix Monday we are going to discuss the things you need to know before buying a business. There is plenty of tasks you need to complete before you make the right decisions. To help you along the way we have developed a checklist that we have cleverly titled The Business Checklist.

Pre-contract considerations

Well before you sign on the dotted line you need to have done your homework. You have to decide what legal entity you control is actually going to buy the business. A meeting with your lawyer and your accountant will ensure you make the right decision. You also have to think about the conditions you want to include in the contract. Chief among those are the details of the due diligence required.

Due Diligence Enquiries

A thorough and complete investigation of the company you are considering buying is an absolute must. All aspects of the company have to be looked at to make sure you are getting a good deal. Things you need to look at include the lease of the company location. The number of staff and their salaries. What equipment, patents or other intellectual property does the company own? Kicking the tires is not going to be enough. Dig deep to make sure you’re getting the most for your money

Budgeting

Obviously you need to have the money in place to purchase the new business but there are other things you have to consider. The timing of any deposits that have to be made are hugely important. As is the date when the purchase will be finalized. Taxes and other levies may have to be paid as well. There are going to be consulting fees too. You lawyer, accountant or any other adviser are going to be needed for a successful purchase.

Lease considerations

A new business may require a new location and that means dealing with real estate. If there is an existing lease you need to know all the details before you purchase the new company. All the terms are important. Those include the price, the length of the term and whether a bond is required.