Does your business need a legal health check?

Most people can see the benefits of having a personal health check, but business owners should be aware that it is also important to perform a periodical health check on their business.

The importance of health checks

They say that prevention is better than cure, and in the same way that an individual would benefit from a health check to spot potential problems, having regular business health checks could save your business thousands of pounds by early diagnosis, as in general, the later a problem is identified, the more costly and time consuming it is to resolve.

By reviewing all your documents and processes, a legal health check will identify any areas needing attention and can assist with:

• Checking all your business relationships are properly documented
• Checking that your key contracts are still valid
• Confirming that suppliers are complying with their agreement
• Identifying whether there are new regulations you need to comply with
• Protecting any intellectual property you may have created

Business areas to be covered in a health check

Some areas which the health check should cover include:

• Commercial contracts – for example, your terms of business and contracts with your distributors
• Property – for example, property development and investment
• HR and Employment – for example, contracts of employment, redundancies and retirement.
• Dispute Resolution – for example, your debt collection policy

For more information about how Hopkins can help ensure that your business is in good health, please contact Martyn Knox