Running A Profitable Business

Running A Profitable Business

As commercial lawyers who act for small business owners we know how important it is to them that their business remains profitable.

Therefore their relationship with people such as their bank manager and accountant is an important and critical one. These are people that you will have contact with reasonably often as a business owner.

Your relationship with your lawyer is also an important one.

We can assist in many ways. This could be by giving advice. It could be by drafting and enacting important legal documents or taking action when someone has affected your business in an adverse way.

These are ways that we as lawyers can make sure you are running a profitable business.

I say profitable over busy as the two are not the same.

Small business owners know the difference. The first can be eroded so easily even if you have lots of sales or work coming in. This is because internal factors through third parties such as landlords, suppliers and employees can all impact on the bottom line if something goes wrong.

From a legal perspective, we can help you run a profitable business by making sure your behind the scenes legal responsibilities are optimised and in order.

Important legal things like;

  1. ensuring you operate under the most appropriate business structure be it solely, through a partnership, company or trust.
  2. ensuring your employees are all on solid clearly written employment contracts.
  3. being sure which staff are employees and which are contractors, according to the law, for employment, insurance and taxation reasons.
  4. making certain your cash flow is not compromised by bad debtors by not having a clear debt recovery system in place.
  5. drafting bonus or incentive arrangements for your staff that are clear and in writing
  6. having a risk management strategy in place for legal risks in your specific industry.
  7. ensuring problems with staff are managed properly, promptly and according to the law.
  8. trade marking your key brands sooner than later so that competitors do not take advantage of them.

Running A Profitable Business

Running A Profitable Business

Running A Profitable Business

Here is an article about buying a business for those who are still thinking in the stages of acquiring one. 

Click Here

Here is a link to some further useful information on making a business profitable. 

Click Here

Call us now if you have any questions on 9528 0235.

We have two handy offices in Sydney at Crows Nest on Sydney’s lower North Shore and at Jannali in the Sutherland Shire.

Paul Ippolito is Principal of Ippolito Lawyers. He is an experienced commercial lawyer who works with small business owners, both new and established ones. Paul has also lectured for nearly a decade in commercial and corporate law at the NSW College Of Law.

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