Managing a start-up or a small business can be tough. It can be overwhelming, and many things can be confusing. However, there are some essential tips that can help out small businesses and start-ups.
Starting The Business
There are multiple necessary steps that must be taken upon starting the business. Firstly, the business must be registered. Registering a business is required with regards to government regulations and taxes. This is an official step which must be taken in order to start your company. This will allow you to gain your own identity. This means that you will be able to take out and obtain loans to help with your company’s growth.
In addition, creating a business plan is necessary if you wish to grow your business. If you do not have one, then you will not be trusted because your business has no direction. It is also wise to create a business continuity plan on top of this. This is a plan which states what will happen when something goes wrong with your business.
Policies
Policies state the rules within a workplace. Creating a policy is essential for creating a healthy workplace. Policies can be set out for everything. An important policy to set out is progressive discipline. A progressive discipline policy states that employees have the right to know:
What they did wrong
The fact that they need to fix it
If they do it again, there will be discipline
Under a progressive discipline system, a list of actions considered as misconducts should be made. Employees must know that if they are doing these things, there will be discipline, and if they continue doing it after the discipline, there will eventually be termination. For example, there should be specific policies for things such as bullying and alcohol/drugs.
Terminations
There will be situations where an employee needs to be terminated. If this is the case, then providing the employee with a termination letter is a good practice. Include whether the employee was terminated with or without cause in the letter. Severance must be provided when terminating an employee.
Privacy and Safeguarding Data
Every company, including small businesses and start ups, should set up a privacy policy to protect the data of customers. If a company sells your information or data to another company, they are legally obligated to let you know as part of their privacy policy.
However, the privacy policy only covers the situations where a company willingly sells data to another company. A well-known major issue is the issue of cybersecurity. Many companies have had personal info leaked or stolen. Every company has an obligation to safeguard the info of customers and staff.
Negotiation and Litigation
As a small business or a start-up, you do not have as much money as large corporations. Lawsuits are expensive and stressful, and they may not always end up with the outcome you wish them to end in. Therefore, negotiating a settlement is a better idea than litigating a business dispute in court. Mediation and arbitration may also allow you ways to salvage something out of a business relationship. A court battle will cause irreparable damage.
Contact Us
This material is for informational purposes only and should not be relied upon as legal advice. To book a consultation with Buzaker Law Firm regarding the process of managing a small business or start-up in Ontario, contact us at: info@vblegal.ca or
(905) 370 – 0484.