This month I am talking about running your business.
Do you have a credit contract?
Do you have terms and conditions when you sell product?
Do you use the PPSR to protect your business goods?
Lastly do you have the ABN for the businesses you are doing business with?
I can’t tell you how many times I am asked to recover money for my customers, and I ask these
simple questions. If you give credit, then you need to protect yourself. Simple stuff like; you are
dealing with a customer or company and I say to you, “do you have a guarantee from the directors?”
because the value of the $2 company is $2. Not much fun when you are owed more than $1,000.
The significance of dealing with an ABN cannot be overstated because that is the legal entity, and it
is such a simple thing to manage. An ABN search is free so you can confirm who you are trading with.
Lastly, for today the PPRS or Personal Property Security Register. The best thing since sliced bread for
business owners. For example, an electrician or plumber installs items in a building and is not paid.
The ownership of those items remain with the electrician or plumber. Imagine the electrician
walking in after the developer has gone AWOL or bust and just removing the switchboard secured
under the PPRS. I am sure there would be a positive outcome.
Think and protect yourself and your business.