Dealing with the legal system, and ensuring your business operations remain in safe territory regarding legalities, can be confusing and an immense struggle. As a small business owner, you must engage with lawyers and other specialists before you take actions that might involve them. By involving them from the beginning, it can head off possible problems or pitfalls well before they ever become treacherous. It might increase ongoing operating costs, but it can reduce overall costs by keeping surprise legal bills from popping up.
Key Takeaways:
- A plan for the future needs to be flexible enough to be changed from time to time
- Use the business legal lifecycle to help you develop a plan for the future that can be altered when necessary
- Use consultants such as lawyers and accountants whenstarting a new business to move it forward
“In 2015 the Australia Productivity Commission identified that the most common reason for business failure in Australia was a lack of planning.”
Read more: https://insidesmallbusiness.com.au/planning-management/understanding-the-business-legal-lifecycle
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