Help! | Seeking legal advice for your business when the wheels have started to fall off.
As a small business owner, the list of what you need to know and what you need to do, can feel like it’s never-ending. And then when you do seem to be making progress and getting ahead, unexpected situations arise that can leave you feeling like the wheels are starting to fall off.
Disagreements with business partners.
Misaligned expectations with team members.
Tricky and often awkward situations with clients whose expectations are not met.
A supplier who has made an error that turns into a loss for your business.
So where do you turn when things turn rough?
Yep, you guessed it. Your business lawyer.
Business Legal Advice
We talk a lot in our resources and on our podcast, Rise Up in Business, about the value of a positive, long-term relationship between a small business and a business lawyer. Not a general ‘jack-of-all-trades and master-of-none’ sort of lawyer. But a business lawyer who specialises in and is passionate about supporting small businesses.
When things start to feel like the wheels are falling off because too many unexpected things have come up at once, or because you are feeling worn down over time, the value of having access to high-quality and specialised business legal advice can be a game changer for a small business.
What is important to bear in mind here is that it’s never too late to make the call (or send the email) to your small business lawyer for help. The sooner the better, in our view, however, if you’ve been sitting on an issue for a while, please don’t ever think it’s too late to reach out.
What to do if your business is going through a rough period
Keep the lines of communication open. Don’t ignore the person or the problem. If you do, you can be sure that things will get worse.
Gain clarity. Don’t be afraid to ask questions to get to the core of the issue. What’s really going on?
Take time to control your emotions. If you’re under pressure and react angrily to a situation, things are likely to escalate quickly and can get worse. Take time before you respond to a complaint for example (and think twice before hitting send on that email!).
Write it down. Whether you’re dealing with your bank, your business partner, a team member, or a client, follow up discussions with an email outlining the key points discussed and anything agreed to. People are busy and don’t always remember what was discussed or they may leave a discussion with a different understanding of what was canvassed and agreed to. Following up in writing helps bring you both onto the same page.
Obtain business legal advice. The sooner the better, but it’s never too late. Know that you are not expected to do it all alone, and the value that can come from highly tailored specialised business legal advice can be a game changer. The expertise and the objective perspective can often help direct you down the most efficient and effective path to resolution, so you can work through your troubles and help keep the business focused and moving forward.
If you do find yourself embroiled in a legal dispute, you can read more here about what to do to be sure you have your bases covered.
Be kind to yourself
Navigating through challenging times takes time and energy and will likely cause stress. Knowing that you don’t have to go it alone is essential. Be kind to yourself and allow yourself to reach out and ask for help.
Having a relationship with your small business lawyer means you can reach out and your lawyer knows you, knows your business, and will be able to dive in and understand the issue quickly, so they can provide you with advice that is designed to help you resolve any issues without incurring unnecessary costly fees.
Remember, business challenges are part of the journey. Things will go wrong, and not everything will go according to plan (despite best efforts!). Ultimately, how your business fares when you reach a point of feeling like the wheels are starting to fall off will depend on two things - how well prepared you are before you set off in business, and how you react when you hit troubled waters. We cannot emphasise enough these two points:
1. be well prepared by getting the right business legal documents in place for your business; and
2. keep the lines of communication open when a problem does arise.
If you’re keen to read more, we recommend our Legal Advice for Small Business l Ultimate Guide resource which sets out what steps you need to take and documents you need in place to help you safely navigate any troubled waters ahead. And don’t hesitate to get in touch with us if you need help.
