5 Business Matters For You To Action in 2018
The start of a new year means we start to set goals and action plans for the next 12 months. We make resolutions each year.
Some actions you should consider implementing in 2018 include:
1. Data Protection, Data Protection, Data Protection
Can you use that personal information to send that email, text message or marketing material?
Data Protection changes and the arrival of the right to sue under the new rules of GDPR is a significant issue for every business and will need to be addressed so that your business is ready by 23 May 2018.
2. Employment Law
Have you updated your sick leave policy for extensions for certified sick leave? Have you communicated the paternity leave provisions to your workers?
When was the last time you reviewed your contracts of employment or employee handbook? You will need to do so for the data protection policy so you might as well review the other policies also to ensure that they reflect best practice.
The minimum wage increases from 1 January 2018 so payroll will need to be updated too.
3. Selling online consumer law compliance
Review and update your online presence and if you sell online ensure that your terms and conditions of sale comply with consumer law.
You do not want to miss out on your share of the online market.
With this advantage there are European rules to protect consumers when they buy online that retailers must comply with.
Have you checked whether you need to offer your online customers a 14 day cancellation (cooling-off) period? If you do, have you told the customers about it and have you made a cancellation form available to them to cancel the purchase?
4. Intellectual property protection
Brand protection – Is 2018 to be the year when you allocate a budget to apply for a trademark to protect your business?
Have you audited your business procedures to capture all of the business’ intellectual property?
Make the first quarter of the year the allocated time to implement change and put good practices and procedures in place.
This could be done in parallel with the employment policies and procedures review.
5. Will and a Power of attorney
The New Year is a good time to review your plans and goals for the future and many may think of making or updating their will to take account of changed personal circumstances and taxation changes.
Another consideration should be what would happen to your business if you suddenly became ill or were unable to run your business.
Who would run it in your absence?
Who would you want running your business?
Who would you trust to act for you?
The solution is to put in place a power of attorney or an enduring power of attorney with a trusted person so that this is all planned for and taken care of.
If you would like any help taking action please contact me to set up an appointment.
The material in this article is for general information purposes only and does not constitute legal or taxation advice. Specific legal and taxation advice should be sought before acting. All information and taxation rules are subject to change without notice.
No liability whatsoever is accepted by M. McLoughlin & Co. for any action taken in reliance on the information in this article
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