Does your Business Need a Health Check?
What is a Business Health Check & Does your business need it?
This article is for educational and informational purposes only. This is not legal advice and should not be relied on as such. Every case is different. Consult a licensed business lawyer in your state. Viewing this website or its content does not create an attorney-client relationship with My Business Advocate or any of its lawyers.
What is a Business Health Check?
A business health check is an overall assessment of a current business. This assessment looks at both the internal and external parts to determine how healthy the business currently is and in what ways to change and improve your business. Oftentimes, the health of a small or medium-sized business is overlooked because of other pressing matters at the time. However, having a plan for your business will help you succeed in the future.
Does your business need a health check?
A business health check is an easy way to find out the strengths and weaknesses of the business. The health check is designed to help pinpoint your weaknesses so you can determine what to do next in your business in order to grow. A business health check is just as important as getting an oil change. You want to make sure it is in good working condition every couple of months.
Legal Business Health Check
It is more than the consultation of a business lawyer – it is a complex service that engages a scope of specialists who are keen on corporate law and business analyzing. Such teamwork is capable of detecting the weak points of your business and working out efficient solutions to level the business process up.
A legal business health check can make sure you have the right policies, procedures, and documents in place to protect your business, its assets, and its reputation. These can include the following:
- Intellectual Property – are your IP matters (trademarks, design rights, software, etc) and your commercial rights properly owned, licensed, and protected?
- Suppliers – do supplier agreements dovetail effectively without potential points of failure or commercial weakness?
- Data protection – are data protection regulations, policies, and marketing strategies all properly aligned?
- Employment – are key personnel bound by employment contracts with appropriate notice periods and non-competes?
- Sales Contracts – if sales contracts are negotiated without legal supervision, does the sales force know how to properly identify and mitigate risk?
- Standard Terms and Conditions – do all terms and conditions and standard form documents reflect what the business does and are they fit for purpose?
- Employment Law and Agreements
- Business Structure
- Risk Management
- Workplace, Health, and Safety
- Competition Law
- Terms of Trade
- Agreements with Suppliers
- Distribution and Agency Agreements
- Asset Protection
- Product Liability and Warranties
- Debt Collection
If you are serious about improving your business, consider an assessment of your operation.
Contact us at info@MyBusinessAdvocate.com to learn more about how you can put your business in the best position in 2021.