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The Small Business Owner’s Dilemma: Tackling Legal Issues with Limited Resources

24Sep2016

The Small Business Owner’s Dilemma: Tackling Legal Issues with Limited Resources

Tackling legal issues can be a minefield for many small business owners who often don’t have resources to employ their own in-house attorney. But don’t wait until you get sued to hire an attorney.
As my grandmother used to say, “An ounce of prevention is worth a pound of cure.” Occasionally, our small business clients come to us for help cleaning up a mess after making decisions with detrimental financial consequences, only to be disheartened by the cost. Time and again, we explain that the legal fee to keep them out of trouble would have been a fraction of the fee to get them out of trouble once it’s happened.
The most common mistakes include operating your business with bad contracts or no contracts at all, poor management of problem employees, and not using non-compete agreements and non-disclosure agreements effectively, which protect client connections or confidential information.

Difficulties can often be solved quickly when addressed pragmatically with knowledgeable legal advice. So be proactive. Establish a relationship with a business attorney to whom you can outsource questions. Factor the costs into your operating expenses, the same as IT support and accounting services. The attorney has the knowledge base to propose solutions and move the small business owner forward, even if it’s a quick question where he or she just needs an answer so he can get back to work. The cost savings of employing this valuable resource is well worth it.

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  • 24 Sep, 2016
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