How to Prevent Business Disputes

Dispute? Me? No way it could ever happen!

No business owner or partner ever wants to think any bad feelings could ever arise between them, their partners, vendors, or customers.

Unfortunately it is all too common.

The important point to remember about business disputes is the cost – both financial, emotional and to your business. Think of a dispute almost like a serious personal injury case. A nasty dispute can take over your life, derailing plans and goals, as well as chewing up resources needed elsewhere including money, time and focus!

There are common errors made when disputes arise, and understanding how different types of business disputes—both internal and external—are typically handled can help prevent many problems from ever seeing the light of day.

Evaluate your business and personal culture and surroundings.

One of the easiest ways to stop disputes in their tracks is to recognize dispute potential.
Often when we look back in hindsight we can easily see the moments that passed us by to stop or at least, minimize a dispute. Certainly it is much easier to have all parties come to an agreement now instead of later.

Look at how you do business for potential issues. Do your employees and partners have a path to communicate problems they see or feel could be issues? Something more than a comment box? Is your management open to communication or do they typically shoot the messenger?

Do your customers, vendors and suppliers have an avenue for support? If they have an issue do you have trained people in place knowledgeable to handle it – or escalate if required?

Invest now in processes that will save you untold costs down the road.

If you do find yourself in a dispute, make sure you get professional help early on — a lawyer experienced in resolving business disputes through mediation can prevent much headache later on.

Read more about Don F. Harris and the New Mexico Financial & Estate Planning Attorneys Group here.

Business Disputes