How A Solicitor Can Help Your Business Grow, Attract investment And Retain Talent

 

As a business owner, you may believe that the only time instructing a solicitor is beneficial to your commercial success is when you strike a problem. A breach of contract occurs, professional advice you relied on turns out to be negligently given, someone infringes on your intellectual property…all of these situations require business owners to seek expert legal advice and representation. What is often forgotten, however, is the competitive advantage partnering with a best in class law firm can provide. In this article, we outline how a solicitor can help your organisation achieve its growth targets, attract investment, and attract and retain talent.

Reaching growth targets

All successful businesses set monthly and yearly growth targets which are aligned with their business plan. And in a perfect world, the steps you take to meet those targets would all proceed smoothly. We know, however, that the world, not to mention other human beings, which, like it or not (and many people don’t) play a large part in you being able to achieve your commercial ambitions, does not operate linearly. Contractual relationships fall apart, sales prospects don’t close, prototypes fail, and pandemics happen.

Your solicitor cannot prevent challenges from occurring, however, they can put safeguards in place and provide the advice required to ensure that if problems arise, you are in a strong position and have the knowledge and support to protect your best interests.

For example, the best way to avoid contractual disputes is to draft the agreement in a way that mitigates them from occurring in the first place. Investing in a solicitor to draft your commercial agreements or check any contracts presented to you for signing will ensure that you are 100 per cent aware not only of your contractual obligations but also those of the other party. Your solicitor can also add/negotiate robust dispute resolution clauses that will ensure all parties to the contract are committed to resolving any disputes via negotiation, mediation, adjudication, and/or arbitration before resorting to expensive, public, and time-consuming formal litigation.

Other ways your solicitor can assist you with meeting growth targets include:

• Drafting terms and conditions that ensure not only customers understand the way you do business but also provide a written document for you to refer to if a customer complains about a particular aspect of your service, product, delivery, or cancellation policies.
• Advising you on joint venture, agency, and/or distribution projects and drafting agreements that provide the basis for a successful venture.
• Managing your intellectual property protection and advising and representing you if an infringement occurs.
• Assisting you with debt collection to ensure your cash flow remains healthy.
• Advising you on various financing options, including asset finance, Islamic finance, project finance, loans, and restructuring.
• Advising you on the sale of your business or the purchase of another company.
• Ensuring you understand your statutory and regulatory responsibilities so you can pursue new opportunities with confidence.

Attracting investment

Most businesses require outside investment in order to reach the next level of growth. To attract investors you need to demonstrate that you have a rock-solid business plan, a unique idea coupled with a strong story, and above all, evidence that investors will see a return on their investment (ROI).

All of the aforementioned elements require you to be able to prove that your business is well-organised, well-run, and in a position to meet the projected targets, you present in your pitch. This includes having:

• Shareholder agreements and articles of association that are bespoke to your business and market sector.
• Well-drafted commercial contracts.
• Robust employment contracts and a staff handbook.
• Proof of compliance with legislative and regulatory duties and responsibilities, for example, health and safety risk assessments and data protection and privacy policies.
• Intellectual property protection place, for example, trademarks and patents where appropriate.
• Carefully considered commercial property agreements, for example, the inclusion of a break clause to provide the flexibility to move to larger premises before the end of the tenancy if required.

Not only do investors look for a stable, well-organised business, but so do local authorities when analysing tender applications, as well as joint venture/merger partners. An experienced solicitor will put the above requirements in place so you can present your organisation in the best light and be confident that you have the necessary policies and procedures to ensure operations and decision making run smoothly.

Attain and retain talent

All businesses require employees with the right skills and attitude in order to succeed. And at present, talented people are hard to find. According to recent research by the Centre for Economic Performance (CEP) at the London School of Economics and Political Science, half of UK employers are experiencing difficulties in recruiting staff and one in five are struggling to retain talent.

An employment law solicitor cannot magic up new employees for you, however, they can ensure you have clear employment contracts, meticulously drafted anti-discrimination and anti-bullying policies, advice on how to deal with challenges such as an employee struggling with menopause, and representation in unfair dismissal or other Employment Tribunal claims.

By ensuring your business’s employment law matters are carefully managed, you can create the necessary foundations of a company that people want to work for. This will help you attract and retain the most highly-skilled people in your market sector.

Wrapping up

Business success is often down to the choices we make. Investing in good quality legal advice will ensure your commercial interests are protected and you have a competitive advantage when it comes to trading, partnering, employing, and taking on additional finance.

If you have any questions regarding anything covered in this article, please call us on 02476 231000 or email enquiries@askewslegal.co.