Manage Risk with a Professional Approach

The key to managing risk with these stakeholders in your business is the adoption of a professional and business-like approach.

Documenting Arrangements

This starts with the appropriate documentation of the relationship between stakeholders and your business. Documentation removes the misunderstanding of what was said or agreed and will outlive personal recollections and changes in stakeholder representatives.

Your sales documentation should anticipate the customer not paying and include provisions designed to minimise your loss. We can work with your legal advisers to structure appropriate clauses into your standard sales documents.

Your contracts with suppliers should correctly specify what is being ordered, when payment is due, who is to pay it and who is guaranteeing the payment. Very significant clauses giving personal guarantees and security are commonly included in the fine print of documentation opening trade accounts. We can work with you and your legal advisers to review documentation prepared by others to limit your exposure.

Employee Relationships

All businesses are reliant on the people who work in them, and good employee relations are a characteristic of most successful companies. It is important to understand the laws that apply to your employees and how they apply to your business. There are awards as well as other laws that govern how they are to be engaged, how they are to be paid, and the conditions under which they operate. A good business owner knows their obligations.