As a small business owner, I understand how difficult it is to make some budgeting decisions. How much money should I allocate to what? Marketing, legal, tech, etc. are all important to any business. I find that budgeting is really the art of balancing and prioritizing. What’s prioritized in your budget?
As important as all these cost categories are, I find that many business owners don’t budget for legal costs. Some even tell me they don’t need the legal work, or worse, they’ll do it themselves. I also hear that they are too small to be at risk. I’m curious, how small is too small to have no legal risk? As far as I know, if you have a business there are legal risks. The question is how much risk are you willing to take?
Best business practice is to minimize your legal risk by being legally compliant with all applicable laws to your business, and that includes your on line presence (websites, social media, etc). Strategically, it is better for any business to budget for legal help rather than take unnecessary legal risks. It is less expensive to be compliant than defend a lawsuit. It is far less expensive to do proper legal due diligence than to defend lawsuits, which is better risk management than playing with fire.
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