Are you confused by the law? Do you struggle to understand why you have taken legal steps in the past? Are you struggling to know what to do for the future of your business? These are all issues that I have found are common for all SME owners.
There is a growing divide between lawyers and their clients which has resulted from these three common problems. The Business legal lifecycle was developed to help eliminate that gap and empower business owners to know more about the legal aspects of their business. SMEs are the lifeblood of our economy. Our goal is to help business owners be more profitable making their community and the world a better place.
When to take legal steps
When you start a business, you need to consult with different consultants such as a lawyer and an accountant to ensure that you put all of the right steps in place for your business. The problem that many start up business owners face is when they go to see a lawyer they are bombarded with advice. This advice is legally correct and often involves taking many legal steps that can cost thousands if not tens of thousands of dollars.
This is impractical, gone are the days when you needed tens of thousands of dollars to start a business. Now you can start a business with a laptop, an idea and an internet connection. The old advice is no longer practical to the modern start up business owner. So, the Business legal lifecycle sets out when you have to take certain legal steps. These steps are timed to be practical meaning that your business will be able to invest their own money in taking these legal steps rather than having to fund it before they know if they have a viable business.
Know where your business is at in its lifecycle
The Business legal lifecycle helps business owners to understand why they have taken certain legal steps. This knowledge is important because you don’t know what you don’t know. Every step in the Lifecycle requires you to take different steps and adjust your way of thinking. Throughout the lifecycle of your business you will encounter challenges and have to make decisions.
When you face a challenge or have to make a difficult decision in business often you will feel like you are lonely. Many business owners are surprised to find out that the challenges that they face are common across many different business and industries. The Business legal lifecycle is designed to show business owners that they are not alone and to learn from other business owners’ mistakes so that they operate successful businesses.
Develop a plan for the future
In 2015 the Australia Productivity Commission identified that the most common reason for business failure in Australia was a lack of planning. In building a business you need to keep an end in mind. That end may change many times during the life of your business.
That is normal, most people leave school thinking that they were going to take one line of work only to end up with another. However, you need to have a plan that is adjusted from time to time. Using the business legal lifecycle you can develop that plan for the future, work with your consultants to implement the plan moving your business forward with confidence.