Businesses might encounter disasters of varying severity over time. A small business might be crippled after a main client declined to extend their current contract. Another company could be dealing with a data leak that has impacted even some of the largest retail stores like that of Target and Home Depot. The importance of trying to stop these disasters before they happen will take a proactive approach. Risk assessments need to be created for certain scenarios as this can clarify the best course of action. The following are tips to deal with disasters to keep your company open for years to come.
Tax Evasion Has Been Found
Mistakes happen to people that might have no accounting background or knowledge of what is acceptable to write off. Tax evasion can be a quite serious offense and can even lead to incarceration. Federal taxes need to be paid and setting up a legitimate payment plan can help avoid any type of charges being filed. If charges have been filed, a federal lawyer
might be your best option as an attorney that just specializes in state tax evasion won’t be able to help you. Enlist the help of a CPA for tax purposes to avoid any type of risk when it comes to falling behind on taxes.
Issues with Offshore Partners and Poor Working Conditions
Companies domestically might have partners internationally that play an essential role in the lifecycle of the business. This could be manufacturing or a call center. The last thing a company wants is an international partner to bring bad press. The damage that is done regardless if the company was aware of the conditions can be immense. The consumer is far more informed than ever before and will not want to work with those that support overseas companies that treat employees poorly.
Being Sued By a Former Employee
Companies of all sizes have issues with former employees filing lawsuits. HR should be run by the book in order to protect the company from legal action down the road. Firing one person for an offense but writing another up can be seen as a form of discrimination. You should already have a law firm on retainer so the costs of legal services do not interrupt daily operations. Most of these lawsuits will be dropped early as people realize they have no case while other can drag on.
Employee Uses Company Account to Go on Rant
The cancel culture of today can be very toxic and lead to a rant by an employee being blown out of proportion. Most people on social media today are not willing to wait for the facts but would rather cancel a company for something a disgruntled employee did. Keep access to social media accounts limited as people should not have the passwords if they have no business to. You do not want negative attention on social media as it can compound with a few comments or reposts by the right people.
Be calm and create a list of options when you face these issues. Seeing what can be done can allow you to make the right choice for the health of the company long-term.