Steven Milicevic from Milicevic Lawyers and Brad Turville of BJT Financial presented 'The 3 Keys to Secure & Grow Your Business'
Topics covered were:
- How to protect your business and assets?
- Avoiding intellectual property mistakes.
- Really knowing your numbers; and
- Business growth fundamentals.
We were also joined by special guest Ivan Glavas of Worrells who touched on the real state of the Victorian economy and delved into the key issues on small business insolvency (and how to avoid it!).
3. Speakers and Topics
Steve Milicevic - Milicevic Lawyers
● Protect your business and assets
● Avoiding costly IP mistakes
Brad Turville - BJT Financial
● Know your numbers
● Business growth fundamentals
Ivan Glavas - Worrells
● Current state of economy and key solvency issues
5. • Why?
• Key risks - who and what?
• Safeguards and strategies
Protecting your Business and Assets
6. WHY and WHEN?
• All your hard work can be quickly undone
• Keep and pass on your wealth
• Pay less tax
• Costs a lot to fix later
When? Before something goes wrong,
before you start a business or acquire an asset
7. ● Debt collectors
● Ownership disputes
● Litigation
● Business downturn
● Other owners
From who…What risks?
● Insolvency
● Injury or death
● Relationship breakdown
● Past employees
8. Personal Strategies
• Transfer assets to spouse’s name
• Use trusts or other entities
• Get insurance
• Wills & Powers of Attorney
9. • Choose the right business structure
• Separate business from personal
• GOOD contracts
• Get business insurance
Business Strategies
12. Ownership - Shareholders Agreement
Terms - with Customers AND Suppliers
Confidentiality
IP Agreements
Employment and Contractor agreements
Policies and procedures
Good Contracts Examples
13. • Review structure, assets and goals regularly
• Good, early advice is crucial
• Legal, Accounting and Tax Advice
Some Tips
18. Your dashboard
Manufacturer:
• Gross profit %
• Cost of rework
• Work in progress days
• Debtor days
Retailer:
• Sales
• Gross profit %
• Average client spend
• Transaction frequency
19. The 7 Ways to Grow Your Business
Number 1: Increase customer retention rate
20. The 7 Ways to
Grow Your
Business
Number 2:
Generate more leads
21. The 7 Ways to Grow Your Business
Number 3:
Increase conversion rate
22. The 7 Ways to
Grow Your
Business
Number 4:
Increase transaction frequency
23. The 7 Ways to Grow Your Business
Number 5: Increase transaction value
24. The 7 Ways to
Grow Your
Business
Number 6: Reduce cost
of sales / variable costs
25. The 7 Ways to Grow Your Business
Number 7: Reduce overheads
30. • PERSONAL GUARANTEES
• CAVEATS – CHARGING CLAUSES
OVER PROPERTY
• COMPANY SECURED CREDITORS –
THE BANKS!
• DIRECTOR LOAN ACCOUNTS (DEBIT)
• RELATED PARTY LOAN ACCOUNTS
(CREDIT)
36. • Confidential information
• Patent - protects the idea
• Trade marks - protects logo or name
• Copyrights - protects original “artwork”
• Designs - protects the way a product looks
What is INTELLECTUAL PROPERTY?
37. Why I need IP?
• It’s valuable - you can sell it, licence it
• Protect your business
• Public perception
• Customer loyalty
(often misunderstood and misapplied)
39. 1. A business name or domain name
DOES NOT PROTECT YOUR BRAND
The cake shop and beauty salon examples
● Check the marketplace
● Register a trade mark
Top 6 COSTLY IP Mistakes
40. Top 6 COSTLY IP Mistakes
2. Just because you paid for it,
DOES NOT MEAN YOU OWN IT
The software developer example
● Strong contract - clear IP rights, confidentiality, restraints
41. 3. Showing off your design too early
means NO RIGHTS FOR YOU
The fashion retailer example
● Register the design first
Top 6 COSTLY IP Mistakes
42. Top 6 COSTLY IP Mistakes
4. Sharing is not caring
The business ideas example
● Confidentiality agreement
43. 5. Copying and pasting terms & images
The website and other jurisdiction example
The fashion client example
Top 6 COSTLY IP Mistakes
44. Top 6 COSTLY IP Mistakes
6. Using the wrong lawyer - it’s a crime!
The criminal lawyer & client example
● Use expert business lawyers
45. FREE LEGAL HEALTH CHECK
You get a detailed report prioritising key concerns and
solutions.
COVERS what we discussed today… PLUS
….dispute avoidance, investment properties, business
sale/purchase, financing, managing staff, websites and
more!