It’s hard to believe it has been a year since I’ve talked about Spring Cleaning for businesses. Last year we touched on 4 main arears: Reviewing Employee Agreements and Handbooks, Corporate Minute Books, Accounts Receivables and Estate Planning.
These are all very important and should be reviewed yearly, but how does this look for you today amid the COVID-19 pandemic. As much as we are all sick of hearing about it, it is our reality right now and I feel that everything will look different on the other side of this.
Have you reviewed your employment agreements during this? I know that many of our clients had reach out to our firm to determine what their rights were as an employer. Can you layoff your employees? Can you reduce their hours? What are you responsible for as an employer when your employees are working from home? These are all questions that we have had to look at, and in a short period of time. Coming out of this, you may need to take a hard look at your Agreements to determine if they need some refreshing to help you in the future for the unexpected.
I am famous for reminding you about updating your corporate Minute Book, but of greater importance I believe at this time is reviewing your accounts receivables regularly. Have you asked yourself if your customers are required to pay you right now, or are they allowed to delay? These are all things that we need to give thought to, and you need to keep on eye on your cash flow. It is a tough time for everyone, so do you give a little leniency with our customer or do you play hardball? Only you know what you can do but conducting regular reviews of your accounts will ensure you have the full picture.
Estate Planning? What better time than now to review your Wills and Powers of Attorney, or start thinking about having them drafted. We have been preparing some Estate documents for clients, so I know this is on a lot of minds these days.
And now let’s turn our attention to the most important fact about this year’s Spring Cleaning… getting rid of murder hornet nests & cleaning snow off cars and driveways in May, are you serious?
Christine Allan, Law Clerk