These Mistakes Could Destroy Your Business Forever Oct 27th
As an entrepreneur and business owner, you spend an uncharted amount of time, money and effort working to see your idea come to fruition. Sometimes the work you put in comes with major payoff; other times the gamble you took is one that costs you much in the end. As a business owner, you have to keep your eye out for a lot of different things. The world is cutthroat and because everybody is out to make money and come out on top of the game, following the law and operating by certain moral or ethic codes isn’t of top priority.
The last thing you want is for your business, the product of your blood, sweat, and tears, to dissolve due to a failure to follow legal compliance. To avoid such circumstances, it is wise to work with a lawyer who has expertise in your business or industry. For instance, if you have a cannabis business, then collaborating with a Portland Cannabis Lawyer (if that’s where you are from) can help ensure that you navigate the complex web of cannabis regulations and stay in compliance with state and local laws, safeguarding the future of your venture.
Sometimes companies choose to not inform their client base that something is very wrong with the product they’re selling. Johnson and Johnson had this problem and are now in a mess of lawsuits dealing with their talcum powder products because talcum powder has been linked to ovarian cancer and they neglected to inform their clientele of this discovery or change their product. This has resulted in ongoing cases against the company which could, in the long run, lead to the company’s failure.
If you’re in business and want to avoid falling into similar traps, keep in mind these mistakes are the kinds of mistakes that could destroy your business forever:
Evasion
As a business owner, there are so many things going on behind the scenes of operation that the general public is unaware of. However, if you’re operating in ways that could be thought to be ethically wrong, or you’re cutting corners in production, this practice is going to come back on you. Many companies operate by finding loopholes and bending the rules so that they don’t have to play by the rules, but if you’re caught doing this, it will be detrimental to your company.
The rule of sowing and reaping, or karma as many know it, is prevalent in this world. Play by the rules and you’ll have nothing to hide. Evading the law or refusing to talk about certain aspects of operation because you know you’re not playing by the books will only bring you grief in the end. Perhaps by cutting corners you’ll make a lot of money, but it always catches up to you.
Improper Finance Handling
The business world is filled with big players. Billions of dollars can be lost in an instant if you don’t play your cards right. In order to start a business, it will often take tens of thousands of dollars, if not hundreds of thousands. From the beginning, make sure you have your financial ducks in order. You’ll be dealing with investors money, as well as your own and if you don’t handle things correctly, you could be in for a world of hurt.
Before you jump into the shark tank of business, make sure you have the proper safety gear in place. Know your stuff, do your research, and never think that you’re the exception to the rule. You are the reason the rule exists, so play by the books or else you’ll pay for it later.
Oct 27th
As an entrepreneur and business owner, you spend an uncharted amount of time, money and effort working to see your idea come to fruition. Sometimes the work you put in comes with major payoff; other times the gamble you took is one that costs you much in the end. As a business owner, you have to keep your eye out for a lot of different things. The world is cutthroat and because everybody is out to make money and come out on top of the game, following the law and operating by certain moral or ethic codes isn’t of top priority.
The last thing you want is for your business, the product of your blood, sweat, and tears, to dissolve due to a failure to follow legal compliance. To avoid such circumstances, it is wise to work with a lawyer who has expertise in your business or industry. For instance, if you have a cannabis business, then collaborating with a Portland Cannabis Lawyer (if that’s where you are from) can help ensure that you navigate the complex web of cannabis regulations and stay in compliance with state and local laws, safeguarding the future of your venture.
Sometimes companies choose to not inform their client base that something is very wrong with the product they’re selling. Johnson and Johnson had this problem and are now in a mess of lawsuits dealing with their talcum powder products because talcum powder has been linked to ovarian cancer and they neglected to inform their clientele of this discovery or change their product. This has resulted in ongoing cases against the company which could, in the long run, lead to the company’s failure.
If you’re in business and want to avoid falling into similar traps, keep in mind these mistakes are the kinds of mistakes that could destroy your business forever:
Evasion
As a business owner, there are so many things going on behind the scenes of operation that the general public is unaware of. However, if you’re operating in ways that could be thought to be ethically wrong, or you’re cutting corners in production, this practice is going to come back on you. Many companies operate by finding loopholes and bending the rules so that they don’t have to play by the rules, but if you’re caught doing this, it will be detrimental to your company.
The rule of sowing and reaping, or karma as many know it, is prevalent in this world. Play by the rules and you’ll have nothing to hide. Evading the law or refusing to talk about certain aspects of operation because you know you’re not playing by the books will only bring you grief in the end. Perhaps by cutting corners you’ll make a lot of money, but it always catches up to you.
Improper Finance Handling
The business world is filled with big players. Billions of dollars can be lost in an instant if you don’t play your cards right. In order to start a business, it will often take tens of thousands of dollars, if not hundreds of thousands. From the beginning, make sure you have your financial ducks in order. You’ll be dealing with investors money, as well as your own and if you don’t handle things correctly, you could be in for a world of hurt.
Before you jump into the shark tank of business, make sure you have the proper safety gear in place. Know your stuff, do your research, and never think that you’re the exception to the rule. You are the reason the rule exists, so play by the books or else you’ll pay for it later.