RECAST - 5 Red Flags To Look Out For In Business

In the last two episodes, we've been talking about risk in business: what it is and how to reduce it. So this week we are recasting a previous episode where I talk about 5 red flags to look out for in business. This was a popular episode and certainly worth a revisit. I'm sure you will get a lot of value out of this one. ---------------------------------------------------------------Over the past 20 years in my career as a lawyer, I’ve had the honour of supporting small business owners. One thing I have said time and time again is that prevention is better than cure because most of what I saw in my years working in litigation and dispute resolution could have been avoided. In this episode, I’m sharing 5 red flags to look out for in business which alert us to the fact that something is not right in business. These are telltale signs of things going wrong from my years of working with small business owners and if you can catch them early enough, you’ll be able to steer your business in the right direction and avoid disaster.As I share these red flags, my goal is to help you identify areas where your business might be struggling and actionable steps you can take in your business now to avoid going down the path that you don't want to go down.Two common areas where I see warning signs popping up relate to cash flow and client satisfaction. If you have clients consistently delaying payments, asking for refunds, becoming disgruntled and complaining about workflow, these are all telltale signs that something is not right. Your business shouldn’t be operating this way and I share how these issues can be rectified by asking yourself questions, reviewing your internal processes and systems and getting your legal documents in order. The other area that is all too common is when business owners are overwhelmed. If you are wearing all the hats and doing all the things in your business, your business is not sustainable. I share how this issue also reflects back to the need for the right systems and processes to support your business in a way that also supports you. Carefully tailored legal documents and the right systems and processes in place will help you avoid these common pitfalls and set your business up for success. I hope this episode leaves you feeling supported and helps to highlight any areas of your business where you might need help. Don’t leave things until it's too late because the sooner you address these red flags, the better.LINKS:Resources mentioned:Bouncing Back from the Brink in Businesstmsolicitor.com.au/resourcesConnect with Tracey: Get your copy of my Annual Legal Checklist hereWebsite: tmsolicitor.com.auInstagram: https://www.instagram.com/tmsolicitor/Book a Strategy Session with me here