Growing your small business can be tricky. In fact, rapid growth can actually harm your company if you don't plan properly. And, even if you've implemented processes, technology, and outsourcing to deliver your core product or service and maximize growth efficiently, your company is still at risk if it doesn't have effective legal, insurance, tax, and financial (LIFT) systems. In fact, without solid LIFT systems, your business is just one accident, audit, or lawsuit away from ruin.
Whether it’s with an employee, client, a vendor, or a business partner, going to court to resolve a dispute is something you want to avoid at all costs, since even if you wind up winning your case, getting caught in the court process is time-consuming, expensive, and almost never good for your company’s reputation. To this end, the next time you find yourself in a dispute, you might consider attempting to resolve the matter through alternative dispute resolution (ADR).
As a business owner, facing your first lawsuit can give you emotional turmoil and fear. But a lawsuit doesn't have to end your business nor collapse your dignity. Instead, this can give you a big opportunity to see something that you haven't seen before about what you need to do or improve to grow your business. Here's what you should do if you are served with a lawsuit.
Every entrepreneur understands the value of effective business planning but seldom are those who are aware of the critical role estate planning plays in their company's success. Without a proper estate plan, the business you worked so hard to build could be at serious risk if something happens to you or in the event of incapacitation. Don't put your most valuable asset at risk. If you haven't created a proper estate plan, your business is missing one of its most essential components.