Running a business is not the easiest thing in the world. Knowing how to resolve business disputes is a major asset.
Running a business is something most entrepreneurs revel in. They thrive on the adventure and develop some finely tuned skills to run their businesses. If their business gets big enough, they may even hire people to work for them. Success is something most business owners strive for and the best way to be successful and on top of your form is to know how to solve and resolve business disputes. We’re all human and from time to time, things hit the fan. It’s the mark of a smart businessperson to know how to nip disagreements in the bud.
The first thing to try is direct negotiations. Cut to the chase and get it done. This is considered to be one of the most cost effective ways of handling disputes. That isn’t to necessarily say this is an easy method, because it often isn’t. Before jumping off into uncharted waters and attempting direct negotiation, look at the issue causing the problem from every possible angle.
For example, one of the things you need to ask yourself before you start is if you really want to keep a relationship with the other party now or for the future. You might also want to consider if you really want to deal with the dispute at all. For extra input on your situation, contact a knowledgeable Arkansas business dispute lawyer.
While that may sound counterintuitive, there are situations where some things are best left alone for a variety of reasons. Know what those reasons are before starting something you might not be able to finish. Also, walk a mile in the other side’s shoes. This gives you a much broader perspective from which to work. It may also provide a solution to the sticking point.
Mediation is also a good recourse, where a neutral third party moves things along to resolution. The mediator is not the decision maker, but instead, the facilitator who helps both sides reach a mutually agreeable resolution. Keep in mind that any talks during mediation can’t be used in court for the simple reason that the information is confidential. If you aren’t sure about the rules, call an Arkansas business dispute lawyer for help.
You might also want to try arbitration, where an arbitrator hears both sides and then makes a decision; sort of like a judge. In arbitration, the decision is binding and even if the parties involved don’t like the decision, it’s a done deal. This process is generally longer than mediation.
When all else fails, there is always litigation, something most people want to avoid due to the costs. The case goes to court and the judge makes a decision based on the evidence – meaning which party is in the wrong. If you have to go to court, then you do what you have to do. But the vast majority of business disputes are settled out of court, usually because each side figures they might lose if they actually start a trial.
When in doubt about what will work in your situation, contact a seasoned Arkansas business dispute lawyer for advice. It’s the best money you will ever spend.
Michael G. Smith is anArkansas personal injury lawyer and Arkansas business dispute lawyer, practicing personal injury law and veteran’s benefits in Arkansas. Learn more by visiting Arkansaslawhelp.com