(August 25, 2023) Here at Bray & Long, we work exclusively with small to mid-size businesses and their owners in areas ranging from contracts to commercial litigation and estate planning. We are constantly keeping our collective ear to the ground to monitor the economic climate and what it may yield for our clients.
As we near the 4th quarter of 2023, what are small businesses likely to face from a turbulent economy, and how can we help?
The bottom line is that the small business outlook in the Carolinas for the 4th quarter of 2023 is mixed. On the one hand, the state’s economy is expected to continue to grow, albeit at a slower pace than in recent years. This growth will be driven by strong demand for manufactured goods, tourism, and healthcare services. On the other hand, small businesses are facing a number of challenges, including rising inflation, labor shortages, and supply chain disruptions. These challenges could dampen the growth of small businesses as we wrap up 2023 and look forward to 2024.
Overall, the economic outlook for our clients is positive, but there are some risks that could derail growth. With that being said, how should small business owners look to shore things up and position their interests during Q4? And how can Bray & Long help?
- Review and update your business plan. A business plan is a roadmap for your business, and it should be updated regularly to reflect changes in the economy and your business. Our corporate lawyers can offer guidance and feedback.
- Carefully negotiate your contracts. When you are entering into contracts with vendors, customers, or other businesses, it is important to have a lawyer review the terms to make sure they are fair and protect your interests.
- Emphasis the timely resolution of disputes. Ongoing disputes with customers, vendors or other businesses can result in a huge drain on you and your commercial efforts. Utilize our legal resources to work through outstanding claims and determine which to prioritize, or which require litigation.
- Protect your intellectual property. Whether your intellectual property is registered (in the case or trademarks) or not (in the case of written contributions to your website) constitutes valuable information that may mean the difference between a 10x return during a private equity recapitalization or no return at all. Bray & Long can advise you on how best to both protect and monetize these intangible resources.
- Manage your risks. Do you have a firm grasp on the risks, both large and small, faced by your business? Are you prepared to successfully defend an EEOC claim or go on the offensive with a bad faith competitor? Now is the time to understand your risks and ensure that they do not add to an unsettled economic environment.
By working with the team of experienced professionals at Bray & Long, you will get the legal advice and representation you need to weather challenging economic times and protect your business.
So don’t wait, give us a call today and one of our attorneys will work with you to ensure that you are in the best possible shape for the balance of 2023 and beyond!