Handling the Legal Issues that Arise with a Growing Business
Handling the Legal Issues that Arise with a Growing Business
A small business holds significant growth potential. As good as exponential growth sounds, it may turn into a very bitter pill for the business owner if it spirals out of control. But wait, can a business outgrow you?
The simple answer to the question above is YES. A business can outgrow the business owner and its available systems. Consequently, your business may encounter massive legal implications, such as liability claims.
With that in mind, how can you maneuver the pitfalls of business growth, such as legal concerns for a small business? As your small business grows, there are some things you can do to help your business successfully manage legal projects without self-sabotage.
The fact is, most small business owners do not understand the role a legal expert plays in their business’s growth. Unfortunately, many business owners only learn this hard truth when something bad happens. At this stage, things could very well be in crisis mode and the solutions (to the extent they exist) are likely to be considerably more expensive.
To avoid this, it’s a good idea to plan out a legal budget when preparing your projected business expenditures for the year. In order to effectively do this, you’ll first need to evaluate the nature of the legal services your business may require, depending on the products or services it is offering. If you’ve never done this before, or haven’t in a while, a consultation with a competent business attorney will likely be required.
Hiring the right attorney is vital in protecting your business from the traps of the corporate world. With that said, many business owners are understandably concerned that hiring an attorney will result in thousands of dollars of unforeseen bills for work they never anticipated. To avoid this situation, some firms (including this one) offer either flat fee or subscription / retainer models of billing. Models like these can make most legal expenditures predicable.
Business growth can easily become a burden if not properly managed or leveraged. However, with proper planning and management, negative outcomes can largely be avoided. At the very least, the pain of unforeseen damaging legal situations can be lessened.
If you would like to set up a consultation or have questions about Brim Law’s services, please email, call, or fill out the contact form at brimlawfirm.com