They may have a secret favorite, but most parents pride themselves on treating all their children the same, showering them with relatively equal amounts of time and support. Thus, it comes as no surprise when business owners who pass on a business give equal ownership of a store or company to the kids, whether between two, three, four, or more children/beneficiaries. Some business advisers, however, believe that equal partnerships can be a mistake.
The popularity of free video conferencing platform Zoom has skyrocketed from 10 million users a day in December to 200 million per day in March. Of course, this is in light of the COVID-19 pandemic pushing a majority of the world to work from home as well as personal use for virtual happy hours and check-ins with friends and family outside the home.
Many businesses work closely with vendors these days. Typical examples are customer support, repairs and manufacturing. The arrangement is laid out in a contract, but vendors may not follow through, either because of a mistake or by choice.
Businesses need several tools to be successful. These include financial resources, technology, quality customer service, and stable leadership. While all of them are important, it is the relationship a company builds with others that help determine its long-term prosperity.
Frivolous lawsuits are the last thing any small business wants to deal with. Unfortunately, any owner can be susceptible to them – and it can be a big headache for everyone involved. It just goes to show that no matter how strategic and careful an organization is, it can still be subject to petty litigation.
One of the pillars of our society is freedom of speech. Regardless of whether we agree with other people, they are entitled to voice their opinion. However, it gets more complicated when someone voices their opinion via Yelp or another consumer platform, stating the products or services your business provides to customers seriously lacks in some way.
The cornerstone of just about any business is entering into contracts with customers, vendors, employees and partners. Some are a straightforward bill of sales, but others are complex agreements with multiple partners worth millions of dollars. One thing that is generally understood is that those who sign a contract are expected to honor it. Sometimes, however, one party fails to deliver on their part of the agreement. When this happens, the other party may want or need to pursue legal action.
The community of craft beer brewers is often proud their own grassroots approach to doing business. Many are staunchly anti-big business at least until they get a purchase offer they cannot refuse. Many also strive to keep the business plan straightforward and to grow organically, choosing to focus on product rather than expanding their business footprint.
The Bair Hugger medical device has been in the news countless times in recent years. Its detractors claim that the commonly used patient-warming device manufactured by 3M Co. subsidiary Arizant was defective because it caused infections, particularly in surgeries involving hip replacement.
Contracts are crucial in the world of business. They establish both parties’ role in a business transaction, stipulate each side’s obligations and set a timeline for the business matter at hand. A well written, legally binding contract can provide peace of mind for all parties involved.