The Biggest Mistake Business Owners Make With Legals

Rise Up In Business

It is my passion to share with you important information on all things legal, so that you can set yourself up for success in business. In this episode, I’m talking about a topic that I believe is crucial for business owners to have an understanding around: properly tailored legal documents. The biggest mistake I see business owners make is either not having them, or not understanding how to utilise them well.
Today, I take you through the 3 main errors people make with their legals, leaving their businesses vulnerable to disputes, financial loss and liability issues:
1. Not Having Legal Documents in Place
I sometimes have business owners reach out to me and say they just didn’t realise they needed to have legal documents in place. They’ve always done things on a handshake or relied on good faith. The truth is, they are plain lucky to not have ended up in hot water somewhere along the line. However, we know that anything can happen in business. If this is you, it’s high time you swiftly get set up with the help of a lawyer so things are watertight should an issue arise. You can rest easy knowing that it won’t even be a blip on the radar.
2. Putting Together Your Own Documents
I often come across business owners who have put something together by taking bits and pieces from others’ terms and conditions. Perhaps they’ve used a template, or just Googled what to include in their documents. While there’s no criticism here, I do know that there’s danger in setting your legals up this way. You don’t know if they’re up to date, relevant to your business or even compliant. As I’ve talked about before, legislation changes regularly and therefore your business may not be protected. I encourage you to reach out to a legal professional and ensure your documents are done the right way.
3. Not Knowing How to Use Legal Documents
Having properly tailored documents in place is one thing. But if you don't know how to use them, they're essentially useless. So believe it or not, your processes and systems around the legal documents that you have are just as important as the documents themselves. How is it that you onboard clients? How is it that you deliver your services? How do you issue your invoices, and when? Get the sequence of events right, and you’ll ensure you remain protected by your tailored terms and conditions.
If you need help getting your legals set up in the right way, I encourage you to reach out to me or any other legal professional you might know. Because as I alway say: prevention is better than cure.

LINKS:

Check Your Legals with the Essential Legal Checklist here

Check out my Getting Paid Made Easy course here

Website:tmsolicitor.com.au

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