Whether you are launching a new start-up or you run a successful business that has been running for years, it’s important to get the basics right and ensure you are operating in a way that minimises risk. Thrings’ Business Heath Check provides an efficient way to review your business with fresh eyes, picking up on the risks you face as well as the solutions to help you take steps forward.
Kate Westbrook, Thrings’ Head of Commercial, answers some of the most regularly asked questions.
Who is the health check designed for?
The health check is designed to help founders, business owners, directors or anyone else in a senior leadership position of a company. It could be a sole trader who has been up and running for a week, a partnership wanting to strengthen their foundations or even a finance director wanting to advise their board.
Why would you want one?
There are so many reasons why a Business Health Check would be right for you, but often we find it is for owner-managed SMEs wanting to sure up their practices as they target growth, it could be that you are worried about the risks of liabilities and disputes and want to make sure you have all your bases covered, or it could be you are considering investment and want to be as attractive to investors as possible.
What does it cover?
The health check isn’t one-size-fits-all, each review is tailored to the business in question. Typically, however, it will assess the fundamental legal aspects of your business such as company structure, governance and compliance, employment and human resources. It will also explore contractual matters, intellectual property, data protection, , disputes and debt recovery as well as that business’ plans for growth.
What are the risks of not having one?
Unchecked risk has the potential to cause damage to every area of a business, draining value, damaging reputations and relationships and wasting resources. Failing to identify and address these risks will only ensure they have a greater likelihood of happening.
How does it work?
To start with you will have an initial conversation with our team as we discuss your priorities, your areas for concern and get to know more about you.
Next we conduct our tailored review, working through a comprehensive questionnaire and assessment with you to ensure every key area of your business is considered.
We then provide you with a report that highlights your areas of risk and makes clear recommendations for improvement with a clear indication of priority.
From that point on, it’s over to you to contemplate and act on our findings. We are, of course, always happy to work with you to implement positive change, working with you at a pace that is right for your business to help you see success.
How easy is it to do?
It couldn’t be easier. Our team will remain by your side every step of the way to guide and support you in your decision making, utilising the experience of our colleagues across the firm to ensure that the service you receive is holistic and aligned with your goals.
Thrings’ Commercial lawyers are experienced in supporting businesses of all sizes through the complicated changing worlds of contracts, intellectual property and technology, helping clients to stay on top of new laws and ensure best practice.
To find out more about the Business Health Check and how it can help your organisation achieve its goals, get in touch today.
