Conflict Resolution

We live in a litigious business environment. Some conflicts are resolved amicably and peacefully through arbitration and mediation. However, several of them often end up in court. A lawyer is meant to handle lawsuits filed against your company and ensure your rights are protected in court. If not handled properly, some disputes could render your company bankrupt.

Offer Legal Business Advice

The knowledge lawyers have about the specifics of the industry can come in handy and save you time on certain matters. In any business, there’re always loopholes that if discovered could be used against your company. Your lawyer’s responsibility is to ensure you are up to date with any legal business information regarding your company. In addition, lawyers can offer advice on the rights and responsibilities of company directors and officers.

Corporate Formation

A lawyer’s responsibility also includes helping you create, register, organize, as well as dissolve a company. A lawyer can draft legal documents such as articles of incorporation, employment contracts, partnership contracts, non-disclosure agreements, and much more. When a company is selecting its legal structure, a lawyer can help steer it in the right direction.

Tax Law

Nothing can be more frustrating for a company like receiving a letter from the HM Revenue & Customs. A lawyer helps your company navigate the complex rules and regulations of the UK’s tax legislation.

Basic business economics is not about income and outgoings

Business economics is all about resources, and you may be surprised to learn that liquid money (your cash) is your weakest resource. In most cases, your money alone is making a loss every day it sits in your bank or safe. If you were to put that money into an interest-earning account, or into new equipment, or into a sack of coal, then it is more likely to return a profit than if you kept your money in a safe.

Incoming must exceed outgoings

What you need to understand is that your income is rarely something you get to hold in your hand. If you buy 50 bags of rice and swap them for 60 bags of grain, then you have made a loss or a profit. If you have made a profit, then you have an income. At the end of each business cycle, you must have gained more than you lost. If you do this, then your income has exceeded your outgoings.

Time costs you money

Every minute you spend within your business is worth money. If you squander your time, then you are wasting money. Time is a resource, and it is a valuable resource that many people squander and that few people understand.For example, you could spend 8 hours per day working five days per week for two years in order to purchase a rig to demolish a house so you can build on the land. That is over 1900 hours you worked in order to demolish that house. Or, you could go to the house every day for 4 hours and knock the house down brick by brick, whilst spending the other 4 hours working a day job to pay your bills. In this scenario, it would take you between four and six months to demolish the house, instead of two years if you bought the rig. Time is a valuable resource, and how you spend it determines your level of business success.