SMEs - Issues
Do you recognise any of these problems?
- Your CEO or FD has to deal with all legal matters and this means that they can't concentrate on your core business.
- Legal matters that need to be dealt with get left and so things that were small problems become large ones.
- You get large and unpredictable legal bills, which are impossible to forecast and budget for.
- Advice from your solicitors which tells you what you can't do and not what you can and should do for your business.
- When you seek advice from your solicitors you are referred to different lawyers in different areas of the firm which can result in you paying for different people to get up to speed with your business. The number of solicitors involved makes the relationship complex and difficult to manage.
- You are spending a lot of your time either preparing briefings for or interpreting advice received from external solicitors.
- When a matter is handled by a solicitors firm it is often actually done by a junior within the firm, rather than the partner who has the experience that you thought you were paying for. You do not get a consistent approach from one lawyer who understands your business across the board.
- As the key decision maker in your business you feel isolated.
- Once your business has reached a certain size you may feel that you could do with a legal resource but know that the budget is either not there or that it will not pay for someone with the level of experience your business needs.
- You are concerned that your key relationships (suppliers, customers or employees) are not adequately documented and this could put the profitability of your business at risk.
- You know you will need finance to expand your business soon and are concerned that the financier will not provide funds until you have got your key arrangements documented.
- You are considering an exit strategy for your business but know your key arrangements are not documented in a way that will make your business be viewed favourably by a buyer.