Local businesses advised to be practical in these tough economic times
14 November, 2008
Over 100 representatives from local businesses across Lancashire heard Commercial experts from Forbes Solicitors offer practical advice on how to protect their businesses in the current economic climate. The seminar which was held this week at Stanley House Hotel was set up with the aim of providing realistic measures businesses can take to assist them in surviving these challenging times.
The commercial team at Forbes summarise their top tips as:
- Always make sure your terms and conditions contain full protection for your business, including when you must get paid and what you are entitled to if you don't get paid
- If you are looking to get out of your lease, consider a surrender instead of an assignment as it can avoid ongoing liabilities to the landlord
- Get your employment contracts right straight away to protect you and your business from employees leaving and competing
- If you have to make redundancies, ensure the correct procedure is followed to avoid liability for unfair dismissal claims
- Ask yourself what a debtor has to lose and how to make yourself a top priority for payment
- Don't forget to add late payment interest and charges to overdue invoices
- All money from lenders or investors comes with strings attached: find out what they are before you commit yourself.
Daniel Milnes, Senior Business Law Solicitor at Forbes comments, "Getting the fundamental things right really can make a difference to a business in immediate cash terms and that's what it's all about when times are tough."