How Documentation Keeps Your Business Assets Safe
It takes numerous resources to develop and accumulate business assets. Your different business assets provide economic value, increasing your company’s efficiency and revenue generation capacity.
The most apparent business assets include vehicles, equipment and machinery, office furniture, land, and buildings. There are also intangible assets like intellectual property, such as trademarks, copyrights, and patents. They also contribute to growth in business value.
All your tangible and intangible business assets are valuable commodities that need safeguarding from harm or loss. Your business assets are critical factors of production. Unfortunately, there will be instances when your business assets, and by extension, your business, face threats that can lead to harm or destruction.
Conforming to a rule, such as a specification, policy, standard, or regulation, is generally referred to as compliance. According to the deterrence theory, which holds that punishing a behaviour will result in fewer violations from both the offender and others, compliance has historically been explained in terms of this theory.
For instance, your brand, an intangible asset, can lose its appeal following a prolonged legal tussle with clients. Your business assets can also suffer from negative publicity caused by non- compliance with public policies, lawsuits, and even bankruptcy. Therefore, it is crucial to take all available measures to safeguard your business assets.
You can guarantee the safety of your business assets by covering them with legal documents. A legal document template for every business aspect is an affordable way to start.
Next, we’ll consider a few legal document templates in a bid to show how documentation keeps your business assets safe.
1. Business Proposal Template
You’ll need to submit a business proposal when applying for various business contracts, including supplying goods and services. Your business proposal, stamped and sealed, is a legal document that professionally presents all your business details and technical capabilities. So, does a business proposal safeguard your business assets? It does.
There are times when competing businesses can challenge a tender award in your favour. In such a case, your business proposal shows that you not only applied for the job but also met and fulfilled all requirements. A detailed business proposal template protects your brand from the reputational damage that would arise from hints that you took shortcuts during the tendering process.
2. Invoice And Tax Templates
Whenever there are taxation queries, a detailed tax invoice can provide evidence that appropriate taxes were levied and paid for goods and services supplied or procured. On the other hand, an invoice allows you to demand payment since it’s proof that your business sold goods or provided services. Your credit department uses invoices to collect outstanding payments. A detailed invoice template not only protects you from losing money whenever there is contention concerning payments, but it also negates any chance of a lawsuit since invoices are legally binding between the parties involved.
3. Quotation Template
A quotation template allows your company to present to clients an outline of the costs they will incur for your goods or services. Once your potential client accepts the terms and conditions outlined in your quotation, they’re bound by the law to pay. A detailed quotation template safeguards you from loss. For instance, if a client accepts your quotation to use your hotel on a specific day but cancels the order a few days before, they’d have to pay cancellation fees, protecting your business from loss of income.
4. Client Release And Indemnity Form
This form is for you if your company provides services that pose a particular risk. A client release and indemnity form protect your company from liability in the event of loss or negative consequences while administering a service; it transfers the burden to the other party. For instance, specific high-risk medical treatment procedures such as surgical interventions require the patient’s family to sign consent forms before they’re undertaken. It helps absolve the medical team from wrongdoing should the medical procedure be unsuccessful. A professional liability lawsuit can result in hefty penalties that can bring your business to its knees.
5. Human Resource Department’s Templates
HR templates can protect your business assets by ensuring HR compliance. For example, an anti-bullying policy template can protect your business from harassment and discrimination lawsuits that often result in hefty damages awarded to the victim. In addition, a bullying culture at your workplace can affect productivity resulting in adverse financial outcomes.
Another HR template that can protect your business assets is the equal opportunity policy template. There are strict penalties levied on a company or organisation that breaches the anti- discrimination and equal opportunity regulations. HR document templates keep you compliant and protect your assets.
The above are just a few examples of legal documents that protect your business assets. There’s still more. Hiring an expert to ensure your business assets have protection is the best option.
Final Word
Your business assets form the backbone of your company and protecting them from harm or loss is critical. Legal documents ensure your company remains compliant and protects you from the losses that arise from non-compliance. Some of these losses include hefty penalties and fines, reputational damage, and even bankruptcies. Signing up for easy-to-use legal documents is an easy and affordable way of protecting your business assets.