3 STEPS YOU CAN TAKE TO PROTECT YOUR BUSINESS

Building a business in this 21st century is a task that continue to demand more time, commitment, attention, vigilance and resources, etc. to eventually succeed. Our businesses is an investment of the better parts of our lives, which is worth protecting against unplanned, planned or well-orchestrated attacks and odds against our successes.

A business can suffer attack in various forms, however, we shall keep our focus on the unplanned and planned attacks only. Citing few examples on this type of attacks in the subsequent paragraphs, let's consider a few case scenario.

Case 1:

Consider a case where a client places an order for your time-bound product from your SME business, and the client intends to make use of your product, to service a client contract which is also time limited.

In the bid to secure this business opportunity, you gave a documented assurance that you can deliver the product within an agreed timeframe. Now the odds have prevented you from delivering as promised, the client is bound to have their contract reviewed and are threatening to sue you.

How could this have been averted? A legal perspective to business safety (counsel or advise), from a legal practitioner would have prevented this, however, it would now be needed to handle this issue.

Case 2:

Your SME business has a product it sells to customers in your offline and online store, with shipping to customer's location on demand, thanks to business success and expansion. With growth comes more responsibility. Now, you haven't considered the legal side of business by drafting agreements that indemnifies you of unplanned loss or mishap, even with or without insurance policies for you and your customers.

Now, in a case where you have this customer who ordered and paid for a NGN 15 Million naira worth of fragile item from your store, and it gets destroyed on transit by your employed delivery agent, in your delivery van and accompanied by the customer, or broken/damaged upon installation in the customer's location, and the customer wants your business (with no insurance cover) to take the responsibility.

This wasn't intentional but someone has to take responsibility, how could you have legally protected your business or even defend it now?

Case 3:

Imagine a scenario where you have a creative business idea, million dollar document (e.g. movie script, etc.), or music, etc. and you have an individual or established business with funds willing to invest; how would you legally protect your interest? In a case where the individual or established business hijacks your contribution to the table, how would you have prevented it or handle the situation?

These and many more are real life situations in which up-coming (SME) businesses, entertainment stars, artists, etc. find themselves and loose-out when business deals go bad.

Notwithstanding, here are three steps you can take to ensure legal safety and protect your business interest as well.

1. Consult a legal practitioner for business advice

2. Get a legal agreement drafted for your business (online and offline)

3. Adopt a legal firm/counsel/attorney in the case of any litigation.

At STRUGZ, we can provide you with the best of legal safety advice to help your business grow and fully develop into the multi-national you've envisioned for it.

You can reach us for legal services by clicking on the contact button of this website.

Cheers and do have a wonderful week ahead.