Cybersecurity is a nebulous term; but whether you think of it as security breaches affecting large corporations, or less sophisticated (but still devastating) online scams, there are many traps for your business (and your clients). Recent high-profile breaches show the threat is real, growing and can’t be ignored.  It’s estimated that 50% of hacks relate to small businesses – which isn’t so surprising when you consider that ‘IT manager’ is often one of many hats a small business owner wears....

Did owning your own business turn out how you hoped? Is your life better overall? Or does the stress and struggle of being the boss mean you're less free than you were before? For some, the option of going back to a comfortable regular paycheque becomes enticing. In this episode, Alex and Dave explore the pros and cons of ownership v employment.  Ultimately, for existing owners, it all comes back to why you went into business in the first place, and whether being in business is best for...

What’s the best structure to run your business from? It’s a critical question - one that can have massive legal, tax or asset protection implications. But the answer depends on a whole raft of factors: your stage of business, your current and expected profit, and your risk profile to name a few. In a nutshell: the cost and complexity considerations of a particular structure need to be traded off against the asset protection and flexibility benefits they provide. In this three-pronged...

If you ask a bunch of business owners their exit strategy, a good proportion will say: “What’s that?”  Your exit strategy doesn't need to be comprehensive. Do you plan to sell it one day? Ride it out for as long as you can until you shut the doors? Will you focus on building a passive income outside the business that will keep working for you after you stop?  If you're relying on a big windfall when you sell your business, be warned: a lot of businesses are worth less than the owner thinks...

Being your own boss has many benefits. However, there are challenges along the business ownership journey that you may not be aware of before you take the plunge. It’s often a lot different than what you expect – harder, but also more rewarding.  It’s these hidden burdens of business ownership that catch you out. So it's important to know what you're in for before you go all in – because business ownership is definitely not for everyone. Plus the skills you need to start a business are often...

For most businesses, your people are everything. In professional services, what you essentially sell is the skills and personality of your team. In other sectors, how your people behave and treat your customers is still critical to your success. In this episode, Alex and Dave dissect how having the right people - and keeping them - and moving on those who aren’t a good fit, is arguably the most important thing for business owners to focus on. #business #legal #WealthActivism #finance...

Picture it: no more debts. House paid off. Kids educated. Income strategy generating passive income. You no longer need to work for the money.  This is what most business owners say all their hard work is focused on achieving. But have you ever stopped to think what you’d actually do with all that free time? Travel? Play more golf? Spend more time with your family?  ...9-5 every day?? For many business owners, their work is their identity; if you didn’t have that, what would you do? And if...

On top of the normal cut and thrust of running a business, owners are faced with legislative and technological changes (working from home, anyone?) that force them to continually adapt and evolve. As your risk profile changes, it’s a good idea to review your various agreements (with customers and employees, and between business owners) to ensure they are still fit for purpose. In particular, agreements between owners are an often-overlooked area that can cause much pain and angst if your...

There’s nothing like the arrival of a new baby or grandchild to make you reflect on fundamental questions about business, life and what’s really important to you. For a new baby, you may focus on how you want to live, and question whether you want to keep working so hard in your business. A grandparent may ask: “If I had my time again, what would I do differently?” On top of the practical actions you can (and often should) take from a legal and financial perspective (including investments,...

Business is tough. There are many internal and external threats to navigate, such as losing your biggest customer, key people leaving the business, or competitor / technological disruption of your industry. Sometimes, the biggest risk to a business is the owner – especially if there’s no one to hold them accountable. In this episode, Alex and Dave settle into their barstools to discuss the biggest risks businesses face, and how you can avoid or mitigate them. (Spoiler: good communication is...

When asked this question, many business owners would eagerly say “a truckload of cash!” But while earning a profit is important, ultimately we're often driven by other measures of whether we are "a success" in business and/or life.  This episode explores the many measures of success beyond simply dollars and assets, and provides tools and tips to help business owners achieve your version of success sooner. #business #legal #WealthActivism #finance #businesssuccess #worklifebalance #podcast...

As we grapple with working from home more (or is that living at work??), the line between personal and work time continues to blur. We’re working longer, with less of the usual barriers to help us switch off. As a result, business owners need to ensure they (and their team) take time off to refresh and recharge. But in uncertain times this is easier said than done. In this episode, Alex and David discuss a range of options and considerations to help owners and employees switch off so they...

Businesses face a perfect storm of cost increases driven by the scarcity of key resources and flow-on inflationary pressures. Energy prices are out of control. Labour shortages have seen some businesses pay overs to hang onto staff - with many now facing wage increases to boot. As a result, many businesses have to do jobs at cost – or knock them back entirely. In this episode, Alex and Dave explore solutions to the cost challenges facing most businesses, including the all-important...

Over the past few months, we’ve seen mention of staff and labour shortages everywhere. In the news, even our clients have mentioned the trouble they’ve had filling vacant positions – and not just entry-level roles, the need for skilled, experienced workers seems to have appeared from nowhere. As you’d expect during a labour shortage, bringing someone new on has become more expensive. For small businesses, it’s a huge consideration that often doesn’t stack up. So where to next?  In this...

So, you’re literally minding your own business, everything is going well and ticking along. Your business is profitable and you’re enjoying yourself. Suddenly someone comes along and parks the proverbial truckload of cash on your front lawn, ready to dump it off. They want to buy your business! It’s an attractive offer, so why wouldn’t you?  In this episode, Alex and Dave discuss selling your business – So when is the right time? Like everything, it depends… 

Have you given much thought to what might happen if you become unable to make decisions or pass away? What happens to your assets and liabilities? You might assume that’s what your will is for, right? Or you may not have given it a thought as you feel it’s a bit of a morbid subject.  This time around, Alex and Dave dive into the topic and how planning for the worst as part of your succession plan can be the best way to protect those you care about if something unfortunate happens.

Like anything, there’s more than one way to run a business. Are you hands on or do you have a team backing you up? What’s important to understand is what do you want to get out of it. We often speak with business owners who have either lost sight of what that is or have never asked themselves the question. So, do you run your business or does your business run you?

Do you run your business or does your business run you?  Could you step away from your business for a period of time and it still have it bubble along successfully without you? Have you delegated roles and responsibilities to the right people (whether it be to an employee or outsourced third party provider) to achieve your business goals? We often speak with business owners that have lost sight of why they got into business in the first place. Was it to work less? Retire early? Make a lot...

So what is succession and how does it relate to success? Success in business is different for every business owner – Whether that be mean growing and selling it on, or simply closing the door when you decide, the trick to succession planning, like all things – it depends

As a business owner, you might view the notion of superannuation as unnecessary. Why would you lock away capital that you could use to grow your business? But is there more to it? 

The recent collapse of ProBuild has been a stark reminder that everything isn’t always as it seems. Even when a business appears successful externally, it doesn’t necessarily mean it is. So what can you do if a customer can’t pay? The first thing you might consider is lawyering up – but you could end up more out of pocket than you were. Join Alex and Dave as they discuss what to do and how to protect your business from unrecoverable debt. #legal #business #finance #team #innovation #podcast...

Like any partnership, disagreements will occur – but is it really about directions or something else. When it’s not business as usual what way do you go? #legal #business #finance #team #innovation #podcast #melbourne

“Wow, that’s expensive” We hear it pretty often, but expensive compared to what? Is the opportunity cost of not paying for professional business advice worthwhile, or is it a false economy? When avoiding the bill, you could end up paying more than you bargain for.

So, don’t look a gift horse in the mouth, but where should you look? Gifting equity of your business can be at first glance, a great way to incentivise some of your key staff, but is it the best solution in that instance?  We know we're a bit long in the tooth, however, this isn’t our first rodeo, so here’s the skinny on horse-trading with your people.

For whatever the reason may be, emplyoees can come and go - but what if they’re are taking more than a box of personal stuff when on the way out?