Competition in business isn't necessarily a negative thing. In fact, it's a crucial aspect of the marketplace. Clients and consumers deserve choices, and honest and good faith competition is something I genuinely believe in.

Knowing who your competitors are and staying informed about industry trends is wise. It’s just good business - and being aware of what others are doing can even open the door for potential collaboration. However, there’s a big difference between taking inspiration from other businesses and flat out copying. That is certainly not okay.

Dealing with Dishonest Competition

Unfortunately, not all competition is fair. There are instances when competitors might copy your work, mimicking your efforts to advance their own business. While imitation is often said to be a form of flattery, I completely disagree. Copying someone's hard work and presenting it as your own is just wrong, and today's digital age makes it easier for such unethical behaviour to occur.

If a competitor is copying you, it's crucial to stay focused on your own business. Don’t allow this to consume you or derail you from your own business goals because getting distracted will incur a bigger cost on the business than the copying itself.

Be Confident and Anchored to Your Why

Always remember your business's mission, vision, and unique selling points. Stay focused on your values and continue serving your clients to the best of your ability. The truth of the matter is that anyone who copies your work is only demonstrating that they have no originality and they will not stand the test of time. Stay in your lane and keep focussed on your why.

Stay Informed

Keeping your finger on the pulse with industry trends and knowing what your competitors are up to is good business practice. This way, you can discern whether a situation is genuinely harmful to your business or whether it’s something that you can shake off.

Stay Focused

Don’t be consumed by what your competitors are doing. By keeping your focus on your business, you’ll ensure that you're not distracted from the important activities that generate revenue and really push the needle forward.

Understand and Protect Your Intellectual Property

Make sure you understand your intellectual property including trademarks and copyrights. Protecting your unique ideas and original work can deter competitors from copying you outright and resolve issues swiftly if or when your copyrights are infringed.

Don't Go It Alone

Having a reliable support system is invaluable in business. This could include your business lawyer or a team of advisors who understand your business's intricacies. When issues arise, discussing them with trusted individuals can help you develop a strategic response and give you peace of mind for how to move forward.

Competition is inevitable in business, and it should be embraced when it’s fair and ethical. However, understanding how to deal with less honourable competitors is equally essential. By staying confident, informed, focused, and legally protected, you can navigate the challenges that arise without letting them derail 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

Coaching can be an immensely valuable service for a business owner. Over the years, I've had some fantastic experiences with coaches who made a significant impact on my business journey. However, as the coach, it's crucial to make sure that you are running your business with an unwavering commitment to risk mitigation.

If you’re a long-time listener, you would have heard me talk about why a risk mitigation strategy is critical for small businesses. In today’s episode, I’m focussing specifically on how to protect your coaching business, focusing specifically on your legal documents, often referred to as your coaching agreement.

The Importance of Tailored Agreements

A coaching agreement is a vital document that outlines the terms of your service engagement with clients. It should be specific to you and drafted with your unique business in mind. This contract should include:

Your services: What you do and how you do it.

Exclusions: What you don't do.

Payment terms: How you get paid.

Termination clauses: Your policies on ending the contract.

Disclaimers and Liability Clauses

The most critical parts of a coaching agreement are the disclaimer and liability clauses. These are the sections that will truly protect your business.

Disclaimer Clauses: These clarify explicitly what you are not promising to do, which guarantees you are not making, and what you are not responsible for. This clear communication gives your client absolute clarity about what you are not offering, which helps to prevent misunderstandings and misaligned expectations.

Liability Clauses: These outline what you, as the coach, will not be responsible for. They limit your liability and define very clearly what you undertake to do. Knowing where you're liable and how to limit that liability is crucial.

Why Templates Won’t Suffice

If you’re tempted to use a template or copy someone else’s agreement, think again. Templates do not take into consideration the nuances of your specific business and, in most cases, won’t cover you against risk. You won’t know whether these documents work as intended until you need to rely on them, and by then, it might be too late.

Ask yourself these questions:

Do you have a tailored coaching agreement aligned with your business operations?

Are your disclaimer clauses and liability provisions adequate and correctly worded?

If the answer is no to any of these questions, it's time to consult with a business lawyer or reach out to me for a discussion. Ensuring you have the proper documentation in place will provide the confidence and peace of mind you need to serve your clients effectively.

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

Since launching my business I’ve seen business growth play out in many different ways. Sometimes it’s fantastic, with businesses taking off and flourishing. However, sometimes it doesn’t end so well. Some businesses have folded, others have suffered considerable losses—both financially and in terms of infrastructure.

So, why does this happen? When growth occurs too quickly it becomes unsustainable and overwhelms the business. Today I want to share my five tips for navigating fast business growth and overcoming the common hurdles.

1. Ensure You Have the Right Business Infrastructure
Rapid growth can strain a business's infrastructure if it's not set up properly. Take the time to think about all the components of your business that keep things running smoothly - your people, skills, services, digital marketing, bookkeeping, financial management, and advisory team. There's no shortcut here! You need to take the time to think about all the cogs in your business machine. It can be the difference between sustainable growth and disaster.

2. Master Your Financial Management
With growth comes increased revenue, but with increased revenue comes increased expenses, pressures, and liabilities. The best way to guard yourself is to connect with a bookkeeper and/or accountant who can help manage your finances. Even if you can manage your finances yourself, that doesn’t mean you should. Delegating these tasks lets you focus on your zone of genius.

3. Solidify Your Processes and Systems
Growth will test your business operations and without strong systems in place, cracks will start to show. Think about your client engagement, onboarding, service delivery, invoicing, revenue tracking, and expense management. These areas can make or break a business in times of rapid growth.

If you’re not sure whether your systems and processes can handle increased volume, now is the time to reassess and strengthen them. Consult your accountant and business lawyer to help you identify weaknesses and make the necessary adjustments.

4. Focus on Team Acquisition and Retention
Rapid growth brings pressure and challenges that can overwhelm a business. For long-term sustainability you need a team you can rely on. Evaluate your current team, both employees and contractors, to ensure you have the necessary skills covered. Do you have the right people in the right places? Are you leveraging their strengths effectively? By addressing these questions now, you can avoid issues down the line.

5. Keep Up with Contracts and Agreements
During periods of rapid growth, it's easy to let contracts and agreements slide as you focus on immediate demands. It might seem like a necessary risk at the time, but it can cause major complications for your business. Take the time to prepare your documents now, so you're guarded against misunderstandings and misaligned expectations later on.

Fast business growth can be exhilarating if you’re prepared but devastating if you're not. By focusing on these five areas, you can set your business up for sustainable growth and long-term success!

LINKS:

Episode Website:

https://tmsolicitor.com.au/rise-up-in-business-podcast/my-top-5-tips-for-navigating-fast-business-growth

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