Avoid Liabilities Upfront for Your Small Business

Though the legal side of your business may not necessarily involve making money or expanding your client or customer base, mistakes can certainly cost you money thus threatening even a profitable business if the errors are particularly costly. Here are some tips you may want to consider to protect your small business today and in the future.

Avoid liabilities at your business. 

Avoid slips and falls. More and more businesses are operated online these days, however, if you have a place of business, slips and falls or other accidents remain a risk. To avoid liability, consider slip and fall issues from the beginning.

Cut down legal fees on late payment issues. The post includes seven tips for getting those late payment issues resolved. Cash flow is the lifeblood of your company but having to take legal action to recover overdue invoices will only destroy your relationships with these customers and could cost your business even more. Try these tips first and see if you can get those debts paid first before taking things to the next level. 

Avoiding bad debtors in your small business. Another aspect of dealing with bad debts and overdue invoices is to have better credit policies to avoid bad risks before extending credit to them in the first place. Do you extend credit to customers in your business? If so, you may want to check out these tips for adopting a better policy in the future again avoiding possible costly legal action in the future.

Resources

Avoid legal problems while hiring. Clearly the most important aspect of the hiring process is to get the right person for the right job and, of course, this can be critical in a small business where a few key people can clearly make or break your company. But making mistakes during the hiring process can also lead to legal problems and you should be aware of these before you begin. Here are some thoughts to get you started.

Operations

Is someone in your business robbing you blind? Internal theft, whether large or small, can be another legal issue faced by many companies. It is a mistake to believe that it cannot happen to you. If you have employees or managers in your business, it’s important to make sure that you are taking steps to make sure internal theft does not occur. Here are some thoughts to consider.

Another way to save money is to be sure you take all legal deductions at tax time. While you certainly don’t need the potentially costly hassle of underpaying on your taxes, paying more than you are legally obligated to can also be a problem. Here are some tips you may wish to consider to be sure you are deducting a legal amount.

Trends

Does your business have a tech policy? With mobile devices increasingly not simply the way people stay connected in their leisure hours but how they conduct business as well, it may be time to consider the liability realities for you and your employees. Legal experts suggest having a policy is the best way of avoiding trouble with tech usage in the future.

Social Media

Creating a social media policy for your business is important in this day and age. It may seem to run contrary to the open and transparent characteristics espoused by social media gurus, but experts argue that your small business should have a thoroughly thought out social media policy, and one clearly understood by your employees, before hitting Facebook or Twitter on behalf of your brand.