An Ounce of Prevention is Worth a Pound of Cure: How to Reduce Legal and Business Risk

An Ounce of Prevention is Worth a Pound of Cure: How to Reduce Legal and Business Risk

small business If you own a business, you know that entrepreneurship and risk go hand in hand. Many small to mid-size businesses are not equipped to keep track of legal compliance issues, and without the guidance of an attorney these types of issues can be extremely confusing and stressful. Further, waiting until a potential legal issue becomes a full-scale crisis can have serious consequences. Fortunately, business owners can mitigate most risk by taking the right steps and making smart, carefully calculated decisions.

Here are just a few ways that an experienced attorney can help you avoid the pitfalls experienced by many businesses, and why finding the right legal counsel could be the best move you make in 2020.

1. Mistakes Are Often Made When Handling Legal Issues Alone

All businesses face certain risks, whether it be a potential lawsuit from an unhappy client, a poorly negotiated contractual agreement which doesn’t properly protect the business, or maybe a disgruntled employee threatening to file a claim against you or your company. An experienced attorney can identify potential risks, put protections in place for you and your company and help navigate legal matters in a way that is most advantageous to your business.

2. Businesses Can Become Overwhelmed by Legal Concerns

Without a doubt, certain industries are riskier than others. But business risk is not always obvious and may include various types of liability that without proper planning could significantly harm your business. Trying to make business decisions that minimize risk, adhere to all applicable laws and regulations, and maintain business efficiency can be extremely overwhelming. As a business owner, if you are constantly “putting out fires,” you may not have the time or energy necessary to deal with other pressing business issues. Owning a business should be exciting, not overwhelming. Having an attorney to guide you and help avoid future problems can be your ultimate key to success.

3. Prevention is More Effective Than Crisis Management

As any physician will tell you, prevention is the best medicine. The same principle applies in the legal arena and that is why proper risk management is critical to any successful business. When a legal issue becomes a legal crisis, it can have a devastating impact on your business and could even result in the ultimate failure – the closing of your business. Thankfully, most of the time legal crises can be avoided and an experienced attorney can make sure you and your business stay on the safest and surest path to success.

For these reasons, hiring a business transaction attorney in Orlando or throughout Central Florida may be the best decision you make in 2020. Watson Sloane business lawyers assist with risk mitigation for businesses of all sizes and all types of situations. By helping you deal with legal questions before they develop into unmanageable problems, our business lawyers can help you stay focused on what you do best!