Congratulations. You’ve actually done it. Your business is up and running money is starting to flow in. Things are going so well that expansion is already on your mind. But stop! You have to get some things in order first. Today on BLL we’re talking about why you have to maximize your business first.

There’s a lot of reasons to be in business. But you won’t be able to achieve any of them if you’re not making any money! That’s why today on Fast Fix Monday we talking about debt collection. Here are the three reasons why you need a debt collection process

Maximizing your business and bringing in new clients. It sounds great right? But actually achieving those goals is a lot harder than it sounds. That why we focus so intensely on it in Phase 6 of the BLL. It comes at the end of the consolidation phases and before expansion. Expanding is incredibly exciting but you have to make sure the business is ready for it.

It’s our first show of 2019! Happy New Year! On Fast Fix Monday we’re talking about finding an investor for your business. Here are the top five things you need when looking for an investor

The Business Legal Lifecycle has gone global! We recently released a revised edition of the book for the UK. We partnered with London attorney Nigel Clark for the new edition of the book. Nigel works with the hugely successful firm Peregrine Law and has been accepted to the bar in the UK and Australia. Nigel has focussed his practice on high-quality corporate advice to the UK and overseas clients. He looks at Peregrine as a new style of law firm with a different way of working. We wanted to invite him onto the show to talk about how the law is changing and what businesses need to know.

Debt is everything to a young business. Unless you’re already independently wealthy it’s the only way to fund your business. But your business is only going to get access to credit if you are going to personally guarantee the loan. Personal Guarantees are an essential business tool. You may want to deploy them when you are giving products or services to your customers on credit. But you have to get them right. Here are some ways personal guarantees can go wrong.

James Whittaker has an incredible track record guiding young entrepreneurs. After a decade working as a financial planner he became an author with the 2010 book The Beginner’s Guide to Wealth. The book was a major hit and led to a new career inspiring entreprenuer’s all over the world. This year James published a new book Think and Grow Rich: The Legacy. The book is a companion to a film of the same name that looks at the influence of Napoleon Hill’s enormous bestseller. We’re incredibly excited to have James on the show this week!

Starting with a new client can be the first step to a beautiful relationship. But you have to get it right from the start. Today on Fast Fix Monday we present the five things you need in an engagement letter.

Make sure you describe the scope

Properly define everything you;re going to do so there is no possibility of dispute later.

State your fees clearly

This is a huge part of any dispute. Make sure you client fully understands how much you’re going to cost.

Define who you are actually engaging with

There are an incredible amount of business structures out there. You need to make sure that you are charging the actual person behind those structures.

Identify the matters that you will handle and those you won’t

Scope creep is a big problem for lot’s of businesses. Make sure your client understands the things you won’t be doing for them.

Specify how you will bill

Will you be billing weekly? Monthly? Make sure when and how you bill is fully understood by everyone.

Royal Commision Called

There was some explosive news this week after the High Court lifted a suppression order involving the Victoria Police and a barrister. The barrister’s name has not been released but we know that while she was representing clients involved in organized crime she was at the same time informing on those clients to the police. The Victorian Premier announced a Royal Commision to investigate what some have called an “appalling breach of lawyer-client privilege.”

Encryption Laws

The Australian Government has passed a new law that will allow law enforcement to access some encrypted messages. There has been a lot of criticisms of the law which some believe gives far too much power to the government to invade individual privacy.

Modern Slavery Laws

A new law recently passed by the Australian Parliament is targeting what’s called modern slavery. Companies with revenues over $100 million will have to report on the risk of slavery in their supply chains.

ASIC and ACC News

Former company director John Falconer was sentenced to 4 ½ years in prison for making illegal payments from a company account.

UBS Security has paid a $120 thousand fine for accidents related to breaching the ASC unfair conduct rules

Westpac and ASIC had previously reached an agreement where the company would pay a $35 million fine for unfair lending practices. A judge has now rejected that deal.

Today we’re starting a new format on BLL. Once a month we’re going to present a training show. Craig and I will present our thoughts on a particular phase of the Business Legal Lifecycle. This month we’re discussing Phase 3: Initial Clients.