Review of commercial risks

End of financial year is a great time to conduct a review of your commercial risks, ensuring you have taken appropriate steps to avoid, minimise or address risks where appropriate.

When preparing the list for your review, you may find it useful to start with some broad questions including:

• Commercial leases – when are they up for renewal?
• Financial agreements – are these in order?
• Personal guarantor agreements – do I need to release any this year?
• Operating risks – since my last insurance review, have our operations changed and risks been removed or added?
• Human resource risks – do I need to consider key person insurance?
• Sole director risks – do we need to consider adding a new director?
• Client agreements – do we need to review our terms of business?
• Supplier agreements – do these need reviewing or re-negotiating?
• Rent reviews – are you able to renegotiate your rent?

 
Every organisation is different and with this in mind, every review will be different. As you approach the new financial year, a simple review can prompt you to take appropriate action in a timely manner to avoid missed opportunity and unnecessary expenses.