I am snow weary. Usually this condition does not hit me until the end of February, but with two storms the feeling started early.
“The snow brings out the worse in people,” said a plow driver.
This is true- patience is lost. Here are some other issues that the snow brings:
Timing. If you have contracts or due dates on projects then be advised to make sure you have an understanding about date flexibility. The postal services are not running on time, in fact a form I sent to the court was delayed. I called until I was told it was received and recorded. If date and time is important, then you may want to consider a courier service.
Liability. Yes, sidewalks, parking lots and common areas should be clean, but please recognize that in many locations there are 30+ inches of snow with no place for the snow. Think about using technology to avoid driving or at least to be understanding.
Prepare. I do have the ability to work from home, but this means in order to do so I must back up my computer files. This is important for not only security reasons, but so that you can complete your work as seamlessly as possible, especially if due dates are immovable. As an adjust professor, I have noticed that my students have not kept up with the reading on missed classes, but the classes will continue and with online classes they will be made up with many students behind. No need to get behind if you keep up with the work and remain prepared.
Most importantly, it is a time to be able to use collaborative negotiation in order to solve issues, looking past positions to find out what truly are the issues, keeping in mind it is usually timing, liability and preparedness. Do not be stuck in your way (in ice or snow), but collaborate to find a solution. It will not melt the snow faster, but it will make it bearable.
A snowstorm is a good reason to stay in and I can always find something to do.This time though I caught back to back episodes of the Property Brothers.If you have not seen this show on HGTV then you are missing out on Jonathan and Drew, twins that help find and remodel homes (in Canada). In each episode there is doubt by the buyers that the house can be remodeled to the way they want it—they cannot see what Jonathan sees.
It is the same with mediation.Unless you have been involved in a mediation, then it is difficult to understand and see what is going on.Most people are familiar with courtroom dramas and judges making a decision.Most cases settle using mediation or negotiation where you are part of the decision, have more of a say and can usually keep the business relationship intact.
For the new year why not try a new perspective?Think about using mediation for your disputes or before entering a contract negotiate and get negotiation coaching from True North Business Consulting.I understand that you know your business, but I frequently see that people do not know the legalities of their business. Take the time to take a new look and avoid problems later. I also offer a UDEMY class for those who want more information on alternative dispute resolution, which is the opposite of litigation.
It was time for an update at True North Business Consulting. We are still providing contract review and creation, mediation services and educational seminars on business topics. Is it time for you to look at the legal side of your business?
A Perfect Example:
Partners in a business recently came to me. They have been in business for 10 years and are in debt. They do not know if they should continue. They had created an S-Corporation, which means they created a separate legal entity with the Commonwealth of Massachusetts. They did this to protect their personal assets. However, they never created a partnership agreement, which would give them guidance on what to if they decided to split up. A contract of this kind should have been the first step. Instead they are confused and do not know what to do.
Clients Are Impacted:
Whether the business continues with one person, the partners or is dissolved, there is going to be an impact with their clients. They had not changed their client contract since they started their business. There was some updating needed but their main issue was they cannot assign the contract to another business who may buy them. This means that they have to honor each of the contracts, even though they may sell the business!
Mediation Can Help Them:
Are they heading for court? No. They want a quick resolution, and most civil cases can take up to two years to get to litigation. This is after a large investment of money, which neither can afford. They also may not be happy with a judge or jury’s decision. Mediation provides an alternative where they can come up with their own solution, and still remain good friends.
When was the last time you updated your contracts? Are you involved in a dispute and it is heading to court? True North Business Consulting can help you.
Need a place to start, then start with our free videos at: You Tube Channel or browse through this blog for helpful hints.
Like me when you download or sign up for something on the internet you do not take time to read the fine print. You scroll to the bottom and check off the box that says that you read it. You didn’t though and everything is fine until there is a problem. The problems may be minor, but may also result in a lack of privacy or your content being owned by another company.
If you treat your contracts with vendors or clients in the same way that you treat your online ones, then you could eventually affect your livelihood. Here are five tips when reading over a contract:
1. Money- how and when will you be paid?
2. Time- how long is the contract for?
3. Talk- if you talked about it, then it needs to be in the contract or it doesn’t exist.
4. Risk- what happens if you do not perform or the other party to the contract doesn’t perform?
5. Where- if you have to go to court (and you should think about alternative dispute resolution) then what state will it be in?
As always, you should have contracts reviewed by an attorney. At True North Business Consulting we create contracts and review them to fit your business needs.
The Truth about Multi Level Marketing
Too good to be true?
My friend wanted a passive income stream, which means making money without actively selling a product or service. A business associate suggested a product line, explained that customers would order online and she would make money. She went to an information session, was sold on the products and signed up without having a lawyer look at the documents.
She sold the products, and then wanted to known when she would be collecting her payments. It was then she was told she would not be paid, but instead received points towards products. It was not a passive income stream she was looking for, but instead a multi level marketing company or MLM.
MLM
Multi level marketing is a system where one business person, the top of the pyramid, receives commissions of their sales and the sales of others they get to sign up under them. It is sometimes referred to a pyramid scheme. This is not to say that they are all illegitimate, they are money makers for some.
What you should look for?
If you want to sell product, you have been approached and are interested, then there are some things you should keep in mind.
• Recognize that you are signing a contract. You may want to have a lawyer review it.
• Is there a penalty if you decide to terminate it?
• Can you easily terminate the contract?
• Next, look at how much money you have to give up front.
• Is the only way for you to make money to find someone else to sell with you so that you gain their commissions?
• Can you just sell the products in your office and do a markup. In this way you are treating the company more as a distributor.
There are opportunities in multi level marketing, but there are also risks. You need to have a good understanding of what it expected for you to make money before signing the contract.
Contact TrueNorth Business Consulting for your legal coaching needs to review your MLM contract.
Most small businesses accept the idea of a verbal contract, agreeing to terms that were said. If there is a problem, then they hope each side has perfect recall. More often than not, memories are faulty and the business relationship is broken.
When a verbal contract is not used, there is a written contract and the small business owner finds it overwhelming. Does not understand it, but signs it anyway because it is supposed to provide protection for both parties. Plus, the business owner wants the money the contract promises when he/she performs their service.
In legal coaching my first question is: What do you need to be protected against?
There are all sorts of risk from financial to physical. If you are afraid that if something goes wrong and you could lose everything, then you need to make sure you understand the damages section in the contract.
You need to make a list, in your own terminology from your own experience of what can happen. Can you afford to be paid at the completion of the project which may be a year or two years later? What if you are unable to deliver your product or service? What could happen that will stop you from completing the project?
Next you want to think about the client, since that is who is receiving your service. From their point of view what can happen? To answer this question you can use personal experience, and you may want to do some research. What have been problems that clients have had when using vendors in the same service? Using the internet you can see what the issues have been with that particular client, and then make sure to contract to avoid them from happening again. This is a great opportunity to hone your business.
Then my job is to help you understand how that can be added into a contract, and bring awareness so that you can complete contracts confidently. I can also point out if a contract does not minimize the risk, then there are other ways to protect yourself.
Contracts are a common occurrence in the business world, which you need to manage successfully.
Most businesses, in my experience, are unable to afford a lawyer for every contract they sign; they are basing decisions on their own expertise, which is not the law. Using services provided by TrueNorth Business Consulting can help you learn to make these decisions on an ongoing basis with confidence.
I was reviewing a contract for a client who was offered what seemed to be a great business opportunity. No money up front, but a share in the profits. It seemed to good to be true, and as I read I found numerous issues which needed to be discussed.
In speaking with my client I found the need to backtrack and explain and define many terms that as a business person she needed to know to be able to make daily decisions. The words tumbled out of my mouth, “Each decision has legal ramifications.”
A scary thought for my client, which put what s/he was about to do in perspective. Suddenly, my hypothetical questions like, “What happens if you do not want to sell the business?” Because according to the paperwork I read my client, in a weaker position, would be forced to sell. This was not even a daily decision either– day to day things like purchasing office products, dealing with employees and clients.
It can be overwhelming because my client did not have a business background, but this was an opportunity, granted with some negotiation and some risk, but still in essence there was some possibilities. So here was my advice.
1. Do not panic.
2. Ask questions until you are clear or you make yourself clear.
3. Separate your personal feelings…this is not your friend, but a business associate.
4. Do not be rushed in making a decision. On things I am unfamiliar with (as a business person too) I invoke a 24 hour rule. It works on emails too.
5. Collect opinions because people have been faced with similar situations before, and you can learn from their history.
My client feels empowered now with understanding, and that is what you are striving for- to be able to make confident decisions especially in the New Year!
