Your Business MatterRisks and Liabilities: A Guide for Small Business

Owners in Protecting their Businesses

Canada is one of the most hospitable investmentinvestment and commercial
environments in the world. But starting a business comes with risks, as well
as opportunities. This is why prudent business owners must have a proper
understanding and appreciation of all the possible risks involved with running
and growing a business. Informing yourself of potential risks, and planning for
uncertainty, will protect your business enterprise, and make you better
equipped to survive and thrive in the future.
The first step to ensuring long-term success is to have a trusted legal counsel
on your side. An experienced lawyer can help you navigate uncertainties and
protect your business from risks and liabilities. Most businesses especially
small and start-up ones are not equipped with proper knowledge on dealing
with the potential risks to their businesses. Small businesses are vulnerable to
being sued for all kinds of reasons either fraud, misrepresentation, negligence,
or even with frivolous complaints.
Having a lawyer can be an advantage for your small business. It will protect
you from legal risks and help you navigate the legal processes—especially if
you're starting out. Below are the top five (5) business risks and how you can
managethey can be managed it with the help of your legal counselyour
lawyer:
1. Financial Risk

The effects of rising interest rates, unstable economic conditions, the

inability to secure short-term or long-term financing, and post-
employment benefit obligations are just some of the factors that may
pose financial risks for your company. For example, anThe inability to
manage the cash flows usually leadsmay usually leads to businesses to
taking on excessive or high-interest debt, which that in term may impact
the growth and sustainability of the businessenterprise in the long term.
A lLawyer can help you understand and mitigate the myriad of financial
risks you may face in the future. They can even help you secure
financing and capital investment needed to ensure long-term financial
viability and growth of your business.will help you in exploring capital
 investment and business expansion by getting investors and without
having to put everything as business debt.

2. Business and Commercial LiabilityStrategic Risk

The principal engine of any business enterprise areis the commercial
dealings with its customers, suppliers, vendors, and other stakeholders.
Landlords and tenants often heavily negotiate the terms of their
commercial lease with the help of their legal counsel. Liability can be
limited by by well draftwell-drafteded legal contracts. Lawyers can help
negotiate contract terms that protect your interests and minimize risks.
Small business owners do not always have the luxury of time to review
their contracts with their contractors and suppliers. A Lawyer will make
sure that the contract that your business entered into is legal and has
adequate protection against any breach.
Small businesses may also be involved in litigation involving breaches in
business contracts and transactions with suppliers, vendors, and
purchasers. Thus, you may need a lawyer to represent your case in
court.
A lawyer will also help you protect your business ideas. By consulting an
experienced intellectual property lawyer, you can ensure that your
goodwill, name, and inventions are properly protected.
3. Regulatory Compliance and Regulatory Risks
Small businessesCommercial enterprises are also required to adhere
tocomply with numerous legal and government regulatory
lawsrequirements. Depending on the area of your business and your
profession, you may also be subject to special laws, rules, and
regulations imposed by the applicable governing or regulatory bodies. A
lawyer’s expertise is necessary to make sure that your business has
complied with all the regulations to prevent fines, penalties and even
imprisonment.
4. Operational Risks
Operational risks involve anything that could impact internal, day-to-
day activity activities, ranging from inability to provide service to your
 customers due to including technical failures and employee disputesto
failure to provide a safe environment for your employees. Managing
operational risks requires the company to implement effective
procedural, contractual and physical safeguards. A lawyer can help you
anticipate and address operational challenges and risks. A Lawyer can
help you in drafting agreements which will protect you from liability
against technical issues and erring employees.
5. Reputational risk 
Reputational risk is a threat or danger to the good name or standing of
a business or entity. The reputational risk may occur as a result of the
actions of the company, its employees or its partner other peripheral
parties.

For small businesses and starters reputational risk can be caused by

consumers; such as bad reviews or social media boycott campaigns.
Getting the help of a Lawyer in protecting your business brand
against other organizations or individuals who may try to misuse
or misrepresent it is necessary. A Lawyer can also help you take legal
action against any form of defamation and navigate reporting
procedures against anonymous perpetrators.

6. Cybersecurity Risks
7.

Cybersecurity risks relate to the loss of confidentiality, integrity, or

availability of information, data, or information (or control) systems and
reflect the potential adverse impacts to organizational operations and
assets, individuals, other organizations, and the Nation.

Cybersecurity risk has become one of the main priorities for businesses
as they enter digital transformation and advanced technology solutions.
Most businesses relied on third-party vendors or programs to drive
business growth and optimize efficiencies. At times, these resources
also introduce new threats and expand their digital attack.
 Getting the services of a Lawyer that specializes in and handles any
transactional issues, data security and privacy compliance helps a lot to
identify issues of identity theft as well as represent your company in
litigation against hackers.

At Roberts & Obradovic Law Group, we provide a team of Lawyers with

extensive experience in helping businesses identify and mitigate short-
term and long-term risks to their business and reputation.

Contact our firm today or call us at 647-724-5179. Our team will be

there to guide and advocate for your business interest.
In summary
Risks are inevitable in business and in order to deal with these risks you need
the expertise of a lawyer while you focus on the growth of your business. A
lawyer can be the most trusted business consultant that will help you navigate
your business transactions.
If you need assistance, contact our firm today!
Whether you are planning to start your business or you are a smallan
established business owner, you need to be appraised of the potential internal
and external risks facing your company. We work closely with clients to help
them mitigate risks and achieve their business objectives while ensuring
compliance with legal and regulatory requirements. who needs to address any
of the businesses risks, having an experienced lawyer to guide you can
prevent you from stress and help you grow your business.
Our team of competent Lawyers will be there to guide and advocate for your
business interest.