Although they may not be traditionally perceived as business growth barriers, legal issues can slow any company dealing with mounting legal bills.
Because this issue isn’t at the forefront of many founders’ minds when it comes to business development, they have a tendency to catch companies flatfooted. As such, it’s something that should be planned for and included in any potential contingency plan. To avoid legal barriers, David Gee, business communications consultant for Staffing Talk, covers a few strategies created by Rocket Lawyer that can mitigate looming risks. Here are some excerpts:
- One of the quickest ways to succumb to legal troubles is to find your company embroiled in a tax audit. To avoid an ugly situation, you’ll need to have tidy accounting practices and strictly follow tax regulations.
- Make sure you’re on top of your contracts. You need to monitor all of the outstanding debts owed to your company — and collect them.
Avoiding legal troubles begins and ends with preventative and proactive measures. As long as you take steps to stay in the clear, you should be able to avoid this oft underestimated small business problem. For more on this topic, read the full article by Gee.