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For each item on the checklist mark it as: completed, not applicable for your business, or high/medium/low priority for action.

From an IT Security perspective (IDamien Battersby, Proactive IT Solutions)
  • I have had an independent review of my IT in the last 6 months to determine if I have any risks or areas that could cause downtime.
  • I have a documented backup program in place that is tested monthly.
  • I have a strategy for managing the IT security in my business which includes regular reviews.
  • I have specific insurance to protect against cyber and IT events.
From a credit management and debt collection perspective (Jeanine Purdie, Business Credit Solutions)
  • Our sales and admin team educate our customers upon engagement of our services regarding our approval processes, costs and payment expectations whilst trading with them
  • We have full knowledge about the individual or company we are giving credit to and can access credit checks when appropriate
  • We have clear terms and conditions on our sales contracts which include expectations for customer payment.
  • Our customers are aware of consequences for late or non-payment
  • We raise sales invoices promptly after completion of work.
  • We encourage sales on the day and offer various payment options to assist this process
  • We are aware and utilise cloud-based debtor management system to assist with debt collection
  • We have a clear process to follow up outstanding or disputed debts.
  • We utilise a professional, full-service debt collection firm when accounts are over 60-90 days (or earlier according to your terms) or to handle dispute resolution.
From a commercial law perspective (Harvey Bowlt – Bowlt Commercial Lawyers)
  • We have appropriate essential contracts for our business, including proper terms and conditions and other contracts with customers, suppliers and distributors.
  • We have proper employment contracts and/or independent contractor agreements, which deal with confidentiality, intellectual property and non-solicitation of customers, suppliers and other employees on termination
  • We have educated our employees about the risks of doing business on the Internet and cyber security issues and do we have an appropriate data breach action plan
  • We have appropriate business succession planning documents in place, in particular a shareholders or unit holders agreement
  • We have a compliant privacy policy for our business
  • We have registered trade marks, patents or designs to protect our products and brand/s (A business name is not sufficient to protect your brand)
  • If we have an online marketing presence, we have checked whether we may be infringing the copyright or trade marks of any other businesses.
  • We have a written lease in place for our business premises.
From a Risk Management and Insurance perspective (Tim Allan, Insurance Advisernet)
  • We have consulted with an independent risk advisor to ensure that we have mitigated our business risk as much as possible. We have an appropriate insurance program in place and we understand the terms and conditions of the insurance policies and the requirements set out by insurers to maintain cover.
  • We have a written Disaster Recovery Plan (DRP) which details actions to be taken in the event of a disaster event (physical, technology or personnel).
  • A physical copy of our Disaster Recovery Plan is held off-site (either in a safe deposit box or at the office of our accountant, insurance advisor or legal advisor).
  • All key staff members know where to access the Disaster Recovery Plan in the event of an emergency.
  • Our staff are aware of the requirements to advise management of any issues that could lead to insurance claims.
  • Our Disaster Recovery Plan is reviewed and updated annually as part of our business planning process.
  • We consult with our insurance advisor at least annually and when significant changes occur in our business to ensure that our insurance program covers our business adequately, and that our Disaster Recovery Plan is adequate and consistent with our Insurance Program and contains details of all our insurance policies.
  • We have discussed with our advisor the future plans for the business to ensure certainty of future cover with our insurers.

Meet the expert panel

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