As a business owner, the last thing you want to do is burn your bridges. No successful business gets built on its own by the business owner alone. Every thriving and flourishing business has a network of employees, managers, customers and business contacts behind it.
Thus, in order to maintain success and keep your business thriving, it is important to know how to mitigate disputes as they arrive.
The downsides of litigation
One of the first things to understand is that litigation may not be your best bet. In fact, you want to avoid it wherever possible. Why? The reasons are simple. Who wants to get sued? Not you and certainly not your business partners, contract employees, or whoever else you have considered taking to court.
Litigation is a time-consuming and costly process that not only puts a great strain on individuals but also sets all your dirty laundry out in the open. Because all court records are public, anyone can go and look up the details of your case, which could end up damaging your reputation long after a judge has made their decision.
Alternative dispute resolution options
FINRA examines some alternatives to litigation, which can help you avoid the associated problems. Arbitration and mediation serve as the most popular, with arbitration acting as a close stand-in for litigation. An arbitrator holds similar power to a judge. They will listen to you present your case and make a legally binding decision. However, you do not need to go to court, so you can save time, money and public records.
Mediation works best for people who think they can solve their issues on their own and just need a little guiding hand. While a mediator cannot make decisions for you, they can set parameters, guide talks and ensure everyone says their piece.
