Your Business March 2020 - 76

Save your money

Governance means better
decisions, says Erika Percival,
founder of Beyond Governance
Governance is the process around
decision-making that ensures
it's objective and rigorous. This
saves time and money, often
scarce commodities in an SME.
Governance isn't bureaucracy
and it doesn't mean having more
resources. Ultimately it's a way to
ensure that a business makes the
right decisions for it to grow, be
sustainable and stay resilient.
Good decision-making is of
particular benefit to the board
of directors given their legal and
financial accountability, but it
affects everyone from employees
and customers to suppliers
and the local community.
Beyond Governance provides
an independent governance
health check. We have provided
advice to some of the UK's largest
companies, and we've distilled
this knowledge down so you
get a creative solution that's
the right fit for your business.

helpful - even essential. And not
just for avoiding legal problems,
but thanks to the knowledge they
can bring to your company.
Once engaged, your solicitor will
provide a thorough analysis to make
sure you're legally prepared in all
areas. The questions they ask may
throw up challenges you hadn't
considered, so it's wise to allow
them access to the full extent of your
business plan. Your relationship is
protected - client confidentiality is
enshrined in law - so you've nothing
to fear by being completely honest.

Valued advice

One thing that may discourage you
from engaging a solicitor is cost. The
legal profession has a (not completely
undeserved) reputation for high fees,
but in general legal firms will do
everything they can to offer you the
best service - and value - possible.
If your budget is limited, try to do
as much of the work yourself as you

can, but having a professional to at
least double-check the most crucial
parts could mean the difference
between success and failure. Indeed,
it could keep you out of court in the
event of disaster. Find a solicitor with
experience in setting up successful
businesses to ensure you get the most
from your legal eagle at this stage.

The right company

One of the first things your solicitor
will consider is the structure of
your business. Will you operate as
a sole trader or do you need to set
up a company? Should you go into
partnership with others and, if so,
how will ownership be apportioned?
If you're setting up a company, will it
be a partnership, a limited company
or a limited liability partnership?
If you're not sure of the difference
between them, or which would
best suit you, that's a good sign
you need a solicitor. They will help
you make the decision and draw

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13/02/2020 21:20



Your Business March 2020

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https://europe.nxtbook.com/emp/EMP/jobsandcareerswinter2020/21/jobsandcareerswinter2020
https://europe.nxtbook.com/emp/EMP/yourbusinessmarch2020/yourbusinessmarch2020
https://europe.nxtbook.com/emp/EMP/YOUR_BUSINESS_Spring2019
http://europe.nxtbook.com/emp/EMP/2016SixnationsGuide
http://europe.nxtbook.com/emp/EMP/NationalExpress
http://europe.nxtbook.com/emp/EMP/SixNationFeb2015
http://europe.nxtbook.com/emp/EMP/National_Express_2013
https://www.nxtbookmedia.com