Legal

Issue No. 44 - December/January 2008

Don’t be a business undertaker

by Mr Shayne Bakewell

A Business Reality Check

R.I.P.

A.B.N. MY BUSINESS

Remembered by the owners and their families.

We regret to advise that after overseeing the demise of

A.B.N. My Business the owners and their families

inherited nothing.

Ok, dramatic! But we got your attention. Getting the message across eliminating the risk factors in a business is the same as getting health messages across. You know the ones, lose weight, exercise more, stop smoking etc.

But when you ignore messages that relate to your business, you may just be around to be its undertaker. So, how can you stop yourself from becoming your business’ undertaker?

• Know your cash flow position – Paying wages, suppliers, the bank, the ATO and yourself are critical cash requirements. No cash = no viable business and, maybe personal liability for the business’ debts.

• Use employment contracts - A properly crafted employment contract can prevent an, an exemployee...

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