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There are small legal problems, and then there are the sort of legal problems that can nip a startup in the bud. We’re going to take a look at four common but deadly legal mistakes new businesses often make. Make sure they’re not a part of your business model!

 

Lax health and safety

 

This shouldn’t even require mentioning, but the fact is that there are a stunning number of businesses out there that aren’t paying enough attention to health and safety. I couldn’t name a job I’ve worked before now that didn’t have the occasional lapse in what should be fairly standard health and safety practices. If you don’t provide adequate protection for your employees, then you may be the target of an expensive lawsuit should something unpleasant happen. And, depending on your cash reserves, this could kill your business.

Read More Don’t Let These Legal Errors be the End of Your Business!

Small Business

Be careful with money when you’re running a business because it could bring you a lot of trouble. We can start by thinking about large costs.

 

If your business costs are too high you won’t be able to compete on the market. Instead, you will be forced out by another business that is able to sell a similar product at a cheaper price. Cutting costs also will ensure that your business is operating efficiently. Due to this, you will be able to deliver an excellent service to customers. Here are a couple other money issues you need to think about.

 

Legal Lows

 

You want to avoid a lawsuit in your business for as long as possible. Lawsuits are almost an accepted part of running a company but they can be incredibly expensive. A lawsuit against your company could cost you anything up to five hundred thousand in damages. That’s enough to knock a small company out of the market for good.

 

Unexpected Costs

 

Watch out for the bills that you don’t see coming and while that might seem like a paradox, it’s not really. You can watch out for them by ensuring that you always have an emergency fund in your accounts to deal with them. This will guarantee that are you never blindsided by an expensive business cost such as maintaining your property.

Read More Money, Money, Money

Finances