Tag: small business
How Do Business Owners Plan for Life-Changing Events?
Posted on July 12, 2022
If the last few years have taught us anything, it is that life is full of unexpected changes. When you own a business, planning for life-changing events must be a top priority. For many owners of small- and medium-sized businesses, their business is their most valuable asset – both financially and personally. Consequently, protecting the business’s future is essential. Having a detailed business succession plan in place is one of the best ways to protect a business in the event of an unexpected illness or death. Business succession plans can […]
Review Your Business Contracts Frequently to Ward off Problems
Posted on July 7, 2022
Contractual relationships are the backbone of a successful business. Unfortunately, many business owners are stretched so thin that reviewing contracts gets put on the back burner – especially during these chaotic times. It can be easy to overlook contract renewals or proceed with a renewal without updating or negotiating the contract terms. Business contracts should be checked frequently to account for changing needs, increased expenses, and other concerns. Failing to regularly review and modify contracts as needed can cost business owners precious time and money. Contract Review and Negotiation is […]
How to Be the Boss You Always Wished You Had in a Swiftly Changing Work Landscape
Posted on June 23, 2022
The workplace dynamic has shifted dramatically in the last few years. More and more employees are leaving their jobs for positions they feel better fit their personal needs and professional goals. The so-called “Great Resignation” has left many employers short-staffed and unsure how to proceed. Simultaneously, many companies are developing long-term work-from-home and remote work policies. Workers and managers have been forced to reevaluate their methodologies and adapt to rapidly changing circumstances. As younger employees grow in their careers and become leaders, they are forced to contend with some of […]
A Helpful Option For Small and Mid-size Businesses
Posted on June 16, 2022
There is no doubt that many small and medium-sized businesses are currently struggling. In addition to typical business concerns like compliance issues and customer service, businesses must also contend with skyrocketing costs and labor shortages. Large companies have in-house legal counsel who are dedicated to addressing the company’s legal needs. However, small and medium-sized businesses typically cannot afford to have a full-time lawyer on their team. These smaller businesses often try to handle legal matters on their own or hire an attorney ad hoc after they have gotten into legal […]
How Do You Protect Yourself in a Business Partnership?
Posted on June 14, 2022
An old saying claims that two heads are better than one. In the context of business partnerships, this is often true. Partnering with another individual can help you divide business responsibilities, increase capital, attract investors, and grow your company. Partners can bring fresh ideas and a wealth of knowledge and experience to the table. There are many advantages to going into business with other people. However, there are also challenges and risks associated with business partnerships. If you are interested in forming a general partnership, limited partnership (LP), or limited […]
Utilizing A Business Strategist in Challenging Times: Find a Qualified Outsourced General Counsel
Posted on June 7, 2022
To say that the last couple of years have been a whirlwind of change is an understatement. Between the pandemic, record-high inflation, supply chain issues, and labor shortages, many business leaders are feeling overwhelmed and uncertain about the future. Simultaneously, many employees are leaving their jobs in search of better pay, more flexibility, and work-from-home opportunities. The mass exodus of workers has been dubbed “The Great Resignation.” Many business owners and managers have been left struggling to find enough staff to keep their doors open, let alone strategize for long-term […]
Who is Handling Legal Issues At Your Business?
Posted on April 28, 2022
Many times, small and mid-size business owners try to tackle legal issues on their own. They may pass on legal matters to their Chief Financial Officer or hire ad-hoc attorneys as issues crop up. The problem with these approaches is that if you are doing it yourself, then you are taking away your time to be the visionary for your company. Furthermore, legal matters are complicated, and making mistakes can lead to serious financial consequences. If you pass legal issues on to your CFO, you have them wear too many […]
Keeping Employment Matters Under Control
Posted on April 12, 2022
Businesses across the country are dealing with staffing issues during these unprecedented times. As a business owner, having proper documentation can prevent many different issues with staff. Providing your staff with clear job descriptions, goals, employment conditions, reviews, handbooks, and other employment materials helps them understand their responsibilities. Ultimately, proper documentation helps grow your business. Furthermore, having things in order and properly documented can make transitions easier and help you avoid lawsuits down the road. Business owners and partners often find that having an outsourced general counsel can help address […]
Do You Have a Succession Plan in Place for Essential Leaders?
Posted on April 5, 2022
Every business should have a succession plan and exit strategy to prepare for the owner/leader’s retirement, sale of the company, or changes in key management positions. The importance of a business succession plan is especially important during the Great Resignation. Business leaders and business owners should consider: Who would replace critical people on your staff? Who would take over the business if the owner or a key member of the business retires, becomes ill, or dies? These questions need to be asked now to avoid a crisis later. There are […]
What Are the Top Legal Issues That Small and Mid-Size Businesses Face?
Posted on March 15, 2022
Every business will encounter legal concerns that will need to be addressed. Determining the best ways to handle these issues can often be difficult for small businesses or mid-size companies. These companies will most likely not be able to keep an attorney on staff, and they may only encounter legal concerns infrequently. However, addressing business law matters the right way can be crucial, and business owners will want to be aware of the issues that may affect them and their company. Some of the most common legal concerns small businesses […]
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