Reviewing commercial relationships

Is now the right time to review your commercial relationships?

Yes. And it shouldn’t take a global pandemic to prompt you to keep your affairs in order.

When your business is well established and running smoothly, it’s tempting to slip into an ‘if it ain’t broke, don’t fix it’ mindset.

But in reality, every business should regularly and periodically review their contracts and commercial relationships.

Key reasons to review your existing arrangements

Not only should this be part of your ongoing essential business housekeeping, but you should also pay particular attention to the following ‘red flags’:

• You want to improve your financial position
• You want to safeguard your business from any financial difficulties of a business partner
• You’re dissatisfied with the performance of a current supplier and looking for an exit strategy from an unprofitable agreement
• You need to align contracts with legal requirements and the direction of your business

If any (or all) of these sound familiar it’s time to review the quality and impact of your commercial relationships.

Where do you start?