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HBO and The Ringer's Bill Simmons hosts the most downloaded sports podcast of all time, with a rotating crew of celebrities, athletes, and media staples, as well as mainstays like Cousin Sal, Joe House, and a slew of other friends and family members who always happen to be suspiciously available.
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Let's talk about something that might be costing you serious cash - your business Terms and Conditions. While your eyes might glaze over at the mention of T&Cs, today we're diving into the sexy side of contracts: money. Specifically, how proper contracts can stop your hard-earned profits from silently slipping through your fingers.
When it comes to profit erosion, there are two kinds: obvious and sneaky. When your T&Cs aren't watertight, you're facing everything from scope creep to disputed invoices and straight-up bad debts. But it gets worse. The hidden costs are killing your business too: legal fees from disputes, precious time wasted on problems that could've been prevented, damaged client relationships, and team burnout from dealing with unhappy clients. All of this could be avoided with properly tailored contracts.
The solution isn't just about having any old T&Cs - it's about having the right ones for your business. Your contracts need to be as unique as your business, and you need to know exactly how to use them.
Key Points:
- Why generic T&Cs are costing you money
- The hidden costs of poor contracts
- How to protect your profits with proper agreements
- Common contract myths debunked
- Practical steps to implement strong T&Cs
Questions of the Week I Answer:
1. What's the difference between contracts, agreements and T&Cs?
2. Should I display my business T&Cs or client agreements on my website?
So, consider this an invitation—not just to review the legal framework of your business—but to think about your profits and how to protect them. Properly tailored T&Cs aren’t just about avoiding lawsuits. They're about ensuring that your hard-earned money isn't slowly disappearing due to preventable missteps.
LINKS:
Episode Website: https://tmsolicitor.com.au/rise-up-in-business-podcast/how-missing-tcs-quietly-erode-your-profits
Sign up for my fortnightly Briefing Notes here
Discover the Masterclass Series here
Check Your Legals with the Essential Legal Checklist here
Book a Free 20-minute Initial Consult with me here
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