* This blog was written as an introduction to a webinar hosted by Amanda Williams on 05/05/2020, available on-demand here *
I recognise that growing your business can be both exciting and stressful, considering there is often a seemingly endless array of issues to address with restricted staff availability and limited disposable income, then it can be easy to lose sight of the fundamental basics that deliver long-term results. Essentially, future-proofing your business is contingent on three core components that, whilst they may appear somewhat obvious, will help protect your business from the mercy of unavoidable external forces, such as those we are all currently experiencing in this global pandemic.
These components can be grouped under three key headings: Corporate, Commercial and People.
Under the heading of ‘Corporate’ it is important to consider whether you have chosen the correct company structure for your firm’s specific needs, as the wrong structure can unfavourably alter your tax position, discouraging potential investors and requiring over-spending to achieve your desired results.
As for the ‘Commercial’ aspect, it is important to consider your sale and supply agreements, ensure all of your agreements are in writing, legally binding and enforceable upon both parties. Additionally, have a governance process in place to prevent entering into contracts inadvertently.
Finally, regarding ‘People’, it is vital to retain and protect key members of your team to encourage stability, minimal labour turnover and a clear consistency in workload management. Detailed employment contracts should be implemented to offer employees reassurance through job security and a mutual understanding of their role requirements. However, above all, promoting an open, cohesive and pleasant workspace with a well-defined organisational culture is crucial in making your company a place that people genuinely want to work.
Amanda Williams | Head of Commercial Law