Some industries are experiencing a “quiet time,” due to a downturn in the market. When workflows are down, it is an ideal time for businesses to review legal compliance and risk management. This is to prepare for eventual market recovery.

What can you do? Make a checklist and consider the following for review and updating:

1. Business and personal structures (including family trusts, wills and succession plans). Does your current structure align with efficient decision-making and risk management?
2. Key documents (such as Shareholders Deeds and Constitutions). Have there been changes to the ownership structure or business environment?
3. Terms of trade, payment terms and supply contracts – is there consistency across all aspects of your business? Where possible have set terms been streamlined? Do your standard documents refer to repealed & outdated legislation?
4. Health and Safety Compliance
5. Insurances
6. Employment and Contractor Agreements – do these comply with current legal requirements? Clear well-drafted agreements can help to prevent disputes
7. Other policies and procedures – for example, risk management and staff training.

Engage with your chosen professionals ie accountant, insurance broker, loan adviser, health and safety adviser etc.

As always, we can assist with all of your legal needs. Get in touch for a plan of attack, with clear timeframes and costs estimates. You don’t have to do everything at once!