A small business owner manages a variety of responsibilities daily, most of them connected with boosting the company’s image, expanding its reach and turning a profit.
However, problems inevitably arise that require immediate attention. Here are four common disputes that a business owner might have to resolve.
1. Business relationship issues
The relationship between your business and another is valuable, usually because of resources and deals that benefit both companies. But if a significant problem develops, you may need professional mediation to prevent the situation from escalating. Maintaining a good working relationship is in everyone’s best interests.
2. Employee problems
Employee problems could arise over a variety of grievances, such as a salary dispute, poor working conditions, a claim of unfair termination or accusations of discrimination. Although many laws protect the employer-employee relationship, issues arise that may require legal assistance to resolve.
3. Partnership dilemmas
Arguments among partners are the most common type of dispute that business owners face. Differences of opinion often arise due to a change in leadership, disagreement over the direction in which the company is going, financial problems or hiring and firing issues.
4. Contract and financial agreement disputes
Breach of contract is another issue that often causes disputes. A contract is legally binding, and the people who affix their signatures to the document have a responsibility to uphold the terms. Sometimes a problem results because of a failure to act and sometimes because of a deliberate violation of the terms. In either case, the contract issue will likely lead to litigation. It is one example of the types of disputes a small business owner might face.