My life has totally rocked lately and today I was lucky to attend a high powered information and networking event tonight at the March 2015 “Condon Forum”.
Condon Associates are a Turnaround, Insolvency & Business Performance Firm who I have been lucky to know for years and they run quality events during the year to help the business community & promote their cause.
At this forum, one key topic was basically the “Pitfall’s being a company director”
If you are say a Small Business Owner with a PTY LTD and you are the Director – this is all relevant for you (and me).
I remember when I started my business I did most things all wrong. One thing I paid little attention too was the “Financial Structure” of my business. I honestly went “PTY LTD” because it really sounded “Cool” and I knew that identity would help me get more clients. To a point this wasn’t bad thinking, however where it probably was limited is that I had no idea as to the responsibilities of being a Director of a PTY LTD type of company.
Tonight I found out a stack of key concepts that I had some awareness of, but not in the detail necessary or meaningful in a way to act. I learned about key ideas including:
Getting Sued: Just because you have a “Company” doesn’t mean you can’t be personally sued. There are instances of when this can happen and the structure offers little protection.
Staff & Workers: If you are say hiring staff, don’t pay them correctly or even worse – “Dismiss them incorrectly” have a guess what? You can get sued / fined or worse. Nice!
Tax & Reporting: I knew this one already, however as a PTD LTD tax is much heavier and requires greater thought and reporting. One must also be very cautious about not having “Personal Expenses” come out of the business.
Insurances: I was amazed at how many different forms of insurance there was to help as the last line of defense in the case of risks coming true & bad things happening to us.
THERE ARE ALWAYS RISKS: You can’t help it.
I am sure what I have written above may not sound too motivating or anything like that – sometimes I like to put my head in the sand at news like this, however it’s true. The thing that quite impacted me from todays forum was actually the fact there are “Always Risks” in business. There are things inside your control, outside of your control and you only need a competitor to do one “big thing” that can have really good or really bad financial impacts on your business.
My advice and learnings today from the Condom Forum? Eternal Vigilance my friends – you got to stay on your toes to stay safe in today’s crazy world. Love your work, thank you for the read and to kicking some goals and taking on “Enjoyable Risk!”