Tom Gibbons, commercial lawyer at Tallents Solicitors in Newark looks at a few simple New Year legal resolutions that you could make for your business and which could keep it on track for success in 2015.
For many of us, the New Year is a time for reflection on the year that has just ended and for setting ourselves goals for the year ahead. However, just one in 10 of us will achieve our goal, according to a study by Professor Richard Wiseman from the University of Hertfordshire – with most of us scrapping the good intentions we make as early as January 23rd.
The New Year instinctively feels like a new start and a time when we can find the impetus to make a change to take on board new ideas or routines in order to achieve our goals. Often we will be thinking of changes which have been in our minds for some time but which, for whatever reason, never quite reached fruition in the year gone by. A similar thought process might very well apply to your business too.
For many business owners, a well-deserved break over the festive period is the best chance they get in the year to take stock of where their business stands, and to think about the strategic direction for the next year.
The process might well include taking time to reflect on some of the legal issues which affect your business and which might have been on your mind but have never quite been carried into action.
If you’d like to make some New Year legal resolutions for your business, then these could include:
– Checking leases of commercial premises in order to better understand the current position and any upcoming expiry dates and/or plan for how to deal with any anticipated changes;
– Considering the relationships between the owners of the business and whether any arrangements between them should be documented by way of Shareholders/Partnership agreements;
– Reviewing contracts with customers or suppliers and checking whether they reflect current practice; and
– Re-evaluating employment contracts and policies (including checking that you understand any auto-enrolment obligations) to ensure that these are not only compliant with current employment laws but also tailored to your business needs.
At Tallents we would encourage business owners to find a little time to think about these kinds of issues and to use the added impetus of the New Year to take action on any points that have been awaiting attention.
As a way of helping you to capitalise on the additional impetus of the New Year, throughout January 2015 we are offering a FREE initial consultation with a specialist commercial solicitor to discuss any of the business law issues highlighted above.
To arrange an appointment please contact Tom Gibbons on 01636 671881.