How to help your business thrive despite the Covid-19 climate.

May 25, 2020

Covid-19 has undoubtedly changed your business in ways that no one could have anticipated. With so much unprecedented change, it is understandable if you’re hoping that the easing restrictions will mean the start of the long road back to some form of ‘business as usual’.

In order to help your business to thrive through the recovery phase, it’s important to focus on business recovery within the context of a new normal.

As restrictions are eased, consumer appetite for dealing with businesses online is unlikely to subside. While you plan for the future of your business, remember to focus on the changing needs of your customers and clients and importantly, on ensuring that you continue to strengthen the online capabilities of your business.

We’ve set out some questions to ask yourself below, to help get you started.

1. Does your business have a clear set of enforceable Terms and Conditions?
If your Terms and Conditions are well drafted, your (and your customers’) obligations will be clear, including in relation to payment, liability and refunds. Now more than ever, cash flow is critical to the survival of your business. Your Terms and Conditions should clearly set out what you are providing, and what you will to be paid, as well as when payment is required. If your current Terms and Conditions haven’t been reviewed for a while (or worse still, are a well meaning “cut and paste” from various other documents), then now is a good time to have them reviewed.

2. Does your business have an up to date and readily available Privacy Policy?
Not only is having a clearly expressed and up to date Privacy Policy a requirement for many businesses under the Australian Privacy Act, it is also an important way that your business can build consumer trust. With more and more customers dealing with businesses online, you can help your clients to feel comfortable providing their personal information to you by having a clearly expressed Privacy Policy available on your website.

3. Is your business’ valuable IP protected?
Being able to trade online provides a significant advantage to any business, particularly in the climate of Covid-19. However, it is important to remember that trading online can also bring some risks in respect of your intellectual property. In particular, as your business gains exposure, it is important that you take steps to ensure that your trademarks and other intellectual property are adequately protected, including by registration.

The above tips aren’t only relevant to your online business.  Having a strong online business and properly prepared documentation easily translates to better offline dealings with your customers.

If you need assistance with your business as you transition to the new normal, the KKI Commercial Team is here to help.

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