Maryann seeback 6 secrets (mistakes reversed)

THE SIX SECRETS OF E L I M I NAT I N G BUSINESS STRESS

DID YOU KNOW? Mental stress costs Australian Businesses more than $10 billion dollars per year.

In 2013, Safe Work Australia released a report on work-related-stress based on workers compensations claims from 2008-2011. This report identified work pressure as the main cause of mental stress claims in mature-aged staff, causing loss of productivity and absenteeism.

Gold Advisory Lawyers are working to help alleviate these consequences of work-related stress in small to medium business owners by providing the right tools and advice for navigating key legal problem areas. In this booklet, we disclose SIX SECRETS TO ELIMINATING BUSINESS STRESS that can help your business reduce its stress and ultimately increase productivity. At Gold Advisory Lawyers, we help your stress turn into success!

Enjoy, Mary-Ann Seebeck Partner Gold Advisory

CONTENTS

THE SIX SECRETS OF E L I M I NAT I N G BU S I N E S S S T R E S S 1 Protect your intellectual property 2 Implement proper employment systems and procedures 3 Having robust terms and conditions of trade 4 Know your rights under your lease 5 Have a valid will 6 Having the correct business structure

PROTECT YOUR I N T E L L E C T UA L P R O P E RT Y ( I P )

Secret No 1

As a business owner, one of your first priorities is protecting the integrity of your products and ideas. You want to make sure that YOU AND ONLY YOU benefit from the use of your brands and ideas. This is where intellectual property law comes in.

Intellectual property is the property of your mind, and can effectively become your business’ identity in today’s knowledge economy.

Patents

Database rights

Design rights

Intellectual Property Rights

Trademarks

Performer rights

Copyright

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By not protecting your IP, you are exposing yourself to a number of potential stresses: 1 Your competitors may be able to re-engineer your intellectual property for their benefit 2 If staff leave, they may take your methodologies or IP with them for use at competing businesses 3 Your logo or name can be used by someone else in the same industry

Lu c k i l y, t h e s e s t re s s e s c a n b e av o i d e d i f y o u pro t e c t your IP by implementing these three actions:

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2

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Registering your invention with IP Australia as a patent

Staff must sign employment contracts with intellectual property clauses and confidentiality provisions within the agreements

Registering your logo with IP Australia – initial registration lasts 10 years!

Ask Gold Advisory about helping you action these three steps and reduce your business stress.

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ROBUST TERMS AND CONDITIONS

Secret No 2

Any agreement you make with your client or customers must be subject to your business terms and conditions. By not having your QUOTE, TERMS AND CONDITIONS, INVOICE, CLIENT DEBIT FORM and, if applicable, WEBSITE all consistent, headaches and customer disputes will occur.

Quote Te r m s a n d C o n d i t i o n s Invoice Client Debit Form We b s i t e

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By not having robust terms and conditions, you may 1 Be exposing you, your personal assets and your business to unlimited liability in the event of a defective product or service.

2 Not be paid and have no right to charge interest or debt collection fees.

3 Find your customers go into liquidation owing money to you and you have no security.

However, these issues will not arise if you implement the following steps.

1 Limit your liability in your contracts.

2 Limit your risk in your terms and conditions clauses around

a Payment time frame;

b Interest charges; and

c Consequences of non-payment of invoice.

3 In your terms and conditions include clauses about termination in the event of insolvency and the right to protect your interests under the Personal Property Securities Register.

Ask Gold Advisory about helping you action these three steps and reduce your business stress.

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H AV I N G P R O P E R E M P L O Y M E N T SYSTEMS AND PROCEDURES

Secret No 3

There are important questions and procedures you should follow at all stages during an employment relationship, to ensure that you are meeting your obligations and responsibilities as an employer.

Do you have an EMPLOYEE HANDBOOK that contains a summary of your policy and procedures? If your answer was no, then you are exposing yourself to a number of potential stresses including: 1 Unfair dismissal or adverse action claims from dismissed employees.

2 Poor performing employees taking up space (or taking up sick days!).

3 Potential work cover investigation with regards to incidents or behaviours at your workplace.

Ask Gold Advisory about how they can help protect your business from these stresses by: 1 Having well written employment contracts 2 Developing concise employee handbooks that contain detailed policies and procedures.

3 Implementing policies and training procedures on workplace bullying and implementing guidelines for acceptable workplace behaviour.

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KNOWING YOUR RIGHTS AND OB L I G AT I ON S U N DE R YO U R L E ASE

Secret No 4

KEY TERMS TO LOOK OUT FOR IN A LEASE Premises and excluded areas Mechanism for rent increase Make Good Outgoings Permitted use Guarantees and Security Maintenance and repairs

A S K A G O L D L AW Y E R W H AT T H E Y M E A N T O YO U

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From the time you decide to lease a new place of business, you need to know the right questions to ask to ensure that you know all about your rights as a tenant. It’s also just as important to know what rights and obligations your landlord has in the lease.

Rent review mechanisms that are ‘ratchet’ clauses that prevent rent reduction

The rental amount has not been clearly stated (especially if it is an annual amount)

Situations where tenants fall foul

Permitted use clauses have been overlooked, and future purposes may not be permissible

Repairs and maintenance clauses have not been reviewed in light of the condition of the premises when you entered it.

By carefully reviewing your lease, disclosure statement and a number of the commercial and legal issues that revolve around a lease, issues can be resolved at the time of commencement. Ask a Gold Advisory lawyer for help in protecting your business from entering into costly, one-sided leases.

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YO U M U S T H AV E A W I L L

Secret No 5

Building up a business, shares, intellectual property and family assets all need to be protected in the event of your death. If you don’t leave behind a correct will…

1 Your interest and approximately $8,000 will be lost from your estate to administer your affairs.

2 Your wishes will not be carried out and you may want certain assets to go to particular beneficiaries.

3 Your new circumstances may not be reflected – do you have a new partner, or children who require special provisions?

At G o l d Ad v i s o r y, w e c a n

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2

3

Help you to write a valid will

Ensure that you have included a special disability trust for a special needs child or dependant

Prepare medical and financial powers of attorney that allow loved ones to act on your behalf when you are otherwise incapacitated

If you wish to protect your assets upon your death, speak to a Gold Advisory Lawyer and we will help you prepare all of the documents you need.

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CHOOSING THE RIGHT BUSINESS STRUCTURE

Secret No 6

The structure you choose for your business should fit comfortably, like a good pair of shoes. A poor choice of structure can prove painful. Each has advantages and disadvantages. In deciding what structure to choose you should consider such factors as taxation, type and size of business, finance and establishment costs.

Proprietary Limited

Sole proprietor

Partnership

The right business structure

Association

Joint Venture

Cooperative

Different business structures affect how you run your business, your tax obligations and your personal liability. When things go wrong, they can really go wrong, so it is important to be prepared. Problems that can arise as a result of poor business structure: 1 Roles and responsibilities of the parties are not clear from the outset 2 A complete breakdown in the relationship between partners 3 A business partner wants out‌ at an unrealistic figure

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Secret No 6, continued Together with Gold Advisory Lawyers, you can take the following steps to ensure that the above situations do not develop.

1 Having a shareholders agreement if your business is a company, setting out the roles and responsibilities of each partner.

2 Understand the mechanisms that come into effect when a partner or shareholder wants to end the business relationship 3 A dispute handling procedure in the event of a dispute within the relationship.

At Gold Advisory, we can help you document your relationships with shareholders agreements, partnership agreements, mechanisms in event of entry or exit of parties. Take the stress out of your business dealings and document the deal with Gold Advisory Lawyers.

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ABOUT US Mary-Ann Seebeck is a commercial lawyer with a unique service. Her legal firm offers powerhouse Gold Lawyer for a Day solutions to small and medium-size businesses in regional Victoria, minus the astronomical fees.

The Geelong-based Gold Advisory Lawyers has carved out a niche offering commercially savvy and legally astute advice to business clients who would otherwise be unable to afford it. Founded in 2013, the dynamic legal firm works by providing value-for-money flat daily fees, or monthly retainers, based on consolidated packages.

The vision – to help business owners “sleep easy at night”.

By providing an “outhouse in-house counsel” service not billed in six-minute increments, Gold Advisory Lawyers is helping a generation of local businesses protect their assets, brand and hard work.

Mary-Ann draws on two decades of experience as a successful solicitor, accountant and small business owner (she co-managed a 500-cow dairy farm). The personable problem solver and big-picture thinker has worked in the legal departments of blue-chip corporate companies such as Shell, Target, Wesfarmers and TAC. She has a passion for providing accessible, expert business law advice to small to medium enterprises – that’s not bogged down in complex jargon.

With a 100% satisfaction guarantee, the Gold Lawyer for a Day service provides advice on all aspects of business law including human resources, employment issues, intellectual property, customer or vendor disputes, litigation, structures, contract reviews and compliance.

Mary-Ann is writing her first book, Legal Gold: Five Ways to Protect your Business.

Due for release at the end of 2014, the easy-to-read book will provide step-by-step ‘how-to’ advice on managing the top 5 legal risks for business owners. Refreshingly packed with snippets of advice, case studies, checklists and template documents, Legal Gold: Five Ways to Protect your Business targets smart business owners who want to do the right thing by staying out of court and the hands of regulators.

For more details, contact Mary-Ann Seebeck on (03) 5222 8858, or email: gold@goldadvisory.com.au

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G o l d a d v i s or y. c om . au 03 5222 8858 g o l d @ g o l d a d v i s or y. c om . au