In life and of course in business, we regularly review and assess important services and contracts associated with both.
We review our private health, life insurance, phone/internet providers, energy bills, superannuation/financial planning most of us at least once a year.
In our business environments, we review similar arrangements like phones, internet, energy, websites, data handling and the majors such as salaries/ wages, rosters and then of course compliance with the ATO. And finally our financial statements – profit and loss and balance sheets.
Not to mention core supplier terms and contracts and for a large majority, even franchise agreements. All of which both personally and corporately these are assessed or given due consideration at least once a year.
The most vitally important contract to which all the aforementioned activities is wholly relied upon – the lease doesn’t even rate a mention let alone reviewed at all for sometimes several years.
In this modern age of technology, there is no excuse for ignoring the very document that secures your rights (and of course future rights) over someone else’s land to conduct your business.
What are your options? These are simple, either set up regular reminders to review your lease each year (a new year’s resolution we can all keep) or arrange for someone else to do it for you.
Retailers end up paying too much rent and all too often losing their business because they missed their option or didn’t leverage time before the lease expiry.
The Australian Retailers Association (ARA) can assist by facilitating with simple electronic lease event reminders at 18, 14, 12 & 6-month intervals prior to your lease expiry. These will include a checklist of action steps you can take towards securing a better lease for your business.
So, what are your options?