Approaches To Solving Business Disputes
Business disputes are no rarity in America, as the plethora of start-ups continues to grow. Most New Jersey business owners — no matter the stage of ownership — understand the importance of resolving potential disputes.
Because a business dispute can throw an entire company off-kilter, owners generally must address all angles of the problem, whether it concerns a contract, unfair competition or customer discord. Below are a few strategies business owners have used in the past to overcome this obstacle.
Communication is Key
A piece from Forbes focuses on the topic of business disputes and common approaches to solutions. First and foremost, business owners should remember that communication can make all the difference in most disagreements. Forbes even goes as far as to say that conflict within a company can even help employees grow as a team. Employers can also strengthen the work community by dedicating time to discuss the issue at hand. And while it may seem impossible to agree on the subject, Forbes also encourages businesses to find a place in which members of the team can agree — doing so can bring positivity into the picture.
Options are Vast
Inc. magazine also takes a look at business challenges, highlighting the option of alternative dispute resolutions. Such processes involve a third party, whom both disputing parties agree to involve in order to best navigate an issue. The parties may present each side of the issue, which can include testimonies and evidence, depending on the situation. Inc. shares that third parties generally make a decision after a hearing within 60 days. Although a business dispute is hardly a thrilling experience, it is often possible for business owners to go about a disagreement in a way the saves both the business itself and the relationships that help them thrive.
Outside General Counsel Solutions
If you would like more information on this issue or if you are a small business owner in need of guidance, please contact us today. At Santomassimo Davis LLP, our team of lawyers, experienced in compliance, can help effectively minimize your company’s risk and avoid the unnecessary liabilities many businesses unknowingly face.
Understanding how this affects the small business economy is part of our job here at Santomassimo Davis LLP, as we primarily focus in providing expert Outside General Counsel for a variety of law firms and legal issues related to Corporate and Business Law in New Jersey, New York and Pennsylvania.
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