This guide looks at ways in which you can use technology to make your business life easier, faster and more efficient. It then offers you a five-step process to help you identify and implement ways to work smarter.
What is a ‘virtual business’?
‘Virtual business’ and ‘virtual offices’ are business buzzwords you hear a lot these days. But what do they actually mean in practice, and how can the concept help small businesses in particular?
Broadly speaking, the concept of ‘virtualising’ your business means replacing traditional physical assets and processes with different ways of doing business. Usually, these new ways of operating are enabled by new technology, and Internet technology in particular. The Amazon.com model is probably the most widely known example of a virtual business model. Amazon sells books, but they have no bookshops - the Internet is used as the shop front instead.
But Amazon is just one example, and there are many ways that emerging technology can help businesses work in different, smarter ways. The benefit, particularly for smaller businesses with limited resources, is the opportunity to ‘virtualise’ their non-core business processes. In other words, it can free them to concentrate on what they’re really good at - the reason they’re in business in the first place.
Extending the technology you already have
The good news is that this doesn’t have to mean spending large amounts of money on highly complex technology. Often it’s a case of using technology you already have, and extending it a little to take full advantage of its capabilities.
For example, each month you probably have to pay suppliers, subcontractors, office supplies, office rental, accountant’s bills, and so on. If you’re not already using online banking, you can cut down considerably on the time you spend writing cheques by completing these payments online. Online banking is not new, but it remains a good example of how you can ‘virtualise’ the banking process. It allows you to bank electronically rather than having to write cheques or visit a physical bank branch. The process saves you time and effort that you can use on other things. Similarly, downloading bank statements straight into your accounting program (such as MYOB Accounting) eliminates manual data input, saving considerable time and reducing errors.
Most businesses already have a computer and Internet access so online banking allows you to use existing technology to streamline time-consuming business processes. Talk to your Business Banking Manager about how you can make better use of online banking.
Tuesday, 1 December 2009
Some Tips For Your Home Based International Business Idea
Have a home based international business idea? Well, talk about home court advantage! However, starting a business can be difficult. How much more if you are trying to get your international home based business idea to work?
The workload you face can be seriously overwhelming as the prospect is huge. From establishing your business to setting work/life parameters, there is a lot to do and very little time to relax for sanitys sake. So how do you make your home based international business idea work?
Below are some tips:
Make a Plan
When you go on a day trip, you always have a road map with you. Thats because you want to know beforehand where you are going or point at a location and say that that is where you are going to be before the day is over.
Now, with your home based international business idea, the same thing goes. You need a road map to tell you what you want to do in your first year. If you do not have some kind of plan going for you, chances are you never will and your business will stagnate.
Having a plan will help you organize stuff, help you make important decisions, budget your expenses, etc. etc. It will certainly help you manage your business and your personal life as home businesses do have the tendency to blur the lines between home life and your own thriving business. To avoid that, be sure to have a plan based on your home based international business idea.
Prioritize
You always have a lot of things to do in the house, right? But you cant do them all, so you have to do the more important things first before heading on for the less important stuff.
The same rule applies with your home based business idea. If you do not prioritize the tasks involved in managing your business, then you will never get anything done. You cant, for instance, attend 25 networking events in one week. At most, you can only attend four events because you are pressed for time. Choose the more important events that you feel you must attend and put them on top of your priority list.
Do the same with the other aspects of your business. You will notice in no time that you can actually do more by prioritizing than by rushing from one task to another, causing your efficiency to suffer.
Take it Step by Step
Once you have priority list set up, time for you get some real work done. However, for your home based international business idea to work, you need to remember to take it one step at a time. After all, what is the purpose of making a priority list if you are still going to end up jumping on all of them with both feet.
Slow down. Dont commit too quickly. And certainly, dont try to do everything at once.
The workload you face can be seriously overwhelming as the prospect is huge. From establishing your business to setting work/life parameters, there is a lot to do and very little time to relax for sanitys sake. So how do you make your home based international business idea work?
Below are some tips:
Make a Plan
When you go on a day trip, you always have a road map with you. Thats because you want to know beforehand where you are going or point at a location and say that that is where you are going to be before the day is over.
Now, with your home based international business idea, the same thing goes. You need a road map to tell you what you want to do in your first year. If you do not have some kind of plan going for you, chances are you never will and your business will stagnate.
Having a plan will help you organize stuff, help you make important decisions, budget your expenses, etc. etc. It will certainly help you manage your business and your personal life as home businesses do have the tendency to blur the lines between home life and your own thriving business. To avoid that, be sure to have a plan based on your home based international business idea.
Prioritize
You always have a lot of things to do in the house, right? But you cant do them all, so you have to do the more important things first before heading on for the less important stuff.
The same rule applies with your home based business idea. If you do not prioritize the tasks involved in managing your business, then you will never get anything done. You cant, for instance, attend 25 networking events in one week. At most, you can only attend four events because you are pressed for time. Choose the more important events that you feel you must attend and put them on top of your priority list.
Do the same with the other aspects of your business. You will notice in no time that you can actually do more by prioritizing than by rushing from one task to another, causing your efficiency to suffer.
Take it Step by Step
Once you have priority list set up, time for you get some real work done. However, for your home based international business idea to work, you need to remember to take it one step at a time. After all, what is the purpose of making a priority list if you are still going to end up jumping on all of them with both feet.
Slow down. Dont commit too quickly. And certainly, dont try to do everything at once.
New Years Revolution
No, that's not a typo in the title. Resolutions are easy; most of us make them at least once a year. A revolution, on the other hand, is something you may not have made since you started your business.
Starting a business is actually quite revolutionary. When you began yours, there were probably many details of your life that changed. Some of those changes were intentional, others accidental; some you liked, some you didn't. Other changes you always meant to make just never happened.
Is your business everything you meant it to be? Is it giving you all that you wanted? Are you satisfied, even delighted with the way your life as a business owner is turning out? If not, perhaps it's time to make a revolution. Here are some revolutionary ideas you might consider:
1. Serve only those clients you care about and enjoy being with. When you work with people you don't enjoy, everything becomes a struggle. Your clients are a key part of your business. You wouldn't hire someone you didn't enjoy working with, so why let them hire you?
Begin today to let go of clients you find difficult to work with, and start seeking out those you really had in mind when you started this business. Have the courage to refuse new clients that don't fit your picture of who you most want your business to serve.
2. Make a plan to reach your income goals. Unless you are independently wealthy, your business not only needs to support you, it needs to provide for your future. Setting goals for your desired income level is a good first step, but to reach those goals, you need a plan.
Create a financial model for your business. How many clients, appointments, billable hours, or contracts will it take to generate the income you want? How much of your time will be required to do that amount of work and do the marketing required to get it? How much money will it cost you in overhead, marketing costs, and admin help? Does the model work?
3. Take enough time for yourself and those you love. The number one reason entrepreneurs name for going into business is time -- more to spend with their families, more flexibility in work hours, or simply more control over how their time is spent. But how many of us actually get this?
Most entrepreneurs spend either too much time struggling to get clients and earning too little money, or become victims of their own success, working too many hours to fulfill clients' demands. You can overcome these problems by combining the financial modelling described above with the approach to marketing outlined below. And don't forget, if you earn enough, you can hire all the help you need.
4. Do more of the work you like doing and less of what you don't. If you're not enjoying the work you do, there's no one to blame but yourself. After all, you're the OWNER of this enterprise. If you can do different work in the same business, start now to make the shift. Loyal customers will follow you if you're still offering services they need.
If more rewarding work would require a new business, join the ranks of the serial entrepreneurs. You started and ran one business, why not another? Life is much too short to do work you don't enjoy, and it doesn't make much sense if you're working for yourself!
5. Build a marketing system that really works. The definition of a system is a selection of related components arranged in a specific order to achieve a common end. Does this describe your marketing? Or is it more like a hodgepodge of random elements jumbled together without a clear goal?
If you want better clients, more money, more time for yourself, and more enjoyable work, an effective marketing system may be the universal solution. Don't know how to build one? Make this the year you learn. Already know how but haven't built it? Get support from a colleague, mentor, coach, or group to make it happen. Have a system but aren't using it? Pull your plan out of the drawer and re-commit to doing what it takes to have the business you always dreamed of.
Starting a business is actually quite revolutionary. When you began yours, there were probably many details of your life that changed. Some of those changes were intentional, others accidental; some you liked, some you didn't. Other changes you always meant to make just never happened.
Is your business everything you meant it to be? Is it giving you all that you wanted? Are you satisfied, even delighted with the way your life as a business owner is turning out? If not, perhaps it's time to make a revolution. Here are some revolutionary ideas you might consider:
1. Serve only those clients you care about and enjoy being with. When you work with people you don't enjoy, everything becomes a struggle. Your clients are a key part of your business. You wouldn't hire someone you didn't enjoy working with, so why let them hire you?
Begin today to let go of clients you find difficult to work with, and start seeking out those you really had in mind when you started this business. Have the courage to refuse new clients that don't fit your picture of who you most want your business to serve.
2. Make a plan to reach your income goals. Unless you are independently wealthy, your business not only needs to support you, it needs to provide for your future. Setting goals for your desired income level is a good first step, but to reach those goals, you need a plan.
Create a financial model for your business. How many clients, appointments, billable hours, or contracts will it take to generate the income you want? How much of your time will be required to do that amount of work and do the marketing required to get it? How much money will it cost you in overhead, marketing costs, and admin help? Does the model work?
3. Take enough time for yourself and those you love. The number one reason entrepreneurs name for going into business is time -- more to spend with their families, more flexibility in work hours, or simply more control over how their time is spent. But how many of us actually get this?
Most entrepreneurs spend either too much time struggling to get clients and earning too little money, or become victims of their own success, working too many hours to fulfill clients' demands. You can overcome these problems by combining the financial modelling described above with the approach to marketing outlined below. And don't forget, if you earn enough, you can hire all the help you need.
4. Do more of the work you like doing and less of what you don't. If you're not enjoying the work you do, there's no one to blame but yourself. After all, you're the OWNER of this enterprise. If you can do different work in the same business, start now to make the shift. Loyal customers will follow you if you're still offering services they need.
If more rewarding work would require a new business, join the ranks of the serial entrepreneurs. You started and ran one business, why not another? Life is much too short to do work you don't enjoy, and it doesn't make much sense if you're working for yourself!
5. Build a marketing system that really works. The definition of a system is a selection of related components arranged in a specific order to achieve a common end. Does this describe your marketing? Or is it more like a hodgepodge of random elements jumbled together without a clear goal?
If you want better clients, more money, more time for yourself, and more enjoyable work, an effective marketing system may be the universal solution. Don't know how to build one? Make this the year you learn. Already know how but haven't built it? Get support from a colleague, mentor, coach, or group to make it happen. Have a system but aren't using it? Pull your plan out of the drawer and re-commit to doing what it takes to have the business you always dreamed of.
Here are some tips for small business. What are your tips?
I mentor small business and have some tips which is part of an free ebook I developed to help small business
Currently conditions are tough and getting tougher and only the tough will survive!
If electricity, interest rates, rising costs, petrol and all the other negatives are driving you to despair in your business then you need this quick survival guide
Is your business currently a Headache? / Take two of these steps daily and repeat until they become a habit
Here is a list of topics you need to consider for the survival game
Introduction and Attitude
1. Perseverance – Believing in your business.
2. Opportunity - Cast your net around.
3. Weigh your options – Taking long hard looks.
4. Use your network – You are always one person away from the one you want or need to know.
5. Do not be afraid to ask for business.
Your business is giving you a daily dose of Migraine / it is really painful but not yet life threatening
6. Negotiating with creditors.
7. Negotiating with debtors.
8. Cutting costs.
9. Sharing the burden by making people responsible.
10. Buy in from staff – Everyone reading from the same page.
Prozac time / this stage is when you need the power of euphoria to move to a successful business position taking charge of the situation and rising above the problems, creating solutions and sustainable revenue plus enhancing the feel good reasons you went into your own business in the first place.
11. Do your homework better than ever before – An even harder look at the playing field.
12. Do not take unnecessary risks and think any “quick rich scheme”’ is the answer to your problems.
13. Stick to the basics – more than ever simple solutions and mud before marble.
14. Stick to knitting – Do what you know best and do it so well you do it your eyes closed.
15. Your business Plan / keep everyone informed especially your banker.
16. Downgrade wherever possible – anything that is not directly relevant to your business or lifestyle get rid of it if it costs money you do not have.
17. Image is not important survival is / The strong do not always survive conflict but it is those that plan well that usually do despite how strong or weak they are
18. IMAGE IS NOT IMPORTANT SURVIVAL IS
Currently conditions are tough and getting tougher and only the tough will survive!
If electricity, interest rates, rising costs, petrol and all the other negatives are driving you to despair in your business then you need this quick survival guide
Is your business currently a Headache? / Take two of these steps daily and repeat until they become a habit
Here is a list of topics you need to consider for the survival game
Introduction and Attitude
1. Perseverance – Believing in your business.
2. Opportunity - Cast your net around.
3. Weigh your options – Taking long hard looks.
4. Use your network – You are always one person away from the one you want or need to know.
5. Do not be afraid to ask for business.
Your business is giving you a daily dose of Migraine / it is really painful but not yet life threatening
6. Negotiating with creditors.
7. Negotiating with debtors.
8. Cutting costs.
9. Sharing the burden by making people responsible.
10. Buy in from staff – Everyone reading from the same page.
Prozac time / this stage is when you need the power of euphoria to move to a successful business position taking charge of the situation and rising above the problems, creating solutions and sustainable revenue plus enhancing the feel good reasons you went into your own business in the first place.
11. Do your homework better than ever before – An even harder look at the playing field.
12. Do not take unnecessary risks and think any “quick rich scheme”’ is the answer to your problems.
13. Stick to the basics – more than ever simple solutions and mud before marble.
14. Stick to knitting – Do what you know best and do it so well you do it your eyes closed.
15. Your business Plan / keep everyone informed especially your banker.
16. Downgrade wherever possible – anything that is not directly relevant to your business or lifestyle get rid of it if it costs money you do not have.
17. Image is not important survival is / The strong do not always survive conflict but it is those that plan well that usually do despite how strong or weak they are
18. IMAGE IS NOT IMPORTANT SURVIVAL IS
Start Up Business Loans - Get a Jump Start in your Business
Planning to start off something of your own? Worried about finances? Now worry no more as start up business loans are ideal for budding industrialists like you.
Start-up business loans are unsecured personal loans custom-made for businesses which are at their nascent stage. It is that crucial stage of a business' life where it has got a kick-start, but need sufficient resources to run smoothly and at a fast pace. Lack of adequate resources at this stage would mean slackness in its functioning. All the speed and momentum that your business would have gained during its initialisation would go waste.
But this should not worry you as with start-up business loans, you can not just keep up with the pace of your business but also increase the tempo by pumping in one of the most important of resources - money.
Where will you get start-up business loans?
Business loans are easily available with many lenders in the UK. But if you are looking for some real good deals, then the best place to look out for is your own PC with an Internet connection. Yes, now you can log in and find some attractive offers among online loans.
What kinds of start-up business loans are attractive?
Anything that suits your requirements in the best possible way and also gives you benefits that help in smooth repayments. These business loans should also be safe for you and your business. Usually, new age business loans have the benefit of low rate of interest which can be quite low if you have a good credit record.
A business cannot function without the 3 essential M resources, which are manpower, machinery and money. Now, monetary assistance is no more a problem with low rate start-up business loans. So, go online and look for a business start-up loan to get you started.
Start-up business loans are unsecured personal loans custom-made for businesses which are at their nascent stage. It is that crucial stage of a business' life where it has got a kick-start, but need sufficient resources to run smoothly and at a fast pace. Lack of adequate resources at this stage would mean slackness in its functioning. All the speed and momentum that your business would have gained during its initialisation would go waste.
But this should not worry you as with start-up business loans, you can not just keep up with the pace of your business but also increase the tempo by pumping in one of the most important of resources - money.
Where will you get start-up business loans?
Business loans are easily available with many lenders in the UK. But if you are looking for some real good deals, then the best place to look out for is your own PC with an Internet connection. Yes, now you can log in and find some attractive offers among online loans.
What kinds of start-up business loans are attractive?
Anything that suits your requirements in the best possible way and also gives you benefits that help in smooth repayments. These business loans should also be safe for you and your business. Usually, new age business loans have the benefit of low rate of interest which can be quite low if you have a good credit record.
A business cannot function without the 3 essential M resources, which are manpower, machinery and money. Now, monetary assistance is no more a problem with low rate start-up business loans. So, go online and look for a business start-up loan to get you started.
How to Start A Business Plan
A business plan precisely defines your business, identifies your goals, and serves as your firm's resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan application. Additionally, it informs sales personnel, suppliers, and others about your operations and goals.
Plan Your Work
The importance of a comprehensive, thoughtful business plan cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives.
Despite the critical importance of a business plan, many entrepreneurs drag their feet when it comes to preparing a written document. They argue that their marketplace changes too fast for a business plan to be useful or that they just don't have enough time. But just as a builder won't begin construction without a blueprint, eager business owners shouldn't rush into new ventures without a business plan.
Before you begin writing your business plan, consider four core questions:
What service or product does your business provide and what needs does it fill?
Who are the potential customers for your product or service and why will they purchase it from you?
How will you reach your potential customers?
Where will you get the financial resources to start your business?
Plan Your Work
The importance of a comprehensive, thoughtful business plan cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives.
Despite the critical importance of a business plan, many entrepreneurs drag their feet when it comes to preparing a written document. They argue that their marketplace changes too fast for a business plan to be useful or that they just don't have enough time. But just as a builder won't begin construction without a blueprint, eager business owners shouldn't rush into new ventures without a business plan.
Before you begin writing your business plan, consider four core questions:
What service or product does your business provide and what needs does it fill?
Who are the potential customers for your product or service and why will they purchase it from you?
How will you reach your potential customers?
Where will you get the financial resources to start your business?
Avoid the Legal Pitfalls when Setting Up a New Business
No matter who you are, you will make mistakes at some point in your business life. Unfortunately the law is not very forgiving - ignorance is not a defence. In this section, we have compiled some of the common legal pitfalls to watch out for when setting up your own business.
Partnerships
A partnership is formed when two or more parties form to start a business, sharing the workload and investing capital to get things going. It is always wise to have a written partnership agreement and get it checked by a solicitor. If you do not have a proper agreement and it all goes wrong, the partnership will be covered by the Partnership Act, whose provisions may not always seem fair.
For example, under it partners can withdraw without giving notice. This could mean they insist on the immediate return of their capital and the business may be forced to close down as a result. If you do not however, have an agreement you may be liable for all sorts of costs and you have no legal standing. It is very important to make sure all of your agreements are legal and will withstand in a court of law.
Clarify Relationships
You can find yourself in a partnership without realising it, for example, if you run a business with somebody but don't employ them, this often happens with husbands and wives or other family members. In a partnership, each partner is responsible for business debts incurred by other partners and there is no limit to their liability.
Put Everything in Writing
I cannot stress enough how important it is to have everything in writing. If things go wrong you have no legal standing without some form of documentation (which includes all correspondence), contracts are the basis of all business relationships. A contract will include four key components: Consideration, an obligation to pay or a promise to provide something in return for something of value. Certainty, the contract must clearly state what is expected of all parties. The intention to be legally bound and an offer and an acceptance. However, contracts can be oral and it isn't always clear when one has been made.
Confirm every agreement in writing so everyone knows where they stand. What is the brief? Who will pay? When? How much? Are expenses included? What are the acceptance criteria? Who will own copyright? It is important that all aspects are covered and that there are no grey areas.
Make Sure all Employees Have a Contract
It is very important to have a contract of employment in place from day one for all employees. Make sure that all new employees are entitled to work in this country, or you could face heavy penalties. The contracts act to protect both parties.
Know your Employment Laws
Employment laws in this country are very precise on what you can and cannot do. Before you fire someone, make them redundant or change their terms and conditions of employment, take legal advice. If you don't, you could find yourself open to claims for unfair dismissal, discrimination or breach of contract. Also warn employees that discrimination, sexual harassment and other illegal acts will not be tolerated.
The Importance of Health & Safety
If you fail to carry out your health and safety obligations you may face prosecution, your insurance premiums may rise and you may find difficulty in obtaining insurance altogether. In the worst cases your business may be closed until you adhere to the Health & Safety laws. Information packs are available from the Health & Safety Executive which will outline your legal requirements. The Government are legally entitled to carry out spot checks on your premises at any time.
Make Sure you are Insured
Insurance is vital from a financial viewpoint. There are also legal requirements for employer's and public liability insurance. If you sell products, product liability insurance will protect you if someone injured by a defect in your product successfully sues you.
Are you Covered?
Many people find it hard to imagine that work they have done will result in a claim for hundreds of thousands of pounds. However, most people only contribute a link in a chain, so the effects of a mistake can be out of all proportion to their individual contribution. If you offer services or advice you must get adequate professional indemnity insurance. Indemnity cover is needed for years after the work has been done, because it has to cover when the claim is made. Failure to do this will leave you open to claims that may make you bankrupt!
Terms and Conditions
If you don't spell out in black and white your terms and conditions of trade (T&Cs) you are giving you customers the licence to pay you when they feel like it. And if they go into liquidation before paying you, you may not be able to reclaim your goods if you do not have a Retention of Title clause in your Terms & Condition’s. Draft some suitable Terms & Condition’s for your business and ask a solicitor to check them. You must ensure your customer agrees to them, and ideally, signs them when placing an order.
Read the Small Print
Read all loan and overdraft agreements carefully to ensure you understand what you are letting yourself in for. Be very wary of signing personal guarantees. Banks often seek to over secure' their lending. Once you have signed any paperwork you will be legally bound to any terms and conditions that are set out in the small print, no matter how unreasonable they may be. It is imperative that you read all small print before signing anything.
Finally, be careful when signing lease agreements, especially for property. Even if you move and sell the lease on, you could find yourself liable if the next person defaults. Check whether you will be liable to repair and improve the property under the terms of your lease.
Avoiding these common legal pitfalls will help ensure that smooth running of your business and will also prevent you from receiving any unwelcome fines.
Market research may be essential for your business's expansion. For current Asia market research and Strategic Market Research, you may employ the services of Spire Research and Consulting Pte Ltd.
Partnerships
A partnership is formed when two or more parties form to start a business, sharing the workload and investing capital to get things going. It is always wise to have a written partnership agreement and get it checked by a solicitor. If you do not have a proper agreement and it all goes wrong, the partnership will be covered by the Partnership Act, whose provisions may not always seem fair.
For example, under it partners can withdraw without giving notice. This could mean they insist on the immediate return of their capital and the business may be forced to close down as a result. If you do not however, have an agreement you may be liable for all sorts of costs and you have no legal standing. It is very important to make sure all of your agreements are legal and will withstand in a court of law.
Clarify Relationships
You can find yourself in a partnership without realising it, for example, if you run a business with somebody but don't employ them, this often happens with husbands and wives or other family members. In a partnership, each partner is responsible for business debts incurred by other partners and there is no limit to their liability.
Put Everything in Writing
I cannot stress enough how important it is to have everything in writing. If things go wrong you have no legal standing without some form of documentation (which includes all correspondence), contracts are the basis of all business relationships. A contract will include four key components: Consideration, an obligation to pay or a promise to provide something in return for something of value. Certainty, the contract must clearly state what is expected of all parties. The intention to be legally bound and an offer and an acceptance. However, contracts can be oral and it isn't always clear when one has been made.
Confirm every agreement in writing so everyone knows where they stand. What is the brief? Who will pay? When? How much? Are expenses included? What are the acceptance criteria? Who will own copyright? It is important that all aspects are covered and that there are no grey areas.
Make Sure all Employees Have a Contract
It is very important to have a contract of employment in place from day one for all employees. Make sure that all new employees are entitled to work in this country, or you could face heavy penalties. The contracts act to protect both parties.
Know your Employment Laws
Employment laws in this country are very precise on what you can and cannot do. Before you fire someone, make them redundant or change their terms and conditions of employment, take legal advice. If you don't, you could find yourself open to claims for unfair dismissal, discrimination or breach of contract. Also warn employees that discrimination, sexual harassment and other illegal acts will not be tolerated.
The Importance of Health & Safety
If you fail to carry out your health and safety obligations you may face prosecution, your insurance premiums may rise and you may find difficulty in obtaining insurance altogether. In the worst cases your business may be closed until you adhere to the Health & Safety laws. Information packs are available from the Health & Safety Executive which will outline your legal requirements. The Government are legally entitled to carry out spot checks on your premises at any time.
Make Sure you are Insured
Insurance is vital from a financial viewpoint. There are also legal requirements for employer's and public liability insurance. If you sell products, product liability insurance will protect you if someone injured by a defect in your product successfully sues you.
Are you Covered?
Many people find it hard to imagine that work they have done will result in a claim for hundreds of thousands of pounds. However, most people only contribute a link in a chain, so the effects of a mistake can be out of all proportion to their individual contribution. If you offer services or advice you must get adequate professional indemnity insurance. Indemnity cover is needed for years after the work has been done, because it has to cover when the claim is made. Failure to do this will leave you open to claims that may make you bankrupt!
Terms and Conditions
If you don't spell out in black and white your terms and conditions of trade (T&Cs) you are giving you customers the licence to pay you when they feel like it. And if they go into liquidation before paying you, you may not be able to reclaim your goods if you do not have a Retention of Title clause in your Terms & Condition’s. Draft some suitable Terms & Condition’s for your business and ask a solicitor to check them. You must ensure your customer agrees to them, and ideally, signs them when placing an order.
Read the Small Print
Read all loan and overdraft agreements carefully to ensure you understand what you are letting yourself in for. Be very wary of signing personal guarantees. Banks often seek to over secure' their lending. Once you have signed any paperwork you will be legally bound to any terms and conditions that are set out in the small print, no matter how unreasonable they may be. It is imperative that you read all small print before signing anything.
Finally, be careful when signing lease agreements, especially for property. Even if you move and sell the lease on, you could find yourself liable if the next person defaults. Check whether you will be liable to repair and improve the property under the terms of your lease.
Avoiding these common legal pitfalls will help ensure that smooth running of your business and will also prevent you from receiving any unwelcome fines.
Market research may be essential for your business's expansion. For current Asia market research and Strategic Market Research, you may employ the services of Spire Research and Consulting Pte Ltd.
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