Establishing sound structures and identifying a clear plan to navigate changes are fundamental to the success of any business.
Harkness Henry partner Chad Danswan said this in Cambridge last month when addressing the topic of Legal Resilience in a Changing Business World.
Harkness Henry speakers in Cambridge, Paul Gascoigne, left, and Chad Danswan. Photo by Viv Posselt
The meeting was run in conjunction with the Cambridge Business Chamber and attended by 47 businessmen and women.
Danswan shared the floor with colleague and Harkness Henry senior associate Paul Gascoigne. Both operate in the 149-year-old law company’s Cambridge office.
In outlining his own career pathway, which has incorporated time spent running his own business before partnering with others, Danswan said there were times he lacked clarity, particularly around the way forward.
“I had no plan for change. What I have learned is that you need to plan for the worst scenario.
“You need to have clear structures in place in order to navigate changes that will inevitably come. That is fundamental to any business, and not just to maintain it, but to grow and develop it. If those are not in place, your business is at risk of failing.”
Gascoigne said businesses that are resilient have good structures in place and incorporate non-negotiables – tools that give them an advantage in the marketplace and ensure longevity.
Those non-negotiables include the need to have a good product or services, a great team, good clients or customers, good relationships with staff, clients and advisors, and a supportive spouse or life partner.
Sound business structures must be in place – whether for a limited liability company, partnership, sole trader, or family trust, and attention must be paid to “dotting the i’s and crossing the t’s” in crafting all agreements.
Those with family trusts must be familiar with the detail and be prepared to make amendments in the event of a change in circumstances.
“Everything changes in business over time… markets, customers, relationships.
“People pass on, and a good business will prepare for that,” said Gascoigne, emphasising the importance of planned delegation of responsibilities for when changes come, including insurance and banking requirements and access to information.
“It is also important to have a business Warrant of Fitness, an annual review that means when things change, everyone in the team knows the systems in place can manage that change.”
He said only about 34 per cent of New Zealanders had a will.
That presents further risk to any business, as well as to those working in it and to wider family members. He urged people to ensure they had adequate coverage for all eventualities.
“Get those key documents in place before changes happen,” he said.
Other resilience tips the men shared included the importance for business owners to maintain a connection with the community and give back to it, the value of keeping fit – sometimes alongside colleagues, the importance of continued learning and taking on challenges, and taking notice of what is happening around them.
Cambridge Business Chamber chief executive Kelly Bouzaid, flanked by Harkness Henry speakers Paul Gascoigne, left, and Chad Danswan. Photo by Viv Posselt
