Every business should have a good financial planner on board to guide the owner through the financial maze that is inherent in every business. A financial advisor can work with you right from the start to help create the financial section of your business plan; something that any lender will want to see before they make that important lending decision.
When you have your financial planning sorted out, you can see at a glance whether your business concept is truly viable – and so can the lender. While it might seem obvious to anyone starting up a business that it is essential to be sure before you start that the business is viable, when you are possessed by a cherished dream to have this particular business you can often get carried away and think things will be much better than they end up being.
If you have a small business, litigation lawyers will tell you it is absolutely essential to take out insurance against litigation. You may think that litigation only happens to other people and it is not likely to happen in your business, but this is not so. Accidents can happen to anyone at any time and if someone on your premises or on your payroll is injured or worse, litigation is likely to be the outcome.
In fact, even if you do have enough insurance to cover the costs involved in a litigation suit, there are many other factors involved that money cannot help.
If you are in business, it is imperative to dress the part and make yourself as attractive as possible. Some people choose to do this with Botox treatments, while others pay more attention to their makeup and hairstyle. Certainly, if you have pronounced wrinkles, Botox can help smooth them away and give you a younger look. There are other ways to make the most of yourself and one of these is to ensure your hairstyle really suits the shape of your face.
Making the most of yourself may include using Botox injections to reduce facial wrinkles, but if you keep that tired old hairstyle, you still won’t look your best.
If you have gone through recent divorce, you will need to think about fair and equitable property settlements if you and your ex have any property. Even the family home may need to be sold so that the proceeds can be shared fairly. Divorce lawyers can give you a lot of advice regarding property settlement after your divorce.
In fact, you don’t have to wait till the divorce is finalised before working out the details of property settlement. That said, often a divorced couple will not be able to agree on what is fair and just, so the court has to decide. It’s a good idea to try Family dispute resolution in order to reach a fair decision as this is much quicker and it costs less.
When it comes to the breakdown of a relationship there must be a fair and equitable division of assets and debts. Legally, this is called a binding financial agreement, though it is often known as a ‘pre-nup’. Family lawyers can help in establishing a pre-nup and in advising about the division of assets if there is none. In some cases this can be done quite easily between two people who separate amicably, but very often it has to be taken to court for a legal decision to be made as the two parties cannot agree on a fair division.
If it can be settled out of court it avoids the cost of court proceedings and just as importantly saves time and stress. Court proceedings are known for their slow movement forward and this can certainly add to the stress of the whole business of divorce. However, the reality is that a divorce is often accompanied by bitter feelings, which get in the way of any decisions that could be considered fair.
If your relationship has been breaking down for some time and you cannot see any way to restore it, you may want to consider starting divorce proceedings. Once you would have had to see your family lawyers, but these days a divorce can be applied for online. However, you must realise that nothing else except the dissolution of the marriage will be settled. Custody of children and division of assets are another matter entirely.
You can still consult with a lawyer first if you want to. He or she will be able to explain some of the things that you need to know or are not sure of, especially how the law will apply to your situation. They can even do the application for you. However, many people simply apply for a divorce online. A fee also applies, that must be paid online if this is the route you decide to take. The fee is $865, but you may be eligible for the reduced fee of $290.
If you have any major assets, then getting estate planning legal advice from a family lawyer or commercial lawyer should play a major part in your life, especially as you get older. If you die intestate – without a will – your assets will not go to your loved ones in the way you want. In fact, there might be very little left of your estate by the time it is released by the government.
Have your say
There are many reasons why estate planning is important, and why using a professional estate planner will benefit you and your heirs. No one knows what the future holds for them. We may hope to will live to a ripe old age, but even so, the end will eventually come. And it is increasingly likely that accident or disease will have a hand in an earlier release from this life. While few people like to think about it, wiser ones work to get everything in hand so that their loved ones are less traumatised by their passing and their assets are safely distributed the way they have chosen.
Those who own shares in any proprietary company (which means it has a “Pty Ltd or P/L in the name”), might have right that they are not aware of. This could include the right to access certain information regarding the company. It could also include the right to ask the company to hold a meeting of its members, which would be done under specific conditions.
Any company that does not follow through in providing what shareholders are entitled to, might be subject to dispute between members and the company, including the directors which could require experienced commercial lawyers to sort out. Some of these disputes about rights might include the following:
- Not enough general meetings.
- A company not acting in the best interest of the members.
- Not providing access to the company’s register.
- Legal action being brought against directors by members.
The constitution of a company details what the company has the right to do, and what it is obliged to do, including the rights and obligations of directors, officeholders, and members. In this manner, the constitution works similarly to a contract, but a breach of it is not a criminal offence. Private actions must be taken in order to enforce this contract. Disputes need to be settled by the parties, but the court system can be involved when this fails to happen.
There’s a common thought that business owners have. They think that they can deal with clients on legal issues and still not need a Lawyer; well, the truth is that this false belief can be a bane for them. So let’s talk about how to find a Lawyer.
Where to look for a Lawyer?
Yes, this can be an easy method to find a Lawyer. All you have to do is ask your family members or friends. However, you have to be careful here. Your friends and relatives may suggest you an attorney who is not really specialised in these matters. Watch out for that, you don’t need an attorney who doesn’t know the tools of the trade.
Looking Up Online For a Lawyer
Here, if you decide to go on the internet to find a Lawyer, something like Upwork can be of great help. But beware! A fancy profile can be deceiving. Look up for an attorney who is in your state. Go to their LinkedIn profile and read more about them and also find out the reviews on them by other clients. You don’t want all of it to be a disappointment. It’s advisable to schedule a meeting with the chosen candidate before finally selecting them.
Avvo and Lawyers List are great sources to find lawyers too. All you have to do is ask a question here. If a lawyer from your region answers, you can view his or her profile, then you may decide on a meeting and if things go well, you have struck a deal.
With a rapidly growing population of mobile users (3.6 Billion), today; it becomes important for businesses to create robust customer engagement; if they are to stay in the challenging market competition. Subsequently, Digital Marketing professionals must adapt to the evolving consumer behavior; who now consult their Smartphones and mobile devices before making a purchase.
Google suggests marketers should think about new strategies to connect with consumers through different digital marketing channels to gain quality conversions. For brand managers to meet their customers, mobile marketing plays a vital role. A recent Google Analytics report indicates that smartphones help the users make a decision, 57% users visit a store, 39% users will call a business to inquire and 51% users will make an online purchase.
With such positive figures, marketing professionals can connect with consumers employing these four tactics:
Evaluate Your Brand’s Reach Beyond Mobile Sales
It is important to consider all the available options to advertise and promote your products; when customers are searching for your brand/product reviews, prices and sizes on their smart devices. Google Adword is the paid advertisement method that can put your digital marketing in full-steam. This tool allows you to determine the platforms that deeply influence your sales; whether it is shopping from the mobile app or from an in-store.
Social media is a term that justifies “change”. A latest facet surfaces every moment challenging the previous one. This keeps all business owners and digital agencies on their toes to look out for the upcoming social media trends. With constant knowledge upgrading there is the evident practice to learn about the new social media changes that would prove beneficial for business.
Listed below are 5 new social media advancement which when implemented can hugely profit businesses in 2016.
- Quicker Response to Customers
The social media development that tops the list is speeding up the response time. People/consumers when they reach out various brands using different social platforms such as twitter, facebook etc., they expect a quicker response. More than 50% expect to be responded within an hour failing which leads to consumer complaints. Complaints, no matter how small, are always a scar for the business reputation. Be alert and respond to consumers faster with the all new and improved social listening and automation tools to beat your competitors. Keep up with the pace of changing social media to maintain and improve your online business presence.
What is an online business?
Online business, commonly referred as e-business, is some sort of activity that happens online i.e. over the internet. Online business is very common these days as the world is evolving technically as well as intellectually. But one needs to follow a few rules and guidelines before starting any work on the internet especially for those who are new to this field. Few tips that are very useful while starting any online business are listed below:
What are the main tips required?
Few most helpful and valuable tips are explained briefly for the people who are going to keep their foot on the online market.
- Constructive cash flow:
People who own online sites or are owners of any e-commerce business should make sure that they are able to fetch cash as soon as possible. This can be easily possible by hiking the profit margins and reducing the disbursements.
- Propose what people desire:
One of the basic and profitable rules of any business is to offer people what they want. For this, the owner of the site or the business should conduct the market survey in order to know regarding the needs and desires of the people.
Small businesses pay a lot of attention to their digital marketing efforts, revenue generation and customers since they are usually serving niches and tend to focus on their core competencies a lot. Competing with giant organizations cost a lot to the small firms and they are prone to mistakes which the customers or potential customers may catch easily in whatever domain. Website design is one of the areas where the small businesses seem to be ignorant some of the time about certain aspects. Often lack of hefty initial capital leads to development of the business website by the organization’s own staff which might not be a professional team in this regard. Turns out, a website with a lot of design mistakes that could turn off the traffic. And since a small business needs a great deal of viewership at its site since that could be the only medium of communication before launching some campaigns, it hinders the growth of clientele.
Mistake # 1: Poor Choice of Colours
Colours and contrasts are not thought to be as a priority when listing common mistakes made by small businesses in website design, but it is one of the fundamental ones. Since visual appeal plays great role in attracting customers and viewers on the web, poor choice of colours or contrasts that speak otherwise of your vision and business philosophy might be the factor throwing off potential customers to competitors’ site. Fonts and graphic content also falls under this category.
It is a sad fact that many new businesses go to the wall within a few years of starting up. Sometimes it is because of burnout; the owners simply didn’t realise how much time and effort it would take. Other times it is because they were not properly prepared to run a business. Here are 10 tips to make sure that you get a strong start to your new business so that the momentum will carry you through. Following these tips will help your business to succeed.
- Make sure your business offers what people want. You may be vitally interested in decorated horse shoes, but are horse-owners? It would be far better to offer a basic horse shoe, then offer decorative ones as a side. At least you could be sure of selling the basic ones, since all horses that are ridden should be properly shod to protect their feet. By ensuring your stock is popular you can almost guarantee sales.
- Make sure your cash flow Amazingly, many people who start out in business accept that debt is normal. Of course you will have to pay quite a bit to start a business, but you also need to have cash coming in as soon as possible. It is essential to keep the cash flow positive; don’t spend more than you make over a year. You may have to ask for a deposit up front for services, but at least you will have enough to pay your bills.
Many people decide to start a business simply because they don’t like working in a 9-5 job. They think with their own business they can choose hours that suit them or take time off whenever they like. This could not be further than the truth. Starting your own business is time-consuming and the buck stops with you.
If you are not there to see that everything is done on time or properly, your business will head very quickly to failure. That said, there is something about running a business that gets into the blood. The challenges and the frustrations are all part of the fun. Here is a checklist for starting up a business that can help smooth the way.
- Make sure you have a great idea that you are passionate about. If you don’t care greatly for your business idea you are likely to abandon it more easily when the going gets tough. And you won’t give it your all in a way that makes success surer.
- Analyse the sector your business idea is in to see if it is in a growth period or stagnant.
- Assess likely risks and work out a plan for minimising them.
The year 2016 brings forth a fresh set of commandments for small businesses. It is essential to look out for these new changes, which when not implemented can prove to go against the business.
A run down on the 2016 issues that need to be handled without delay which when done can result in huge turn-over for small businesses-
- Extra working hour rules: An increase in the overtime pay is the highlight this year. As soon as the details are out an urgent action is expected from the employers.
- Staff Salary: Around the globe, new laws are being formulated for a raise in the minimum salary of employees, stressing on equal wages and paid sick leaves. These laws have already taken an effect since the 1st of January 2016 in New York City based fast food employees. Equal pay for men and women is being implemented and 5 paid sick leaves are to be allotted by owners having a minimum of 10 staff members.
- Confidentiality Issues: Laws of Security and Privacy has gone up a notch this year. The data-security measures that have been functioning in various businesses up till now will require a boost.
When you are in business the whole idea is to make a profit. However, with the necessity of suppliers, infrastructure, payroll and even tax, there always seems to be a payment that needs to be made, thus reducing your profit levels. Rather than watch your business sink into the red, you can find ways to increase your profits and ensure your bottom line is healthy.
There is more to increasing profits in a business than just cutting costs. Some costs cannot be cut, but that doesn’t mean you should not keep a tight rein on spending. Unnecessary expense is a waste, but essential spending can cut down on time and increase your profits. For instance, purchasing the right software to do the accounting can certainly benefit your business; buying the latest and most expensive office furniture will not.
Five simple keys to increasing profits in your business are:
- Leads – these are your customers or potential customers, people who have contacted your business or who have been contacted by your business. There are two ways to increase profits with leads and that is to get more of them and to increase the spend of each one. It is imperative to give people who come to your store a great experience without being pushy.
What Is Online Business?
An online business, which is also referred to as e-business is the hue of business bustle that takes place over the Internet. There are a lot of things that are to be considered while starting some business online and especially if you are not some computer expert or haven’t started a business before.
You will start to hear terms such as SEO, eCommerce, responsive web design and many others that may confuse you at first, but here are some tips, which can prove a helpful starting point when starting an online business:
What Are The Main Tips Required?
Some of the beneficial tips for the business owners that are planning to start an online business are as follows:
Offer what people want: The owners should make sure that their business renders the customers what they want, and this can be started well if the owners make sure enough of selling the basic ones.
Positive cash flow: The owners should make sure that they run their business in such a way that it renders those cash as soon as possible. The owners can simply achieve this by increasing their profit rates while decreasing their disbursements. Lastly, they should keep in mind that all discount offers are not beneficial to their sales as some of them may even decrease their profit.
Every business organisation needs to have good governance in place, but what exactly does it mean? Corporate governance is the system of rules, processes and policies put into place in order to monitor and control an organisation. Just like a good family has certain rules to establish responsibility, leadership and who does what, so a business has to have the same kind of thing. Only because a business has so many parts to it, the governance is rather more comprehensive than a family would need.
Even small businesses have to have some kind of governance in order to progress smoothly. People within the company from the janitor to the CEO have to know who is responsible for what and who is to make what decisions. It also encompasses certain rules and regulations set out by the government that businesses must adhere to, to be legal.
Input for a governance framework can come from an individual director, company counsel, outside commercial lawyers, a board of directors and officers in the company. It takes into account the kind of business it is and whether there are stakeholders or other shareholders who must be considered. It delineates duties and responsibilities appropriately and where delegation of duties is carried out ensures there is clear and proper understanding of what is to be done and by whom. Effective governance will ensure that the business runs smoothly and safely right from the start, as each person’s skill set will be used to carry out the work they are best suited for.
We often hear people complaining about the cost of insurance, but when it comes to your business, the cost of not having it can be devastating. Just imagine what would happen to all your work and dreams if your business was suddenly wiped out by flood or fire, or some other act of nature. What about if an employee was injured or worse while at work? Or what if your revenue suddenly dropped due to road or street repairs in front of your business that prevented your customers from coming in? Perhaps vandals threw rocks at your shop front and smashed it or stole your goods.
The loss that you would suffer from with all these and many other risks would be so high that your business may never be able to recover. When compared with the cost of insurance premiums it is easy to see which is best. Another problem that often occurs is businesses trying to keep down their insurance costs by insuring for much less than they need. Then when they finally get their payout, it is not enough to repair and start up their business again. Insurance is not the place to try and save on costs.
Every second person wishes to become a business tycoon and has a luxurious life. But is becoming a successful businessman easy? Just having a fund is not enough. Proper planning and execution of plans play a vital role in running a business. With high rates of inflation and deflation affecting the economies of the world no business whether small scale and large scale can remain unaffected by it and run business in adverse conditions is also a challenge.
Numerous factors which play a crucial role in the long life of business but at the time of commencement of an undertaking few elements too should be emphasized. Following are some of the factors to be analyzed and surveyed before putting the business plan on the floor.
- It is advisable that you breathe and live for the proposal you are thinking of. You cannot give a thorough devotion without putting all your funds and assets at stake for the venture. It is not only perilous but also like burning your hands intentionally.
- It is wise to invest before your money to understand the trait of the business and scope of growth so as to relinquish the business plan if the market prospect is not conducive for business.
An individual can think for business for many reasons. Before starting any business, it is wise to understand its pros and cons, whatever the size of an individual’s business is whether it is small or big, virtual or live, it should be secured one. There can be various ways to secure any business. These are almost same for every business without considering its type.
For Firm and Established Business
There are certain ways to secure one’s business. Insuring business is one of them. It is a mandatory and a secured way. Insurance is a need as well as it is beneficial for business authorities. Insurance is a need because it covers a business and in the case of ups and downs it proves to be quite favorable as well.
How to Select Insurance Plan for Your Online Business?
It is mandatory to select an insurance company with a reputation in the market and after going through rule and regulation legitimately. While doing any insurance, an individual needs to understand the reason behind it. If he goes for insurance just because it is necessary, then it can be problematic later on. Before selecting any insurance, an individual must assure about assets it covers. Since in the case of loss, he will be able to get an amount from insurance company according to that only.
Shareholders (members) of private companies continually experience angst over their investments. There is always the greater element of risk when investing in a private and/or start-up company. More frequently after about six to twelve months they will find themselves bolt up-right in bed at 3am suddenly realising that they might not see their money ever again.
The person they have linked their financial fate with is the director (and self-appointed CEO) who promised if they brought the capital he would bring the ideas and execution. Around the time the first set of accounts are prepared it becomes obvious that he has used most of the money for ‘business development’ activities like lunches with friends and travel.
The avenues that are available to the member depend on the character of the director’s activities. That is, are the actions fraudulent, negligent, intentionally misleading or just bad business. The legal remedies available to shareholders will be a combination of the:
Finding Out What Went On
The initial challenge is always finding out exactly what the director has been doing and what kind of transactions the company has been engaging in. While directors have usually complete and unfettered access to the records of the company automatically, members need to request access.
In most cases the constitution or a shareholder’s agreement will provide for shareholders having access to inspect records. However, if that is not the case, of if the director is resisting giving them access s247A Corporations Act provides scope for members to make application to the Court for an inspection of the company records.
The application must be made in good faith and for a proper purpose. The situation where access is requested because the member is considering litigation against the company or the director raises the question of whether it is in good faith or not and depending on the circumstances the application can still be granted.
In the event that the records are not properly maintained, have been destroyed or the member feels that an independent expert is required then s241 Corporations Act allows the Court to order a director to do, or not do any act; and also to appoint an independent person to investigate the financial affairs of the company.
In business terms, taking your business around the globe is something that is targeted by every business person. There are many advantages associated with taking your business overseas. In order to stay in competition and to avoid the costs of import and export, the best solution is to globalize your business and make your base in other countries. It benefits all the associated countries and the business owner himself. There are a number of factors that can be considered as the reason for moving your business overseas; most important of them are discussed here. Globalization of business reduces trade barriers; it is quite obvious that the purpose of business is to earn profit. Reducing the trade barriers reduces the cost and in turn increases the profit to a nice extent.
Reducing trade barriers:
Reduction in trade barriers means stopping the export of goods and manufacturing the goods in that other country. There are huge custom duties which a trader has to bear if he wishes to target a market outside the boundaries of his country. If you want to target the market without the hassle of import and export, you can globalize your business; this will benefit your business, your country and the other country as well.
Letting a business grow enormously:
Competition is ever growing and we have to cope with it if we want to keep ourselves in the market. If your own country’s market is saturated and your business is giving you less profit, you can target a market overseas where competition is low or even zero. This is how signature brands come into existence.
Running a business is thought to be an easy task in comparison to other ways of earning money. It is not as easy as it is thought to be and have various difficulties. One of the utmost troubles is winning customers trust while running any kind of business. There are many others troubles as well.
Need of Customer’s Trust
It is a big question for business owners that what is need of gaining customer’s trust. If an individual is the one who thinks like that, then he needs to brush up his business knowledge. Maybe a business owner thinks like when I am giving perfect product or service with on time delivery etc. then what is the need of building faith as well. It is required because there is a need for making a frequent customer buyer.
Need of Frequency
Next question that arises is why is there a need of a one-time customer to be a frequent buyer? For any kind of business whether it is related with product or else service, it is beneficial that a customer should keep on purchasing and giving regular business. It is possible only after flawless satisfaction of a customer and faith in business is one of them.
What is an online business?
Defining online business in the most simplistic manner is the e-business which is referred as the hue of business bustle that takes place over the Internet. There are various numbers of things that have to be considered while starting any sort of online business and especially if you are not some computer expert or haven’t started a business before. Some of the tips which prove to be beneficial while starting an online business are listed below:
What are the main tips required?
Some of the most advantageous tips for the business owners who are planning to start an online business are as listed below:
- Keeping the cash flow positive:
The owners of the e-commerce sites or any sort of online site should make sure that they run their business in a way that it starts rendering the cash as soon as possible. The owners can simply achieve the positive cash flow by increasing their profit rates and decreasing their disbursements.
- Testing and tracking everything:
The owners of the online business should keep a note of everything. When the owners start a new online business, they should especially track and test the advertisers, mainly. If the owners don’t keep a track of everything, there are chances that they might incur losses.
Getting onto the digital media just because everyone is on it doesn’t guarantee success for your business. You need to work on different strategies and keep in mind certain factors to be successful. One such factor that holds the key to success of businesses on the internet is ranking. Your website’s search engine ranking is what defines its success. If you want to get found by your customers, you need to focus on your Google ranking.
Let’s find out how Google ranking can change the fate of your business online.
Before we head into more details, you should understand how Google works and why your page rank matters. Google has a way of deciding ranking for different pages. It works on an algorithm to rank pages based on organic results. If a company wants to get a good Google rank, then it needs to follow its algorithm which has certain rules that are described briefly below:
- Relevance – A website or webpage that is relevant to the search term used.
- Inbound Links – Google rewards those websites that have several links to other source pages.
- Content – The content needs to be valuable for the users.
- User Experience – The web page should provide a good user experience.
- Mobile-Friendly – The website should be compatible with different mobile devices.
By following Google’s algorithm, any business can be rewarded with a good rank.
Most states and territories have “declared war” on drug driving in the last couple of years. New South Wales is presently leading the charge by announcing that by 2017 they will increase the number of roadside tests to 200,000.
Our alcohol driving laws have been around for many years and there are now enormous amounts of data regarding its effect on driving, blood concentration levels that give rise to impairment and the likelihood of being involved in an accident.
This pervasive concept inherently coaxes us to evaluate the drug driving laws by similar standards. Unfortunately, the policy behind these laws and the manner in which they are being enforced is not at all like alcohol driving laws and consequently we must assess them from other perspectives or consult experienced criminal lawyers for advice..
Each state and territory has now enacted some form of roadside drug testing legislation. However, the incidence of that legislation and the now increased focus on enforcing it has not been complimented with any educational material or even a consistent approach. Some commentators say the reason for this is that it’s merely a campaign against drugs cloaked as a road safety campaign.
That is an interesting conundrum because users who are prosecuted for drug driving do not ordinarily face criminal charges for possession or use of illegal drugs; and yet the possession and use of the drugs that are tested for is itself a crime.
Something that keeps lawyers busy in this day and age is Intellectual Property (IP) issues that comprise a series of legal ownership claims that include trademarks, copyrights, patents, trade secrets and industrial design rights. Small businesses or startups focus less on IP and consequently involve in legal issues. This article shares useful tips to help entrepreneurs guard their ideas and IP policy.
Tip#1: Solemnize Ownership Agreement
A precise agreement formalizing the ownership amongst the people involved in the business should be made. The agreement should clearly state the business owner/s and how the dividends created by IP will be shared among the founders; upon company’s expansion or merger.
Tip#2: Spend Wisely on Patent Filing
Patent expenses should be focused on strategic IP protection because patent filing is expensive. Sensitive business ideas and core patentable schemes should be revealed to a selected few who have agreed to sign a Non-Disclosure Agreement (NDA). Consult a legal professional and opt for a provisional patent application first with the U.S Patent and Trademark Office (USPTO) is an intelligent way for creating temporary IP protection.
Tip#3: Protect Writing Materials
To protect manual, guide, documents and publicity material from infringement, U.S. law supports copyright notices since 1989. Therefore, to avoid legal hassles in the future, ensure that your company stamps all the materials with the copyright symbol or the word “copyright” and the year of creation and first publication.