From our years of experience assisting companies, we consider the following to be top considerations for any business at any stage of the business cycle:
- Know your unique selling point (USP) and take all steps necessary (including legal) to protect it, if it can be.
- Appoint advisors that you get one with. No one likes to do business with people who do not understand you, who do not take enough time to explain things to you, or you simply just don’t think they suit your business. Successful advisors help you operate your business smoothly.
- Ensure you know what your credit control systems are. Fundamentally a business cannot run without cash flow. A business that does not tightly control cash flow could run into difficulties. Take a look at your terms of payment, keep a note of who does and does not pay, and make wise economic decisions as to who you accept as customers – if you have concerns, do not take a customer on.
- Consider having legal terms and conditions drawn up and make sure your customers get them. A dispute is what everyone wants to avoid but often this point can be ignored to save money. Having terms and conditions drawn up from the beginning helps minimise problems later down the line – it creates clarity for your customers, and gives you rights that may not necessarily be implied into the law.
- Protect your Intellectual Property. Consider if you have a logo that you want to register to stop anyone else using something similar and thus injuring your business’s reputation or devaluing your goodwill.
- Keep a close eye on your records for your company. You may want to think about selling in the future. Being organised from the start goes a long way to helping the process later on when you come to sell and attract a buyer.
Navigating the above can be a bit daunting for even the most experienced business man or woman. For more information on business advice and how we can help you, contact us on 01279 755777 or get in touch with James Brunton, Partner in our Business Law Team.