The Devil, he’s in the details you know, and nowhere more so than when you are starting up your own business. That is why you need to have an eye for accuracy, and make sure you are fully aware of the business situations you are getting yourself in. Otherwise, the details could become your downfall. Read on to find out more.
Contract small print
In business it pretty impossible not to sign contracts as a matter of course. However, do you always know exactly what you are signing and what your responsibilities are, as laid out in the contract you have just monikered?
Probably not, and that is why contract, small print is so dangerous. To deal with this ensure that you have someone on staff, or retained in a freelance position that is experienced in writing up and deciphering contracts. So they can tell you exactly what you are agreeing to. Especially, for the really big important stuff like key clients, employment contracts, and for your business premises. As then you will ensure that there are no nasty surprises waiting for you down the road, that could threaten the productivity or profits of your business or land you court fighting out a tenuous legal position.
While endless hours of work and worry can go into securing large chunks of funding to get things off of the ground, it can be all too easy to ignore the smaller day to day costs that need to be paid to keep the business moving.
Things like paying supplier invoices and having enough money to lease, or purchase equipment at a moment’s notice to complete a job. To help with this, it’s worth looking at getting a small business revolving line of credit, where you are granted a credit amount by a lender. Then only charged interest on what you use.
Meaning it can save your business money and provide funds exactly when you need them without having to go through the rigmarole of taking out a large loan. After all, some things will just be to be paid for to keep the wheels of industry moving, and it’s always better to not get caught short, and risk stopping productivity and causing a delay to your customers.
Another area in which the details are significant is employment agreements between you and the people that work for you. This is because there are a variety of contracts that are now the norm, such as freelance and zero hours, and issues like sick pay and holiday pay to contend with. As well as certain restrictions being placed on employing people from other countries. Meaning employment legalities can be a real minefield if you get them wrong.
That means it’s always worthwhile taking some time to get the details in your contract right, checking them with a legal professional to make sure that they are fair and acceptable. Not only to the people signing them but also to the laws of the land in which you are operating.