GOING FOR GROWTH
Check , update or amend any contracts or agreements
Updating or even putting in place robust contracts can work both ways . It means a business owner can mitigate future risks and a client can be protected against sudden changes in costs . One example might be around leasing of premises and the potential for ‘ rents ’ to increase suddenly due to the rising cost of energy .
Sound contracts and agreements means a landlord can legally increase costs or it can provide the basis of a renegotiation if a clause is deemed ‘ unfair ’ by either party . Equally it could trigger an ‘ exit ’ which might be for the good of a company in a time of economic uncertainty .
Ramona Derbyshire is Head of Business Growth at legal company Thrings .
She said , “ In challenging times , contracts need to be as robust as possible to protect business value and mitigate risk . Payment terms are likely to be top of the list but it ’ s also important to consider other contractual provisions such as
price increase provisions , quality and timing commitments , termination clauses and caps on liability , all of which should be written in clear terms .
“ As well as contracts , businesses would do well to consider the other potential legal risks that exist within the business and plan to reduce those wherever possible . Taking a strategic view of legal risk sets a business up to weather difficult times and enables it to take advantage of opportunities when they arise .”
For more info : www . thrings . com
“ In challenging times , contracts need to be as robust as possible ”
Coping with the rising costs of energy
According to insurance provider Simply Business , over half of small businesses say the biggest threat to them in 2023 is the rising cost of energy .
Around 26 per cent believe they will simply not be able to pay rising energy bills this year .
One option may be to start embracing renewable sources of energy . Another way could be to investigate funding models which allow the cost of the capital outlay to be reduced or spread over time .
One company offering assistance to larger players in this field is Chippenham-based Smartech Energy , which offers energy efficiency as a service ( EEaaS ) to companies which spend over £ 300,000 on energy bills each year .
For more info : www . smartech-energy . co . uk
Be more visible !
Wiltshire company Bide has taken some unusual steps to grow its eco-friendly cleaning brand . Run by a core team of three , the company was set up by Amelia Gammon who lives near Marlborough .
Bide offers a growing range of cleaning products which are vegan , non-toxic , free of palm oil and plastic , and are packaged in fully compostable materials . The company ’ s USP is that the products are made by people in their own homes .
Bide often works with those who have been marginalised by society , whether through poor education , criminal records or other factors .
Amelia took the decision to enter the Dragons ’ Den on primetime BBC TV , screened a few weeks ago , to seek investment for the growth of the business .
On the show , Amelia gained investment from Dragon Deborah Meaden , however ultimately it did not proceed . On the plus side , the experience is still having a positive impact on the business .
Amelia said , “ Being on the show was tough , it was personally draining , however we would never have got that kind of publicity any other way . We simply did not have the budget .
“ Since being on the show we have had around 5,000 people contact us to find out how they can create our products and be part of our supply chain . We have also moved into the B2B market as well , something we didn ’ t originally consider as part of our business model . We will now be found on milk rounds , in refill stores and within other businesses who want to move themselves towards a more sustainable future .”
Recently a company which has in the past prided itself on being a ‘ hidden gem ’ has decided to increase its visibility and embrace more traditional forms of marketing .
Utility Warehouse has been around for more than 20 years offering more affordable utility bills and cash back , particularly for those who buy gas , electricity , broadband and mobiles in a bundle .
Their route to market has always been through independent representatives who sell to neighbours , families and friends and through traditional networking . There will not be a businessperson in Wiltshire who has not , at some point , met a UW representative at an event somewhere .
According to the most recent survey by Which ? of the top ten energy suppliers in the UK , UW came third behind Octopus Energy and Utilita .
Interestingly UW has now launched a nationwide brand awareness campaign on billboards , train stations and national newspapers to help more people consider them as a serious option when it comes to energy and utility supplies . In other words , they are investing in becoming more visible , not less .
For more info : www . bideplanet . com
“ Being on the show was tough , it was personally draining , however we would never have got that kind of publicity any other way ”
THE BUSINESS EXCHANGE 2023 13