Top Three Tips to Manage Business Relationships and Risk

The Canberra Business Chamber Light Rail Business Link Program is holding a series of training workshops to help businesses increase capacity in areas that could assist them secure work connected to Canberra’s light rail project.

Training covers topics including contract management, promoting your business, and writing tender responses.

On 26 May 2016, Nick Tebbey, Senior Associate at Snedden Hall and Gallop co-presented a seminar on Finance and Legal Structures.

For those who couldn’t attend this training, Nick has generously shared the main issues his experience suggests create risks for businesses.

  1. Businesses often don’t appreciate how much of business life involves a series of relationships – relationships with customers, relationships with suppliers and many others. These relationships need to managed appropriately; with the role, rights and obligations of each stakeholder clearly understood.
  2. Businesses need to take time to get the key terms and conditions of these relationships in writing.
  3. Businesses must make sure they are structured properly. The structure a business owner chose when first starting out may not have been best for their future business plans, or over time may fail to match the businesses’ evolution. Businesses need to regularly review their structure and make sure it is still the best option for them. It may be time for a more sophisticated structure that will allow your business to grow while protecting your company and your livelihood.

 

Businesses don’t need to have staff in house to manage these sorts of issues, but can seek advice from external experts, like Snedden Hall and Gallop.

Training and advice can minimise risk and increase opportunities.

“Businesses should seek practical assistance when they need it, from people they trust who will work with them to minimise risk while increasing the value of their business,” Nick said.

The training program currently being conducted by the Light Rail Business Link Program is a great way to improve your own skills and knowledge.

“These seminars introduce participants to a range of issues,” Mr Tebbey said. “The information they take away can help them avoid pitfalls or arm them to effectively seek out further advice.”

To sign up for training, ring Ben Maguire on 6247 4199 or register online. The next scheduled course is:

Bidding to Win Business – Tuesday 14 June 7-9 am – REGISTER HERE