Legislation - When creating a business plan template for a small business, the Legal Plan is extremely important.
Below are some areas that you may to consider.
Contract Law
This will apply to all businesses that are selling a product or service. What are the legal requirements in your country?
Ask yourself if there are any consequences of breaching a contract?
Consumer Law
What is the consumer law in your country, what acts apply, and what are the implications of these Acts on your business?
Some examples include:
- Sale of Goods Act
- Fair Trading Act
- Consumer Guarantees Act
- Hire Purchase Act etc.
Which ones of these apply to you? Are you sure you fully understand your obligations under these Acts? What happens if you breach any of these Acts?
Resource Management
If you are going to be manufacturing a product, you will need to check with your local authority if there is any legislation or regulation around what you want to do. Do you need a license or a permit? Are you allowed to discharge waste?
This list is endless, it is best to discuss with your local authority what you intend to do and they should be able to advise you whether or not there is any regulation surrounding it.
Employment Law
If you are going to be employing staff you will need to know your employment law, and your obligations to your employees.
Occupational Health and Safety Law
This looks at the prevention of harm to employees within the workplace. What are the duties of you as an employer? Are their training implications? What are the employee’s duties?
Leases
If you are going to be leasing premises, what are your legal implications under the lease?
Debtor and Credit Management
You should have an in-depth understanding of debtor and credit management within your country. Look at what laws cover this area. If you are intending to extend credit to your purchasers then make sure the terms and conditions are written clearly and agreed by both parties. It would be advisable to get this drawn up by a solicitor.
Your plan should include a clear policy statement on your credit management process.
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