Meeting Topic
Build your Brick Wall – Samantha Wood
Being in Business is risky.
You want your day to day to be focused on the myriads of responsibilities and actions needed to grow your business and enhance your livelihood: marketing, squeezing in those RAVEs, selling/delivering your product/services, etc. etc. etc. And every business is different.
While you do what you do best, you need to make sure that you have the systems in place to keep you safe and protect your blindside.
Enter my Brick Wall theory.
In business (and to be honest, in Life in general), we all need to build a brick wall to protect ourselves, our loved ones, and our assets. Each ‘Brick’ is a component or legal document that exists to protect us.
And, just like our Businesses, everyone’s brick wall is different. The best Brick Walls have Bricks that complement each other and fit snugly together. (I am not a builder, if you couldn’t tell). You don’t want a Brick Wall that is over complicated to your needs either – you do not need the Great Wall of China if a garden wall will do.
At a Minimum, the Bricks anyone should have in place are:
- Enduring Power of Attorney for Property (ensuring someone is appointed to look after your finances in the event you cannot);
- Enduring Power of Attorney for Personal Care and Welfare (ensuring someone is appointed to look after your welfare in the event you cannot);
- A Will;
- A Constitution limiting your liability if you are the Director of a Company;
More complex Walls could include:
- A Trust (and all the documentation that comes with that);
- Relationship Property Agreements (especially for people in business partnerships who are in new relationships);
- Comprehensive Terms of Service/Terms of Engagement for your customers;
- Well-thought out internal Staff Polices and Employee/Contractor Agreements (for those who manage staff);
- Director and Shareholder Agreements (for Businesses with multiple people at the helm);
Personally, at the end of each financial year I like to draw out my ‘Brick Wall’ and for each brick consider:
- Is this up to date?
- Has it done what I need it to do?
- What other risks can I think of that I need protection from?
- Is this necessary?
Having this conversation with myself, my lawyer or my accountant means that I can set and forget my Brick Wall for the coming year and focus on what I do best – looking after other people’s Brick Walls.
What does your Brick Wall look like? Give me a call if you are interested in plugging the gaps.
This is generalised advice and not a substitute for independent legal advice tailored to your fact base.
Sam Wood
Senior Solicitor | Wakefields Lawyers Limited (incorporating the legal practice of Simco Lawyers)
Next Meeting Topic
Unlocking Business Success: The Crucial Role of Data in Your CRM – Megan Cunningham
In today’s competitive marketplace, data has become one of the most valuable assets for any business. A Customer Relationship Management (CRM) system serves as a central hub for capturing, storing, and managing customer data, but its true power lies in how effectively this data is recorded and utilized. Understanding the importance of diligent data recording in your CRM can have profound impacts, not only on daily operations but also on your business’s long-term value.
From Data to Wisdom: The Pyramid of Insight
The value of data can be understood through the Data, Information, Knowledge, Wisdom (DIKW) pyramid. At the base is raw data—facts and figures without context. When you record customer interactions, purchase history, preferences, and feedback in your CRM, you’re collecting data. The next step is transforming that data into information by organizing and analysing it – identifying patterns, trends, and relationships. For example, recognizing that a specific customer prefers a particular product or service.
Moving up the pyramid, information becomes knowledge when it provides context and understanding. By consolidating data and information, a business owner can gain insights such as seasonal buying trends or customer lifetime value. At the pinnacle is wisdom—making informed decisions based on knowledge. For instance, using customer insights to tailor marketing campaigns or improve service, leading to higher retention and sales.
Benefits of Recording Data in Your CRM
- Enhanced Customer Relationships: Accurate and detailed data allows businesses to personalize interactions, ensuring customers feel valued and understood. Personalized experiences increase loyalty and lifetime customer value.
- Improved Sales and Marketing Efficiency: With comprehensive data, marketing efforts can be targeted more effectively, resulting in higher conversion rates. Sales teams can prioritize leads based on tracked activity and history, shortening the sales cycle.
- Informed Decision-Making: Reliable data provides a factual basis for decisions. Whether launching new products, entering new markets, or adjusting pricing strategies, data-driven decisions reduce risk and improve outcomes.
- Operational Efficiency: Automating processes such as follow-ups, reminders, and reporting saves time and reduces errors, freeing up resources for strategic activities.
- Regulatory Compliance and Data Security: Properly recorded data ensures compliance with privacy laws and protects customer information, fostering trust and avoiding legal issues.
Boosting Business Saleability and Value
A well-maintained CRM system enhances your business’s saleability and valuation. Potential buyers value data-rich businesses because they offer a clear picture of customer relationships, sales pipelines, and revenue streams. Detailed CRM records demonstrate a healthy, scalable customer base and operational health, making the business more attractive and easier to sell.
Furthermore, data can reveal opportunities for growth, showing areas where revenue can be increased or costs reduced. As a result, a business with comprehensive CRM data commands a higher sale price, and the transition process becomes smoother for the new owner.
Conclusion
Recording high-quality data in your CRM isn’t just about day-to-day management; it’s an investment in your business’s future. By moving data through the DIKW pyramid—from raw data to actionable wisdom—you can make smarter decisions, strengthen customer relationships, and enhance business value. For business owners aiming for long-term success and a profitable exit, diligent CRM data recording is an indispensable strategic tool.
Megan Cunningham – onionCRM
