THE DANGERS OF BEING GENERIC

The development of a business is more than just having an idea. The success of a business is all in its implementation and administration. Business ventures today fail because they overlook the legal implications of running and developing a business.

Every business is unique and operates differently; businesses may take different forms to operate and may be aligned to pursue different objectives even within the same industry. Entrepreneurs must therefore, take into consideration their type of business, the structure of the business, the services to be offered, employment relationship etc. when adopting legal agreements.

In these present times, in a bid to save costs entrepreneurs tend to handle the legal needs of their business on their own without consulting an expert. There is no doubt that there are certain legal needs that an entrepreneur can successfully handle on his/her own, however, legal agreements such as client service agreements, employment agreements and business contracts whatever the nature are best handled by an expert.

Compared to photocopying the generic agreements that circulate the industry, an expert would be able draft an agreement that suits and meets the specific needs of the business. An attorney with specialty in the industry and an understanding of how the business is intended to operate would be able to construct provisions that cater for unexpected events.

Example: A business that carries out costly in-house training and also sponsors external training for its employees would need to ensure that for its protection each employee embarking on a training signs a commitment bond to remain in the company to utilize the knowledge acquired for a specific number of years usually a year or two.

Having an expert take care of the legal aspects of your business can help save time, energy and money and can also help you earn money.