OPINION: Advice could prevent downfall
MORE than 26,000 small businesses operate on the Sunshine Coast.
Mirroring the nation's economy, they form a vital part of gross domestic product, yet despite this pivotal role most won't survive their first five years of operation.
That failure rate is surprising given that our business laws provide a solid framework to help business in obtaining and benefiting from legal protection.
In many cases if used correctly, our legal system can also add significant value to a business.
Despite those benefits, and the wealth of information now at people's fingertips, most business failures occur as a direct result of the lack of the right advice.
All too often many disasters would have been avoided with the right advice, or even just a modicum of knowledge about the common causes of disputes.
The results are in and they are clear - businesses that succeed are the businesses that are properly advised.
I've seen first-hand the devastation that can be caused to businesses and their owners through a lack of advice.
This led me to write Ducking and Weaving - Dodging the Legal Blows in Business, a guide to helping small business identify and prevent the pitfalls in business.
- Kyle Kimball is the senior director of business law firm Sajen Legal and has over 27 years experience advising and representing businesses.