When you're running a small business, keeping control of costs is always a priority, and it might seem like an extravagance to recruit the services of a lawyer. However, the value of good small business lawyers will very quickly become apparent, and they will end up saving you significantly in terms of money, time and stress.

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Here are just five areas where small business lawyers add meaningful value to their client’s operations:

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1)     Assistance with contracts and other legal documents

From employment agreements to arrangements with suppliers and customers, contracts are legally binding documents, and the language in them needs to be accurate and precise. The objective of each legal contract is to protect your interests, set out the agreement between parties and to avoid lengthy disputes. Each document must be customised to your specific circumstances to ensure that it achieves your objectives.

Your lawyer will ensure that your contracts are written in conformity with local laws, represent your interest fully and tailored to your circumstances to minimise any costly disputes.

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2)     When your business faces legal challenges

Whether it might be a former employee trying to sue you, a claim by a customer or you are seeking resolution of a dispute with a supplier. Even the smallest of business can windup facing legal challenges from any number of sources, and when it does, the right small business lawyers can help fight the challenges or mitigate the damages.

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3)     Chasing payments

It is an unfortunate reality that invoices can go unpaid, well beyond the terms agreed on. When you’ve run out of patience for polite follow-ups and the client is no longer returning your call, it’s time to get a lawyer involved. When a lawyer sends a collections notice, it has a higher chance of getting paid and if payment is not received, legal proceedings can assist with recovering the debt and your legal cost.

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4)     IP and branding management

Even the smallest of businesses have intellectual property that is worth protecting, from the business name to the logo, as well as design, client lists and processes. Registering, managing and protecting these assets can be hugely time consuming and costly if it is not done correctly. A lawyer can ensure that the most important assets of your business are protected.

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5)     Strategic advice

Finally, good small business lawyers will consider themselves to be partners to your business, providing consulting and guidance around legal, regulatory, and best business practices to help your business operate in the most effective way possible. The strategic value that a good lawyer can add to the development of your business, making them an invaluable and long-term asset to your business health such as improving cashflow, minimising disputes and protecting your interests.

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Make sure you find the right small business lawyers

At ABP Lawyers, we have a long history in supporting small businesses across New South Wales, in all their legal matters. From setting up the business, to helping with the growth, expansion, and long-term success of the business we are here to help. Contact us today to discuss how we can become your company’s legal support team.