The Fundamentals Of Business Writing:At Corporations and Governments (Volume II)

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This section addresses how you plan to manage your employees and human resources processes. You should also discuss your short-term and long-term plans for employee recruitment, training, and retention. If appropriate, discuss any advisors, mentors, consultants that offer you support. Don't underestimate the importance of this part of your plan.

Investors need to know that you and your employees have the necessary balance of skills, drive and experience to enable your business to succeed.

Business English Writing - Letters and Emails

It is also advisable to outline any recruitment or training plans, including timelines and costs. In this section you should discuss ways in which your business honours ethical values and respects people, your community, and the environment. Effectively using information technology is an important part of managing a business. In this section, you should outline how you plan to use internet technologies to reach customers, manage your business, and reduce costs. You should include information about:. This section of your business plan essentially turns your plans into numbers. As part of any business plan, you will need to provide financial projections for your business.

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Your forecasts should run for the next 3 to 5 years. However, the first 12 months' forecasts should have the most detail, including assumptions both in terms of costs and revenues, so investors can clearly see the thinking behind your numbers.

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As you put your plans down on paper, remember the importance of thinking objectively. Analyzing your venture from three points of view — optimistic, pessimistic, and realistic — can give you a solid idea of what to expect as you move forward. Your forecasts should cover a range of scenarios, and you should include the contingency plans you've developed to offset any risks. You can also review benchmarks and averages for your type of business and discuss your business' position. Early planning will give you the opportunity to consider all of your options, including strategies that may take time to implement.

For example, if you plan on passing your business on to your children, you'll need sufficient time to train them and integrate them into your business. Once you considered your options and set objectives, it's time to add an exit strategy to your business plan. Although you may not be exiting your business for some time, a solid strategy will be a roadmap to your future goals. You'll want to thoroughly review your plan once it's done. Try to avoid using jargon — the person reading your plan may not understand your businesses as well as you do.

Writing your business plan

You can ask friends, family, associates, and mentors to review it. Contract conditions are fundamental to the agreement. If the contract conditions are not met it is possible to terminate the contract and seek compensation or damages. Contract warranties are less important terms and not fundamental to the agreement.

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You cannot terminate a contract if the warranties are not fulfilled, however, you may be able to seek compensation for any losses incurred. When negotiating the contract terms make sure the conditions of the contract are clearly defined and agreed to by all parties. In almost all cases of creative work such as a logo you pay to have designed copyright will remain with the creator, regardless of whether they created it on your behalf. If you engage a contractor to produce material that attracts copyright protection make sure the contract includes assignment of these protections, so that you own all the rights to the materials you paid to have created.

A standard form contract is a pre-prepared contract where most of the terms are set in advance with little or no negotiation between the parties. These contracts are usually printed with only a few blank spaces for adding names, signatures, dates etc. Standard form contracts are generally written to benefit the interests of the person offering the contract. It is possible to negotiate the terms of a standard form contract.

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You should read the entire contract, including the fine print, before signing. If you intend to offer standard form contracts you must not include terms that are considered unfair. This could include terms that:. There are laws protecting consumers from unfair contract terms in circumstances where they had little or no opportunity to negotiate with businesses such as standard form contracts.

For more information on unfair contract terms visit the ACCC website. Compensation to the other party could include additional court costs if the other party takes their claim against you to court. Some contracts may allow you to terminate early, with or without having to pay compensation to the other party.

You should seek legal advice if you want to include an opting-out clause. If it is not possible to have a written contract make sure you have other documentation such as emails, quotes, or notes about your discussions to help you identify what was agreed. If a contract warranty or minor term has been breached it is unlikely that it can be terminated, though the other party may seek compensation or damages.

Some contracts may specify what will be payable if there is a breach. This is often called liquidated damages.

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If there is a dispute regarding the contract it is important both parties communicate clearly to attempt to resolve the matter. Skip to main content Utility Sitemap Accessibility Contact us. Main navigation I need business advice Starting your business Business structure Business licences and permits Business premises Leasing business premises Financial management Tax Legal essentials Marketing Employing staff Insurance and risk management Small business workshops Small business advisory service Intellectual property Grants and tenders Innovation Avoiding and managing disputes Managing stress and anxiety Exporting and importing Exiting a business Business Local outreach program.

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You will need to upgrade or access from a different device in order to get the best experience. A business contract is a legally binding agreement between two or more persons or entities. Understanding business contracts Verbal and written contracts Essential elements of a contract General terms and structure of an agreement Standard form contracts and unfair terms Before signing a contract Ending a contract TIP: