Small Business Month: Foster Swift Highlights Importance of Planning with Legal Resource Advisors
09 Mayo 2024 - 8:00AM
For over 60 years, National Small Business Month has acknowledged
the hard work, ingenuity, dedication and critical contributions of
America’s entrepreneurs.
According to Forbes, Small Business Statistics of 2024,
the U.S. Small Business Administration (SBA) reports that over 33
million US businesses qualify as small businesses, employing over
61 million people, making up nearly half of the entire US
workforce.
Despite their vital importance, 1 in 4 small businesses fail
within the first year of operation. While this can be
contributed to any number of reasons, many can be contributed to a
lack of planning and lack of resources. Small business owners and
entrepreneurs, in an effort to save money, may try using DIY online
forms and resources to cover their legal needs. This approach
however can inadvertently cause more harm than good and ultimately
cost the owner more down the road in spending to correct the damage
done.
The business owners most likely to succeed are often guided by
an experienced team of advisors, such as a financial planner and
attorney, making them an invaluable resource. Small business
clients benefit from a full-service law firm such as Foster Swift
Collins & Smith, PC with a team of legal advisors that can
explain the importance of:
- Providing Trusted Advice:
- An experienced business attorney can help a small business stay
compliant with changing laws, resolve disputes,
negotiate/renegotiate contracts, etc. See more on the importance of
selecting the right legal counsel in the video: Why Selecting
the Right Legal Counsel is Essential to Your Business.
- Starting Succession Planning Early:
- A common and costly mistake when it comes to business
succession planning is not starting the process early enough. For
some, retirement and succession planning is an issue that they have
never addressed or even thought of. See more on starting succession
planning early in the following article: Succession Planning for
Business Owners: More Important than Ever.
- Cybersecurity Planning to Mitigate Damage:
- Even though all organizations are at risk of a cyber-attack,
few have prevention measures in place, or have planned for how they
would respond in the event of an attack. It is a huge mistake
for small business owners to think that cyber criminals are only
after big corporations and that they are too small to be targeted.
See more on Cybersecurity Impact on Small Businesses. If you
are having a cybersecurity emergency,
call 517-FS1-TASK (517-371-8275) to
speak with a Foster Swift cybersecurity attorney.
- Understanding Changes in Employment Law:
- Employers face new challenges every day as laws are constantly
changing and evolving with new policies and regulatory changes that
affect them. It is crucial to have a legal advisor that is always
on top of and understands current changes to keep you informed. Two
recent updates in the law that can vastly affect most employers
include the Department of Labor’s (DOL) Final Rule on Worker
Classification Practices and the Federal Trade Commission’s
(FTC) Ban of Most Noncompete Agreements.
Foster Swift’s Small Business Team provides legal services to
more than 500 Michigan-based small businesses that operate in a
wide range of industries. No client is “too small” as our
small business clients benefit from the collective knowledge of
attorneys dedicated to crafting tailor-made solutions for each
client’s unique circumstances.Out team offers an innovative
Virtual Corporate Counsel service that allows clients to pay
a modest monthly fee for access to the Small Business Team’s advice
and support without the fear of incurring legal fees for every
call.
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Since 1902, Foster Swift Collins & Smith, PC has provided
comprehensive legal services to businesses, municipalities and
individuals. The firm employs 100+ attorneys and over 100 support
staff in five locations: Lansing, Detroit, Southfield, Grand
Rapids, and Holland. In 2023, Foster Swift achieved Midsize
Mansfield Certified Plus designation which recognizes law firms for
the inclusivity and transparency of their leadership processes for
attorneys. For more information about the firm, its attorneys, and
to access recent publications, visit www.fosterswift.com.
Kimberly P. Hafley
Foster Swift Collins & Smith
517-371-8112
khafley@fosterswift.com