Firms ‘at risk from DIY contracts’

Businesses in the UK are putting themselves at risk by making up their own employment contracts, new research suggests.

According to a study conducted by ContractStore.com, almost a third (29.5 per cent) of company owners make contracts themselves using documents they find or ones they are already using.

Despite this, less than ten per cent of survey respondents perceived being taken to tribunal as their greatest threat.

This compares to 40 per cent who cited the economic downturn as their number one concern.

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"As times are possibly set to get tougher, it is vital to ‘batten down the hatches’ and leave no stone unturned with regards to protecting your business – whether this is guarding against bad debtors or making sure you are not exposed to employee claims," stated Giles Dixon, managing director of ContractStore.com.

In related news, Adam Wayland, editor of smallbusiness.co.uk, recently advised that small companies should attempt to find a mentor who can lend them business advice.