A lawyer's Christmas message
Dec 22 2009 by Neil Warwick , The Journal
WITH the festive season upon us, it is a time not just for celebration but reflection upon the past year, which let's face it, has been somewhat tumultuous. This time to reflect applies as much to businesses as people.
At a time when people are considering New Year’s resolutions, here is a lawyer’s version of the 12 Days of Christmas with some considerations that businesses should think about to help come up with some interesting ideas for 2010. If you are running a small or medium-sized business, here are our top tips to take you into 2010.
1. Check the terms of your long-term supply arrangements such as photocopiers, franking machines and stationery as there are still savings to be made in this marketplace.
2. Make sure your employees have written terms and conditions and key employees have restrictive covenants contained in their contracts.
3. Think about attending a seminar on public procurement so that you know your rights and can maximise opportunities with the public sector.
4. Review your property arrangements to see if you have maximised the value of your property with proper planning consents.
5. Ensure that you are completely up to date with your banking covenants. If you do not check them, the banks will.
6. Look at your Data Protection Act obligations to avoid any unnecessary breaches.
7. Don’t forget your personal arrangements and check they are all current, such as your will, pension arrangements and investments.
8. If you deal with companies overseas, familiarise yourself with the new Bribery Bill.
9. Review your terms and conditions of trading and make sure you have a retention of title clause which works.
10. If your business depends on you, make sure you have key person insurance in place.
11. Make sure that you collect your money as quickly as possible as cash flow will still be key in 2010.
12. Equally, make sure you pay your suppliers promptly – do unto others as you would have done to you.
Have a great Christmas and a prosperous New Year.
Contact Neil Warwick at neil.warwick@dickinson-dees.com or call 0191 279 9375.
