Every year many of us come up with resolutions, personal ones, maybe business, might be a general whole life overhaul. It’s an ideal time to start afresh, both because you can literally start from day one, and because many of us will have had a break over Christmas, so you’re getting back on the horse afterward with a new outlook and plan.
If you’re a business owner you might have new services you want to launch, be tendering and quoting for new work, new staff, new processes or new goals? When you’re thinking of all of these, you need to think about your contracts too, they need to reflect the change.
- For new services, they aren’t likely to be covered in your current terms, what are their payment terms, do you need job specific responsibilities your client has or limits on the outcomes.
- For new quotes and tenders, what terms will they be on? Will you get them on yours, when were they last updated? If likely will be in theirs, who reviews those documents?
- For new staff, are they employed PAYE, or have you considered subcontracting? Both of these need contracts. Employees it is a legal requirement from day 1, subcontractors, you want to ensure that they will do a good job and not engage directly with clients and much more.
- For new processes, if payment terms, cancellation fees, timescales or any important aspect of client’s journeys will change you need to update your clients and going forward your terms and conditions need to change.
- For new goals, if it is your turnover that you want to increase how can you do this, getting clients or rolling retainers with minimum terms? Maybe improving your profits is the plan, ensuring you are not writing off bad debts and making sure you will be paid for all those extras you offer will make a big difference to your bottom line.
It might be you’re not changing anything and haven’t for a while. This is still a good time to get a review to ensure it still works for you and that laws haven’t changed without your knowing – several things did in 2018 for example.
If you’re reviewing your terms or want them changing and don’t know where to start, drop us a message. A conversation to start will always be free. We’ll be happy to chat through what you need and see how we can help – whether a review, an amendment, or a full rewrite.