MODERN BUSINESS
How to protect
your business from
fraudsters
By Alan Manly
I
f you had to spend a week in a
court or a casino, which do you
think would do your business
more harm? The answer is both,
because both houses win in the
end. The ultimate goal for a small
business operator is to make
money for your enterprise – and
not the legal profession. There’s no
foolproof way of protecting yourself
from sharks and charlatans, but
getting things down in writing is
a good start and an even better
deterrent. In 2002, my business
partners and I made the fatal
mistake of not doing all the
paperwork and asserting our rights
when we entered into a deal with
a consultant. Had we done so, the
crook would have run a mile. After
38 ModernBusiness
January 2016
ten years of pure hell soldiering
through the Australian courts, I can’t
stress enough the importance of
clear written agreements.
Don’t be afraid of
contracts
A contract is simply a big list that
details what the job is and what
you expect. The best contracts are
in plain English and are watertight
(they can be both). Contracts apply
to your customers: make sure they
have in writing exactly why you’re
taking their money. They apply to
your suppliers: when are you going
to pay them? When are they going to
deliver? They apply to your business
partners: they may be trusted, good
mates, but we all need to know
our roles and responsibilities. And
they apply to your staff: it’s not
easy telling someone you want
something done your way. It’s
confronting. It’s demanding. But
people like having clear guidelines
on what’s expected of them. And
they’ll remember those guidelines
better if they’ve read them as part of
the ‘idiot’s guide’ to your business
– the ledger available to all that
contains the boring (but essential)
stuff.
Keep up with the tech
Technology is your friend. It’s not
meant to befuddle. It’s not meant
to irritate. Its whole purpose is
to make your business easier,
faster, more successful and more