These Business Mistakes Could Get You in Huge Trouble

Everyone makes mistakes, but some are bigger than others. There are mistakes that might make you stumble, although you ultimately learn and grow from them in the end. Then there are those mistakes that are so big, you might learn a lesson, but it’s a bit too late. When you run a business, there are some incredibly unfortunate mistakes you could make. If you’re not careful, some of them could get you in big trouble. You could find yourself on the wrong side of the law, even if you never meant to be, or you could find your business’s reputation in ruins. Avoid making these big business mistakes, and you can protect yourself and your company.

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Being Lax on Health and Safety

Your employees need to be safe while doing their jobs. Also, any members of the public who could be at risk when on or near your business premises also need to be protected. You could be in huge trouble if someone becomes ill or is injured because you neglected your responsibilities as a business owner. Having a solid strategy for dealing with health and safety is vital. You can see more from fallprotectoinpros.com, where you can learn about preventing falls, one of the leading types of workplace accident. You should also make sure you have worker’s compensation protection and public liability insurance.

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Failing to Treat Employees Fairly

Treating your employees fairly can involve a number of factors, starting with your hiring practices. You need to follow the law in regards to equality, from asking the right interview questions to making hiring decisions. You also need to consider factors such as fair pay and minimum wage, creating a safe and equal work environment, and offering benefits to employees. Having an HR department makes it a lot easier to stay on top of these things and ensure your business is operating legally.

Getting Your Finances Wrong

Money keeps your business running, and getting the numbers right is essential for its survival. It’s not just important for good business, though. You also need to make sure your finances are correct so that you stay on the right side of the law. For example, filing your taxes requires you to make sure you’re careful about your numbers. Using an accountant is best practice if you want to report your income and expenditure as accurately as possible. Find out the benefits of using an accountant at kashflow.com.

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Failing to Check Intellectual Property Ownership

You’re releasing a new product, or perhaps naming your business or product. Have you checked patents, trademarks, and other intellectual property registers? If you haven’t, you could soon find that someone who has registered their intellectual property isn’t happy about you using a design, a name or a slogan that belongs to them. Checking to make sure you’re not using something you shouldn’t be can be tough, but you can get help from a professional service or lawyer.

You don’t want your business to be finished before you can really get started. Avoid these massive mistakes, and your company can live to see another day.

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Threats to Your Small Business That Will Prevent It From Gaining Success

Small business owners all over the world have one thing in common: a dream. They wish that in the future, their small business will grow from the humble beginnings of a startup and reach international recognition. They dream that their business will have thousands of employees, hundreds of office locations and a product to be reckoned with. Sadly, those dreams will quickly be stamped out by these following issues if they aren’t taken seriously enough. From fraudster employees to copycats, here are the threats you need to look out for as you’re running your business.

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Lack of Continuity

 

When your business suffers an accident, such as being burned down in a fire or when your internet connection goes down, you need to have a continuity plan. In short, this is essentially a backup plan that you engage when something goes wrong. For instance, if you work exclusively in the cloud, then you’re technically immune to any kind of hardware failures, but you won’t be able to work without an internet connection. On the contrary, if most of your work is stored on physical mediums at work, then an office fire or flood could destroy the hardware and it will forever be lost. The best solution is to mix both mediums and hatch a continuity plan.

 

Fraudulent Employees

 

When employees commit fraud, there are no second chances. You need to terminate their contract and replace them as soon as possible. Luckily, there are services like MCC4Tax that will prevent your company from suffering the consequences of something like tax evasion that was committed by a fraudulent employee and not by you. Fraudulent employees could also mean employees that pretend to be something they aren’t. A good example of this is when an employee claims to know certain skills and does a half-arsed job when asked to work. Get rid of these types as soon as possible and ensure that your recruitment process combs through every bit of history your new recruits have.

 

Spreading Resources Correctly

 

One of the biggest decisions a business owner has to make is the choice between diversification and specialisation. One one hand, diversification helps you reach a wider audience, but specialisation helps you build a loyal fan base. The decision to diversify or specialise ultimate comes down to you as the business owner, but it’s worth analysing the advantages and disadvantages of both in your situation. For instance, if your main product is a smartphone, then diversifying it to have a large screen model might spread your production resources too thinly because there isn’t enough demand to make it worthwhile. On the contrary, specialising your current product and creating an updated version might alienate new potential buyers because you have a niche in the market.

 

Copyright Disputes

 

Lastly, let’s not forget about copyright disputes. If a copycat is trying to mimic your product, then you need to hire a lawyer as soon as possible and send a cease and desist letter. If they don’t respond, then take legal action and shut them down. Copyright disputes also work the other way, however. For example, if you’re randomly stealing images from the internet to use on your website, then you might have a nasty surprise when someone claims you’re using their work without their permission, and this could result in expensive image copyright fines that could set your business back.

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Thrive As A Small Fish In A Big Pond

Running a small business, you might think that you’re not going to have to deal with the same major issues that large companies face. But actually, you will. You’ll still be facing high levels of competition, you could still be hit with lawsuits, and you might still encounter disasters that leave you dead on the market. You’re not immune to trouble like this because your business is small and feisty. If anything issues such as these could be worse because you might not be able to handle the financial costs. That’s why you need to take the time to prepare, following in the footsteps of larger companies.

 

So, what steps do big businesses take to protect themselves?

 

Seeking Legal Advice

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Most business owners hire at least one legal advisor for their company, and you should do the same. Now, we know what you’re thinking. There’s no way you can fit a legal support service into your business budget. That’s understandable because legal services are expensive. But you’ll find it a lot easier to deal with financially if you outsource. Through outsourcing, you can get the service you need without the typical heavy costs.

 

Don’t forget a legal advisor will only be useful when things go wrong. Thus, it makes very little sense to pay for a full service.

 

Getting A Helping Hand

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Big and small businesses all rely on technology, and your company will be no different. Large businesses spend a lot of money from their budget making sure that their tech is updated and working effectively. By doing this, they can avoid potential crashes that could lead to a long period of disaster recovery. With outsourced IT support, you can do exactly the same. Outsourced IT pros won’t just protect your computer network. They’ll set it up the right way, so you never run into issues.

 

One of the main dangers for businesses is a hack. Don’t think that small businesses escape the danger of hacking. A hacker might assume that a small company has less cyber security and therefore is an easier target. You can’t afford to prove them right.

 

Only The Best

Quality Control Magnifying Glass Quality Control

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Finally, whether it’s marketing, accounting or management, you should be looking for the best company on the market to provide the service you need. You might think you’re saving money by choosing a cheaper service but in the long run, it’s going to cost you a lot more. Particularly, if their quality of service costs you more customers than it gains.

 

An example of this would be marketing. There are specialist marketers available that big businesses always use because they deliver a quality service like no other. Obviously, if the price is too high, you might not be able to afford the exact same type of promotional campaign. The important thing is that you don’t start trying to save money for the sake of it. It will come back to bite you when you realise that the marketing is too boring and mundane to attract any new customers.

 

Take this advice, and you will survive as a little fish in a big pond, even if there sharks in the water.

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5 Situations in Life When You Need a Lawyer

For most people, lawyers are scary people who have the power to completely ruin your life or life you from the gutter. They are powerful individuals that have the tenacity to argue their way through anything in front of a judge, and they can be your most helpful ally or your worst enemy depending on your situation. There are many situations in life that require the help of a legal professional, but to give you an idea of the most common reasons, here are five examples of when you’ll need a lawyer in life.

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Personal Disputes

 

If you and your partner have broken up and you need to reach a mutual understanding when it comes to assets, then you need the help of a lawyer. When it comes to personal disputes, it’s essential that you hire someone who has experience in these matters. Most lawyers specialise in particular fields because the law is a vast and complicated subject, meaning it’s very hard to know every single nuance about how it works. For instance, ASB Law is one such law firm that specialises in personal disputes such as divorce and could be your saving grace when it comes to splitting property, deciding child custody arrangements and financial support.

 

Losing Your Job

 

If you feel that you’ve been discriminated at work or have lost your job unfairly, then you can consult a lawyer for help. However, much like personal disputes, it requires a lawyer who understands this section of the law. Unlike civil disputes, you can be sure that your opposition will also have a lawyer ready, so be prepared for a battle if you want to get your job back or seek compensation.

 

Driving Under the Influence

 

DUI charges are very serious and there’s usually no way around the consequences if you are caught. You can, however, reduce the penalty so you don’t have to go to jail or lose your license. The amount your charges can be reduced by depend on your circumstances and your lawyer’s expertise, and if you’re lucky you could get away with just a fine.

 

Car Accidents

 

No one likes to be in a car accident, but it’s one of the many situations you could get into that require the use of a lawyer. The first service you should be contacting is, in fact, a lawyer and not your insurance company. If you’re in a car crash that involves several other people, then you can be sure that they too will have legal representation that will be all over you, and the best defence is to fight fire with fire.

 

Wills
No one likes to talk about the death of a family member or loved one, but it’s an inevitability that you have to take care of. There will be many disputes and many legal matters that have to be fixed, meaning it’s essential that you have the right legal representative to help you through a tough time. Your first Will should be set up as soon as you have a child to inherit all of your assets, and it should be amended whenever a life-changing situation occurs.

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