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With the aging population of Australia continuing its rapid growth, the demand for products, services, and accommodation that caters to these communities is increasing.
This trend presents tremendous opportunities for investors, and overseas organisations are increasingly interested in exploring business opportunities in the seniors market. But, the legislation regulating this market is complex and it can be difficult to identify which industry is most suitable. Different sectors are subject to different legal requirements and present different asset and profit opportunities.
The industries with arguably the greatest potential for commercial success are the Retirement Villages industry and Aged Care industry. While both industries are primed to provide enormous investment opportunities to overseas investors, it is essential that any individual or organisation contemplating investment understand the key features of each industry. Not only are they very different in how their products, services, and accommodation are designed and marketed to the seniors community, each industry is regulated with vastly different sets of legal rights and obligations which can impact an organisations ability take full advantage of the opportunities arising in this market.
This article outlines the key features that overseas investors should be aware of when first considering whether to you invest in the Retirement Villages or Aged Care industries in Australia.
It is no exaggeration to say that poor cash flow kills businesses every day. Businesses that go on to survive and thrive have a number of strategies in place to ensure that they are increasing sales and collecting payments on time. One of the best strategies is having a great standard contract in place that makes it easier to collect payments on time and imposes consequences on bad debtors.
Read on to learn more about contract terms that smart businesses use to protect their cash flow:
As a retirement village operator, you are required to provide a safe and suitable environment for your residents to live. Residents also enjoy security of tenure. Unfortunately, it is not unusual for residents to experience a deterioration in their mental or physical health while living in a retirement village. Sometimes, this can mean that the village is no longer a safe place for them to live in. Often, the resident and their family recognises the need to make other arrangements and you as operator can help them transition to a better environment. But what happens if they don’t want to leave despite the risk?
Read on for more information about the four steps an operator should take when there is reason to believe that the resident is too ill to live safely in your retirement village.
A ‘terms of trade’ is a legal document setting out the terms on which the business will provide goods or services. Having a well written terms of trade is one of the most important investments you will ever make in your business. It can benefit your business in many ways, including by helping your business: get paid more money; get paid on time; reduce the risk of getting sued; and develop stronger and better relationships with customers.
Read on to find out more about what terms of trade are and why your business needs one.
While there are a number of potential benefits to using CCTV devices in nursing homes, there are also a number of potential risks – especially if CCTV devices are installed before an aged care provider is in a position to comply with all the extra obligations they are taking on. Click here to download our guide to using CCTV devices in aged care facilities.