Hi, I’m Jerry Carter with the Sierra Crest Business Law Group. We’re a business law firm. We guide small business owners over rocky legal terrain so they can protect and grow their companies.
Today, I want to talk about The Three Biggest Risks That Small Business Owners Face Today.
So the first business risk you have as a small business owner is employee matters. This can be something like discrimination. This can be something like properly categorizing your employees as between a W2 employee or an independent factor. It can include things like excluded employees for purposes of wage and hour violations. It can mean having the right agreements in place so that your employees don’t quit and go into competition with you. So under this whole umbrella, I would say employee matters are a big source of risk for employers and a good reason that they need to be consulting with a business attorney.
The second source of business risk you have is going to involve your contracts. On one side, it’s going to involve your customer contracts in terms of making crystal clear to your customers what they’re going to receive in exchange for the money that they pay your business, and when they’re going to receive it, and in what form, and just making sure that there are no misunderstandings. It can also involve your business vendor agreements where you’re the customer and you need to make sure there’s no misunderstanding about what your business is going to receive when it pays money to a vendor, when it’s going to receive those, and in what form. The bottom line is you need to make sure your business contracts are rock solid.
So, the third source of business risk you’re going to have is dealing with business partners and dealing with investors.
There was a time when people prided themselves on conducting business on a handshake deal and a lot of people still say that out loud now, but what I found is that those are people who could tolerate a lot of ambiguity and who like to come back to you later and remind you of some promise that you made or they thought you made and so you get a lot of lack of clarity. And so in today’s world, just to avoid confusion, if nothing else, you want to make sure that your agreements with your business partners are rock solid. And with investors, they need to understand exactly how they’re going to receive payment for the money that they invest in your company.
And there can’t be any surprises or missed expectations in that department. Okay. So if you’re like many of our clients, you deliver a great product and a great service, and you pride yourself on going above and beyond and serving your customers. With all that attention on outstanding customer service, you may not have time to watch every detail of your contracts and make sure that you’re buttoning things up to protect yourself from risk.
And that’s where we come in. We’d love to talk to you and counsel with you about how you as a business owner can continue to deliver great products, great service while at the same time protecting your business from the risks that are lurking in the background.
Please give us a call. The number here is 775-448-6070. We’re at the Sierra Crest Business Law Group and we love to guide small business owners over rocky legal terrain so they can protect and grow their companies.