5 Crucial Legal New Years’ Resolutions

5 Crucial Legal New Years’ Resolutions

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This January like any other, business owners should be returning to the office with a renewed sense of energy and focus.

We have read many articles saying that 2014 will be the best year yet even amidst all the concerns economists have raised for the year consumers will be facing. Inevitably these entrepreneurs have returned with not only focus but a strategy and of course, New Year’s resolutions.

Undoubtedly, this determination is one of the ways in which the entrepreneurial spirit is best illustrated. That is truly great, but the question is… are our strategies and New Years’ resolutions truly going to pave the way to business success?

We have all strategised and listed those New Years’ resolutions, but have we truly considered ways to minimise our risk in reaching our strategic goals?! It is something many business owners simply (choose to) overlook – with dire consequences!

Listing and implementing legal solutions as your new years’ resolutions is as important as those to increase sales and turnover (marketing strategies).

These (legal strategies / measures) help our businesses grow safely!

Consider these resolutions

So, here are some of the legal resolutions we, as attorneys representing entrepreneurs (with medium and large businesses) consider most important in assisting your business to make 2014 the best year yet!

 

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  1. Get an expert attorney to revise all the contracts you already have in place. Then implement the changes, documents or agreements still required and live them in your business!
  2. Check which customer accounts are still outstanding / in arrears and hand them over for collection. Collections have greater chances of success if the debt is under three months old.
  3. Preventing bad debt. To prevent bad debts in future revise your current client engagement strategy, terms and conditions of sale / service and have an expert attorney to assist you in improving it.
  4. Negotiate better payment terms with your suppliers. Record this in a professionally drafted formal agreement. Have an expert attorney draft or revise the agreement before signing.
  5. Ensure that you have a will professionally drafted or update your existing professionally drafted will appropriately. Diminishing your life’s work because you didn’t plan for death is the single most avoidable (greatest) risk to your business.

Legal Changes that Will Affect Your Business

Nicolene Schoeman-Louw
Nicolene Schoeman – Louw is an admitted attorney of the High Court of South Africa, as well as being a Conveyancer, Notary Public and Mediator. She is the Managing Director of Schoemanlaw Inc Attorneys, Conveyancers and Notaries Public (Schoemanlaw Inc Attorneys) in Cape Town. Visit www.schoemanlaw.co.za for more information or email enquiries@schoemanlaw.co.za