Running a business is very fulfilling, but can also present very challenging situations from time to time. As a business attorney in Denver, Colorado, Larsen Law Offices, LLC has worked with businesses for more than 30 years to help them solve and sometimes even prevent or lessen the likelihood that certain problems occur. In this article, we’re addressing five problems that businesses should never ignore. If you’re a business owner and recognize that your business is currently affected by or may be affected by any of the following issues or related issues, call Larsen Law at 303-520-6030 to schedule a consultation.
Not Providing Adequate Attention to Actual or Potential Future Needs
Especially in the beginning and also as a business grows, it is common for business owners to consider their current and short-term needs and not give adequate attention to actual or potential future needs. Forecasting is an important skill for business owners since it helps a business protect its future interests and also to remain in business. It’s certainly understandable that many businesses focus more on the present. The here and now requires specific attention and solutions. Yet, considering actual or potential future needs associated with the target market, the solutions provided by the business, and issues that may arise from growing pains is essential. It allows businesses to plan for and possibly even lessen the impact of those issues.
A business attorney can help businesses by providing an objective and experienced assessment and help determine the risks as well as what may be done to prevent or mitigate those risks. A long-term relationship with a business attorney provides an avenue of experience that may be directly applied to your business as it grows and changes.
Challenges Related to the Global Market
While the term “global market” implies that businesses have the ability to engage in the exchange of goods and services for compensation around the world, it also provides businesses with the opportunity to provide goods and services across the United States when they may not have otherwise been able to do so had the internet not been created. Whether your business is looking to procure a share of the market around the world or in another state, there are unique challenges. One of the major challenges, in addition to the literal delivery of those goods and services is managing relationships. Culture can often cause misunderstandings. Time zone differences can cause complications.
Another challenge is key business personnel who may not have the time to truly focus on building and maintaining important professional relationships. When professional relationships are positive and mutually beneficial, it stands to reason that the parties are more satisfied and likely to continue creating fair terms for both. It may also create an opportunity to foster referrals from their network. A business attorney can provide your business with an invaluable partner whose job it is to focus on helping your business build and maintain those positive professional relationships.
Related: How a Business Attorney Can Help Your Business Relationships
There are many industries that have strict compliance requirements. There may also be best practices related to certain issues that aren’t required from a regulatory standpoint, but that may still make your business stand out and create more interest within your target market. Regulations may vary across the United States as well as throughout the world. It can be difficult for businesses to manage compliance requirements, updates, and any changes that may need to occur for the business to expand into another part of the world. A business attorney has the necessary skills to assist in those areas so that you can focus on the running your business.
Technology Issues and Needs
Technology issues and needs vary from business to business. For example, businesses may need specific technology to remain in compliance with regulations or to provide a certain level of service. This could involve licensing or purchase. It may require the negotiation and drafting of short or long-term contracts. There may be intellectual property concerns that must be addressed. And, to state the obvious, technology rapidly advances. It’s important to consider future needs and standards as well as what your business needs right now.
Effective and Efficient Processes and Procedures
There are some businesses that are started with a “fly by the seat of our pants” mentality. In limited circumstances, that may work. However, it certainly should not be a long-term solution to address how the business operates. Creating effective and efficient processes and procedures are a must for several reasons. One of those reasons is that doing so can act as both a training tool and a reference tool for your employees and contractors. These processes and procedures should outline how your business operates in a step-by-step fashion. This is important because it helps ensure quality in how your business is operated as well as in how clients and even potential clients are treated. When drafted with the future in mind, written processes and procedures may prove to be an effective tool to mitigate specific issues.
Yet, it can take substantial time to draft effective and efficient processes and procedures that best protect and guide your business. A business attorney can play an important role by providing both research and writing skills to help create the best possible written guidance for your business now and in the future.
Related: Building a Better Business from the Inside: Policies and Procedures
Avoidance Complicates These Issues
Because these business problems may not seem serious at first glance for many, they may not be immediately addressed. Avoidance of these issues for any reason may cause complications. Complications may not necessarily mean the end to the success of your business, but it could result in higher costs for your business as those issues are untangled and addressed. To discuss your business as well as the current and future issues it may face, call Larsen Law now at 303-520-6030. With more than 30 years of experience as a business attorney, Susan Larsen is devoted to helping her clients do better.