Rise Up In Business Tracey Mylecharane

In business, unforeseen challenges can arise at any moment and in my years working in dispute resolution, most of what I saw in the courtroom could have been avoided. With never ending to-do lists, getting legal documents in order is a task that often gets buried under a pile of other demands. Unfortunately, this neglect leaves businesses completely exposed without a leg to stand on.

Today, I’m sharing a real-life case study of one of my clients as a cautionary tale about the importance of proactive risk management. Unfortunately, this client discovered the costly consequences of overlooking her essential legal documents but with the right knowledge, you can avoid situations like hers, which are all too common.

In my client’s many years of experience as a sole trader in the interior design industry, she had never been involved in a legal dispute. She had a great reputation, was a fabulous operator and had put together a one-page service agreement herself, which seems to be common practice in the design industry.

Unfortunately, when one of her commercial clients became disgruntled, she discovered all too well how costly it can be not to have properly tailored client service agreements. She was threatened by legal action, seeking damages well in excess of $85,000, and the harsh reality of her unpreparedness came crashing down.

As the situation unravelled further, it became clear that the repercussions of neglected details and misaligned expectations were far-reaching. My client found herself exposed to a financial burden of $85,000 due to incomplete project tasks and non-returnable designer furniture. Had she come to me earlier, I would have advised her on exactly how to protect her business, and this scenario would have had a completely different outcome.

Unfortunately, this client had to learn the hard way, but I hope her $85K wake-up call serves as a poignant reminder to you that ignorance is not bliss when it comes to protecting your business. By proactively addressing risks, fortifying agreements, and seeking informed counsel, you can be fully equipped to navigate any challenges that arise, knowing that your business and your assets are protected.

When it comes to your legal documents, don’t bury your head in the sand. You may not have encountered a legal dispute yet, but if and when you do, you won’t ever regret taking the time to make sure that your legal documents are in order. 



LINKS:


Discover the Masterclass Series here
Check Your Legals with the Essential Legal Checklist here
Book a Free 20-minute Initial Consult with me here
Join me on Instagram here

The process of engaging a business lawyer can feel a little daunting for business owners. You don’t know what you don’t know and it can be difficult to know where to start. How do you know if someone is the right fit for you and your business? 
Your relationship with your business lawyer is a significant one for the health of your business so this is something you want to get right. To help streamline this process and make it as easy as possible, today I’m sharing some key questions you should ask before engaging a business lawyer.

Find a Business Lawyer Who Knows Your Industry
The first step in finding the right business lawyer is to ensure they have expertise in your industry. Whether you are in the creative field or another niche, it's crucial to work with a lawyer who understands the intricacies of your business. Asking questions like how many clients they have in your industry can provide valuable insights into their experience and ability to add value to your business.

Understand Their Work Process
Collaboration and communication are key when working with a business lawyer. It's important to ask how they work and if you will be able to review drafts, ask questions, and provide feedback. In my legal practice, I love to collaborate with my clients and give them as much time and opportunities as they need to feel satisfied with the outcomes of their engagement. But other lawyers don’t work like that. This is why it’s really important to clarify the process before you sign on the dotted line.

Clarify the Billing Structure
Knowing how your business lawyer charges is essential to avoid any unexpected surprises. Lawyers charge in different ways from value-based pricing to a fixed fee pricing structure or a time-based model. Understanding the billing structure upfront allows for transparency and clarity on what services are included and how much you will be paying. This way, you won’t get any surprise invoices that you weren’t expecting.

Establish Communication Channels
Effective communication is vital in any professional relationship, including with your business lawyer. Asking how they prefer to be contacted, whether it's through phone calls, emails, or another platform, ensures that you can easily access the support and guidance you need. Understanding their preferred communication methods can streamline the process and avoid misunderstandings, making the entire process so much smoother.

Connecting on a Personal Level
Before making a decision to engage a business lawyer, take the time to jump on a call with them. Establishing a personal connection and ensuring that you vibe well with the lawyer is essential for a successful and long-term professional relationship. Feeling heard, supported, and comfortable with your lawyer is crucial for the success of your business endeavours. And if you don’t mesh well, you can continue on your search to find someone who is a better fit.
When it comes to engaging a business lawyer, it's essential to ask the right questions and ensure that the lawyer aligns with your needs and expectations. By asking questions about these key areas, you can make informed decisions and choose a business lawyer who can accelerate your business success. 



LINKS:
Discover the Masterclass Series here
Check Your Legals with the Essential Legal Checklist here
Book a Free 20-minute Initial Consult with me here
Join me on Instagram here

Today’s episode is very special for me, as we’ve just celebrated our 5 year business birthday! It's been a wild ride, but one of the absolute best things I've ever done.
 As I’ve been reflecting on all that I’ve learned so far, I thought I would share the 5 key lessons I’ve learned with you, so you have the best chance at success in your own business

1. Who You Surround Yourself With Matters
We all hear this, and it can sound cliche - but I know firsthand how powerful surrounding yourself with the right people is. While it's crucial to create a support network of people who have a positive impact, it’s also important to find the power in letting go or moving on when things aren’t right.  I talk about how changing seasons call for a different level of support, and the importance of allowing ourselves to move on from the wrong people - swiftly and guilt-free.

2. Know Your Numbers
I get how hard this one can be, but trust me - knowing your numbers is a game-changer. I talk about the difference between revenue and profitability, and how busy doesn’t mean profitable. Remember - getting comfortable with knowing the numbers can be the difference between surviving or thriving in business.

3. Be Authentic in Your Messaging
I don't know about you, but I find the noise on social media and all the messaging constantly coming at us to be exhausting. It took a lot of hard work for me to work out how to step back from that and tune into what was really authentic to me and my messaging. I explain how I learned to be anchored to my ‘why’ and how fundamental it was for me to show up consistently as myself. My advice to you? Pause, take a step back, think about your authentic self and messaging, and stick to that.

4. Embrace the Different Seasons in Business
 For so long, I thought I needed to be consistent all day, every day, week in and week out. But the reality wasn't that. The reality was that at times, I needed to hustle and other times, I needed a break. It took me a while to learn that there are seasons in business and it's okay that sometimes we're hustling and working hard because that's the season the business is in, but there are seasons when we need to step back from that pace and have things a little more relaxed.  It's more than okay to take our rest.

5. Find Your Niche
This one is big. And I know it is, because I've experienced the power of niching firsthand. And yes, the idea of niching down can be scary, because we think it means saying no to work or shrinking our pie.

However, speaking from my own experience, the opposite is true. When we hone in and focus on who we really want to serve, we might be saying no to people who aren't aligned with us, but will have many more people finding us who are.

While there have been good times and bad, I’ve loved every minute of growing my business. I hope you take the lessons I share here as a guide to achieving authenticity and success on your own business journey.

P.s. I reveal a little something special at the end of the episode around a new offering, so make sure you tune in to find out more! 
 
LINKS:


The Legally Empowered Entrepreneur Masterclass Series


Check Your Legals with the Essential Legal Checklist here
Check out my Getting Paid Made Easy course here
Website:tmsolicitor.com.au
Instagram:https://www.instagram.com/tmsolicitor/
Book a Strategy Session with me here

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.

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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 Business
tmsolicitor.com.au/resources



Connect with Tracey: 


Get your copy of my Annual Legal Checklist here
Website: tmsolicitor.com.au
Instagram: https://www.instagram.com/tmsolicitor/
Book a Strategy Session with me here

There are a lot of risks in business. It’s not just in your finances, but your operations, strategy, compliance, and reputation too! It can be overwhelming, but we aren’t powerless. In the last episode, I talked about what risk is in business. Today I want to share the process I take clients through when we’re putting strategies in place to reduce or manage risk. 


The Three Pillars of a Risk Mitigation Strategy:
1. Business Structure: The first step for any risk management plan is having the right business structure. You want to ensure the structure you choose aligns with your industry and offers asset protection, especially in high-risk sectors.
2. Insurance: The second pillar is having the right insurance coverage tailored to your business needs. You don’t want to pick insurance online because you wont really know what you’re getting. Consult with a broker, they can explain what’s included and excluded so you can be confident you’ve got the proper protection in place. 
3. Legal Documents: Unsurprisingly, the final pillar of a good risk mitigation plan is having solid legal documents. Remember no two businesses are the same. So your legal documents need to be suited for your industry, and tailored to your business. They need to comply with your obligations under consumer law and any other professional areas that may govern your business. 
Then we look at financial risk. Your legal documents should be crystal clear about what services/products you are providing, what you aren’t providing, and how you’re delivering it. You also want to include when and how you’ll be paid, so you can get paid on time, every time. 


Risk management is a crucial aspect that can make or break a company's success. If you proactively address these three pillars, you can safeguard your business and face challenges with confidence. I hope this episode serves as a guide to this process and sets you on the path to long-term success. 



 
LINKS:



Check Your Legals with the Essential Legal Checklist here


Check out my Getting Paid Made Easy course here


Website:tmsolicitor.com.au
Instagram:https://www.instagram.com/tmsolicitor/


Book a Strategy Session with me here

Risk is inherent in any business but there are more considerations to take into account than just the financial side of things. Risk in business encompasses various aspects, including your finances, operations, strategy, compliance and your reputation. Truth be told, running a business is not for the faint-hearted. It requires resilience, strategic thinking, and a proactive approach to managing unforeseen pitfalls.

As a seasoned business lawyer with years of experience in litigation and dispute resolution, I have witnessed firsthand the aftermath of businesses facing risks they didn’t anticipate. The truth is that many of these risks could have been avoided with proper foresight and the right structures in place. This realisation led me to launch my business with a mission to empower other business owners to set themselves up for long-term success and avoid ending up in court altogether. 

The good news is that you can mitigate risk and protect yourself properly. I often say that prevention is better than cure, and when it comes to risk, this statement couldn't be more accurate. Risk mitigation, protection, and setting ourselves up for success are all key components of a thriving business strategy. Taking this approach will also help you sleep better at night!

Managing risk in business requires a multi-faceted approach. Collaborating with professionals such as accountants and lawyers can significantly enhance your risk mitigation strategy. A good accountant can help you understand the financial risks specific to your industry, while legal experts can ensure your contracts and documentation are tailored to your unique business and will protect you against potential liabilities.

Operational risk, compliance risk, and reputational risk are areas that many business owners don’t think about. But they certainly require attention. By proactively identifying high-risk areas, implementing sound processes, and staying compliant with relevant laws and regulations, you will safeguard your business and protect your hard-earned assets. This is part of what I do with my clients in helping them set their businesses up for success with the right systems and processes in place.

One of the keys to managing risk effectively is to approach it holistically. When you understand the various dimensions of risk in your business and take proactive steps to mitigate them, you will position your businesses for long-term success and resilience. True peace of mind and confidence come from knowing that we have our bases covered and are well-prepared to tackle any challenges that may arise.

Stay tuned for next week’s episode where I’ll be talking about how to reduce risk in business. Until then, I hope this episode is an eye-opener for you and helps you understand that although there are many risks in business, with the right tools and approach, you can face them all with confidence.




LINKS:

Check Your Legals with the Essential Legal Checklist here
Check out my Getting Paid Made Easy course here
Website:tmsolicitor.com.au
Instagram:https://www.instagram.com/tmsolicitor/
Book a Strategy Session with me here