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It does not matter how small or large your business is, it has to be run within the law. This means that if you outsource work or employ people, you still need to be aware of everything that is being done in your business’s name. Making sure everything is legal is ultimately your responsibility and it is crucial that you know the laws relating to your profession, and what to do if something goes wrong.
As a business owner, you need to know the ins and outs of every area of your business, and the rules around everything that affects your business. So for example, if you handle customer data at all you need to be able to answer ‘What is data governance‘ at the drop of a hat because anything that goes wrong is ultimately your responsibility.
Any agreement made with customers, suppliers, contractors or employees should be put in writing and signed by both parties. This can be vital if there is a dispute, especially if it ends up in court.
Often, such as with employees, if there is no written contract then the employment laws are deemed to be the agreement, and that might not suit your trade or profession. By having written contracts so many bad situations can be avoided and arguments can be settled much easier without involving the law.
You need to keep records of what things have happened, and what needs o be done in the future. For instance, if you are in court because you did not renew your truck insurance and so were illegal on the roads, telling the judge you forgot would not be a good enough excuse to save you from fines and penalties.
Court cases like this, which could so easily be avoided, can be very costly in time as well as money.
If you keep a diary perhaps with things listed for when they fall due, and to make notes of important events that have happened, it may prove very useful. There are online resources that can help you with this, and that will send you reminders when they are needed.
There are laws that apply to everyone but there are also some that relate to specific industries. These can change at any time and you need to keep abreast of all the legal developments so that you do not fall foul of the authorities. Usually, if you read the news for the line of business you are in, any law changes will be posted there. With things such as health and safety you should occasionally check the HSE website, or if you are unsure, give them a call they are always will to help and advise you.
You should seek a good reputable law firm to act on your behalf, even before you need their services. Then if something happens you will know who to call and that can help to keep the situation a lot less stressful. You could also get them to write any contracts you need and to check any that you are asked to sign.
They will be able to help protect your business while giving you the legal advice you need, and the need for this cannot be underestimated.
Most businesses will never have a legal problem, but they can be fatal for the business if they do. You should try to prevent them from happening if you can, but have the right help on your side if you can’t.
This is a collaborative post.
Welcome to Birds and Lilies! I'm Lou: mother, blogger and freelance writer. This is my lifestyle blog, where I talk about motherhood, infertility and IVF, beauty, my love for food and wine, as well as my thoughts about stuff, and our real-life and travel adventures.
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