[1:41]: I joined Tracey over on her podcast, Rise Up In Business! Check it out here.

[2:33]: Tracey explains why business owners often engage a lawyer. Small business lawyers support small businesses through all their legal needs like, setting up the business structure, legal documents, navigate processes and systems, and dispute resolution. Remember, prevention is better than cure.

[3:24]: Working with a business lawyer helps you identify your legal obligations, ensure you’re complying, set you up to be protected, and encourage professionalism.

[4:11]: Small businesses have obligations under the Consumer Law.

[5:43]: Tracey explores why comprehensive legal documents are a necessity in small business. More than 60% of small businesses fail in the first 3 years. Firstly, cash flow is a cornerstone for any small business. To ensure you get paid in your business, you have to set clear expectations with your clients from the outset.

[6:27]: If expectations have been misaligned, you will encounter awkward and tricky conversations with clients and cash flow will be impacted.

[7:10]: Secondly, the Consumer Law states that small businesses need to tell consumers what their terms are before they engage you. If you don’t do it in the right order, you won’t have the protection of the Consumer Law provisions.

[7:48]: If you’re a business providing services, your client must know your dispute resolution process, cancellation policy, refund policy and rescheduling. If you’re selling goods online, you have to set out your terms and conditions in the right places on your payment page.

[8:36]: It only takes one difficult client or unexpected situation to significantly impact the bottom line of small businesses. This is why we need to set up our legal documents properly from the start.

[9:56]: The first 12 years of Tracey’s career were in dispute resolution and all day every day she was in court for business owners. She has seen businesses destroyed, livelihoods destroyed and marriages break down. Most of what she saw could have been avoided if business owners did it differently.

[10:42]: Tracey launched her own business, TM Solicitor, with a mission to deliver confidence for business owners. By putting your legals in place now, you have peace of mind and confidence that everything is done properly.

[13:02]: There are 3 core documents that are the foundation of your business:
#1 Tailored Business Terms and Conditions

#2 Website Terms and Conditions (these are not the same as #1)

#3 Privacy Policy

[16:36]: The big no-nos of putting together your legal documents:
#1 Putting it off

#2 Copying somebody else's documents

#3 Using templates

[19:07]: Your business legal documents need to be in your voice, understood and you should feel proud every time you send them to your clients. Tracey works with her clients to build tailored documents and spends time ensuring that her clients understand every single clause.

[21:46]: If you’re not investing the time and money into your legal documents, you won’t know whether they do the things they need to do. You won’t know until the situation arises where you need to rely on them.

[23:07]: Once you have your legals done properly, you don’t have to do them again.

[24:16]: Tracey wants to help you avoid any sticky situations. She provides a safe space where there is no judgement and is passionate about delivering on her mission to give confidence to business owners.

[27:15]: Prevention is better than cure. If you feel you don’t have everything covered, make the investment and engage an expert.

[27:58]: Where to find and connect with Tracey.