Litigation Has More Than A Financial Impact!It was estimated that some £12 billion is been spent by British businesses and a further $20 billion by US businesses on litigation every year. No prizes for guessing who emerges the winner – the lawyers! The effects of a business dispute can be far reaching, such as affecting growth, having an adverse effect on reputation and goodwill, or causing a downsizing exercise of some sort. Should any of these happen to a small business it could have a crippling effect. However, the most important aspect and probably the one that is most over looked, is that it takes your focus away from the business and its objectives. Right or wrong the law does not promise justice – just uncontrollable costs.
Take Action TodayThere are certain steps that one can take to avoid this exposure: vet everyone you deal with; have all contracts professionally reviewed; ensure that terms are clear; keep accurate notes and organise records; if a meeting may cause some contention, be accompanied by a third party with the relevant experience. You may also consider creating a dispute response plan to enable you to act quickly and decisively. My advice in business is the same as it is in life, always prepare for the worst and have a plan in place should the worse happen. That way you can immediately implement the plan, learn from it and get back on track doing what you do best – running a successful business!