Doing Business in today’s ever-changing scenario compels the business entities to ensure they are well within the coverage of being able to beat their competitors and if not then they fade from the market very soon. For e.g., Shopping Malls have been duly replaced by online shopping and in fact Refund policy offered by online shopping has just added armour to ensure that customers first choice has become online shopping and Shopping Malls though not the third choice of customers but cannot be also said as the first choice and in fact, the only place in Shopping Malls which are not empty most of the times mostly in the evening time is Food Zone and maybe sometime Gaming Zone if the monetary budget of Gaming Zone is not higher. There is no doubt that each passing day a new technology is coming in the market and this brings the competitiveness amongst players to remain in the market and to remain in the market it is more relevant to be in a position to at least take a stable stand of not losing the place of doing the business and this is where most of the business starts well but lose its stream in the stage when the business starts. Most of the time, post months of starting the business via Partnership Model, partners fight, and then that itself is the end of business which was started after long planning. There are many grey areas as to why the small business or new business in today’s age comes with force and goes with no noise and in fact, is dead even before the news comes. One of the reasons is that a businessperson shall understand that the only work is to do Marketing and Innovate its business and have a system in place for else work. Another reason which can be attributed is of not taking proper legal guidance and understanding the role the Lawyers have in their business. The main reason for avoiding and not taking the experience lawyers’ assistance is to avoid paying fees of such experienced lawyers and most of the time either they end up taking assistance from lawyers who are not well equipped or suitable for this area or they end up taking the legal opinion from Google or else search engine without understanding its relevance to its business. There is nothing as such that Lawyers who charge less are not good lawyers but the question is business entities sacrifice taking the help of Lawyers which are most suitable for their work. Having a lawyer as a legal advisor and especially Court practicing lawyer helps not only in resolving the issue but also act as guidance to give the best referrals of such experience attorneys or counsels who can be reached any time in urgency for its business issues.
There are many points which the Business entities have to take care to ensure having a proper system in place for the smooth functioning of its Business and certain points are as under: (a) Ensuring it has all the Licenses which are mandatory for conducting the Business; (b) Ensuring it has executed safe Lease Agreement for using the premises for its business operations if the place of business is not owned by the Owners of the Business entities; (c) Ensuring it has a financial back-up plan to ensure there is continuity in business sales and so on and on. One of the major points which are missed by the Business Entities while starting its new venture or business is not taking the help of the lawyers for reasons to avoid legal costs or nowadays using the templates which are available online without understanding as to how the templates will work for its business. I shall give my thoughts on how to use the online templates for your business in another article but I always prefer any templates used shall always be seen and verified by experienced lawyers at least once if not regular. Having a Lawyer on Retainership is always better but since it comes with a regular monthly cost, most of the business entities avoid availing services of Lawyers on a monthly Retainership basis. It is very common that any business venture to start the business will require certain documentation and the basic template which may be called is of Invoice Draft. Templates are nothing but a document that is once verified are used by respective departments and no changes are being allowed except if required and that too only by the Management of the Business entities or Owners and that too if there is approval from Lawyer. Any business shall understand that before venturing into any business shall ensure that it has got drafted all the agreements/contracts/Purchase Order/Work Order/SLA, etc and the same shall be numbered as Template No. 1 or be numbered in Standard Operating Procedure in Business and this act as the Standard Templates for the respective requirement and no change is to be allowed majorly except commercial and little here and there. Having all Templates in place only ensures that the Legal System of documentation is in place which thereby results in the smooth functioning of the business. Most of the successful business today has its own standard Non-Disclosure Agreement, Employment Engagement Letter, etc which are used by its employees as and when the need arises rather than calling for a new agreement with new points for same work and purpose at all the time and this creates confusion during any legal claims is made or one has to make.
In my view, Standard Templates is though not mandatory from a legal point of view, but from a business and management point of view, it is advisable and can be said mandatory to ensure that the documentation is being taken care of in the manner as agreed and approved by Lawyers. It not only saves time but also ensure safety and security of not getting into any monetary losses for the wrong act by employees.
An experienced and skilled lawyer will any time provide the business entities with the right kinds of documents and in fact, can be of huge assistance in taking his guidance to develop the business templates which can be used in business on regular basis. The contracts if used properly can help business entities to minimize risk and maximize profit and also help in anticipating the risk in any business deal. The aim of any good law firm is to allow the business entities to just get on with business, rather than wasting time sorting out messes?
If you are keen to know about what Standard Documents Templates Your Business requires, you can email us at email@thelegaldesk or call us.
*Content of this post is a Copyright work and is owned by THE LEGAL DESK