The Business Exchange Bath & Somerset Issue 16: Summer 2020 | Page 24

What can I do to secure the futu
of my business after lockdown
Following the government’s announcement of our exit from lockdown and
it is time for organisations to focus on what their business will look like po
Corporate Commercial Partner, Tom Webb
discusses some of the key areas that
businesses could be looking at in order to
prepare themselves for the ‘new’ business
normal.
Terms & Conditions
If your business supplies goods and/or
services, then over recent months you may
have found that your standard terms and
conditions have not met the challenges
presented by Covid-19.
While we hope that a ‘second wave’ of the
pandemic does not occur, preparing for one
or any other future business interruption
is necessary. So, if your existing terms and
conditions do not currently contain a detailed
‘force majeure’ or material change clause
then it would be wise to include one. It is also
a good time to check your insurance policies
and in particular the business interruption
cover that has seen many companies
not being able to claim on policies where
they thought they had cover. Terms and
conditioned should always be reviewed
with insurance cover so that he terms can
dovetail to protect the business.
While Covid-19 saw us all adopt the
‘we’re all in this together’ attitude, when it
came to refunds and cancellations, this was
difficult for businesses, who wanted to be
understanding and supportive of their clients
but at the same time mindful that they need
to ensure they did not suffer losses as a
result.
Whilst your standard refund and
cancellation terms may give you the right
to retain deposits and/or your customers
the right to cancel, it is worth considering
other options such as postponement or
amendment that are likely to benefit both
parties moving forward.
We have seen many businesses diversify
and adapt their business model in order to
maintain an income and not waste stock,
following the restrictions imposed by the
Government. Many of these changes such as
moving operations online are likely to require
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