"It's not personal, it's business." This is a common phrase people hear or say when business owners must make difficult decisions that will likely make some people unhappy. However, when it comes to small or medium-sized businesses, it can be all but impossible to separate the personal element from the business element.
Contracts are the backbone of business relationships. Business owners have contracts with partners, employees, vendors and sometimes customers. And these agreements are the tools that define expectations, establish rules for the relationship and protect parties from certain types of conduct.
Many businesses across New Mexico are family businesses. Even if they didn't start that way, business owners might hire family as time goes by. There are numerous benefits to working with family, like supporting each other and sharing in the success of a company.
Signing an employment contract is not unusual, particularly for executives and employees at large companies. These contracts can include a wealth of complex clauses and provisions, and it is crucial that they be two things in particular: enforceable and understood by the party signing them.
Businesses of all sizes rely on managers and supervisors to provide leadership and guidance to employees. And these parties are often the first people employees turn to when they have a concern or question.
Whether you own a business or partner with a business, you likely have in place contracts that dictate the roles and obligations of your relationship. These agreements can be critical in preventing and resolving disputes, but only when parties comply with them.
Businesses can suffer major consequences when the company leaders violate the law, make unpopular statements or otherwise compromise the business' reputation and image. One recent example of this is the situation involving the founder of Papa John's.
Most of us, at one time or another throughout our lives, have seen or heard the saying "All is fair in love and war." So, likewise, should all be fair in business and competition? According to 2006 New Mexico Statutes, Section 57-12-3, "unfair or deceptive trade practices and unconscionable trade practices in the conduct of any trade or commerce are unlawful." In other words, unfair competition will not be allowed.
There are few companies that are as successful and well-known as Walmart and Amazon. However, companies don't have to pull in hundreds of billions of dollars in annual revenue to face some of the very same challenges that these and other large companies face.
A company's digital presence and capabilities have never been more important to its plan for success. Many businesses dedicate vast resources to things like websites, building a social media presence, reaching new clients and offering new digital or virtual resources.