Businesses have been counting the cost of coronavirus as work has dried up or they have had to temporarily close.
The Government, agencies and organisations have set aside money to support businesses with incentives such as support grants, rates holidays and loan schemes designed to help businesses at this unprecedented time.
However looking further ahead, what will businesses be focussing on? Duncan Shepherd, head of company commercial at Wake Smith Solicitors, looks at some key areas.
He said: “Businesses have had to adapt quickly to the changes that the pandemic has brought with a host of help and support out there.
“But going forward, what should business owners be reviewing in order to capitalise on new working conditions and to protect their businesses from the many challenges created by the pandemic?”
Employment issues – From cutting hours and reducing salaries to the details of coming back to work via a phased return after furlough or a temporary pause in operations, the employment issues going forward are vast. Make sure you keep up to date with current legislation and how it can help you.
Contractual obligations – We have to acknowledge that all types of contracts have been breached and continue to be at this current time.
Common sense says we are in this all together and finding a mutually acceptable solution to work through the breaches would be the commercial and costs effective way forward and therefore discussions between the parties will be important.
If this proves not to be feasible, then the terms of the contract, including any termination and Force Majeure clauses, will have to be reviewed to determine the options available.
If your business has changed during this period to become more online focussed, you should check that your online terms and conditions are fit for purpose. In addition, you may wish to check whether your insurance policy covers business interruption.
Work space – Our usual work routines have been disrupted and businesses will no doubt assess the physical presence in work areas.
Hot desking will be put on hold for the foreseeable future so will businesses require more space through additional premises to enable employees the necessary safe working distances or will the focus be on more home working and different working patterns resulting in less space being required?
In which case any business operating from leasehold premises will need to review the terms of its lease.
Business opportunities and restructuring – Owners will be starting to look at future plans for their businesses with some concentrating on an internal matters (as mentioned above) whereas some businesses will have to look external to restructure.
Some owners will no doubt have self-reflected during the past few months and be considering whether or not they want to be involved going forward. This will lead to an increase in mergers, owner exits, acquisitions and demergers once the conditions are right to be able to effect them.
For further advice on your business contact Duncan Shepherd at Wake Smith Solicitors on 0114 266 6660.
