In today’s economy, many businesses are struggling to find the right way to move forward given the many challenges being thrown at everyone from the cost of living, general economic and inflationary pressured . Legal support and advice can be a valuable asset for all businesses. A good lawyer can help a business negotiate (or re-negotiate) contracts, resolve disputes, and navigate the often-complex world of business law.

In addition to providing legal services, a lawyer can also offer advice on how to run a business more effectively, as obviously law firms are a business in their own right! They can help identify areas where a company may be vulnerable that the owners may not currently be aware of and suggest ways to mitigate risks.

Check your business documents

One area that can be increasingly of importance when economic conditions tighten up, is ensuring that your business documents are performing for you. Performance is as good as the way contracts and payment terms (for example!) have been drafted and negotiated.

When it comes to negotiating contracts and payment terms, there are a few things you should keep in mind. First, make sure that you understand the contract completely before signing anything. If there is anything you don’t understand, be sure to ask questions or have a lawyer look it over.

Negotiation is always an option

Secondly, don’t be afraid to negotiate! You may be able to get better terms if you’re willing to fight for them. Also, in tough times you should always keep in mind the option to think about renegotiating terms or looking at tightening terms and conditions on any new documentation you agree to with clients.

Finally, make sure that you always get something in writing. Whether it’s an email confirming an agreement or an actual contract, having documentation will help protect your interests if anything goes wrong.

For businesses struggling in tough economic conditions, legal support and advice is an invaluable resource to toughen up your trading terms and add clout to your payment terms and other business documents.

Contact our commercial team today and find out what we can do to get your business ready for whatever 2023 throws at it.

call 01483 302000    email guildford@www.rhw.co.uk