As a business owner, you prioritize the health and growth of your business. You want to see your business continue to thrive, expand and reach the goals that you set for it.
But the journey of a business owner is not one that you walk alone. In fact, you may have to rely on more people than you ever thought you would.
The costs of litigation
The Balance looks at some forms of alternative dispute resolution methods, which can help preserve your business ties. But first, why is it so crucial to protect your business ties at all?
Business owners often go out of their way to avoid disputes for many reasons. First, litigation is costly and takes a lot of time. If you are running your business on your own or with a small team, you often do not have the resources to take a case to court.
But even more than that, you rely on your relations, ties and connections to grow a healthy business. Word gets around quickly in business communities. If no one wants to collaborate or otherwise work with you due to a history of disputes, your options end up limited.
Keeping your consumers happy
On top of that, word spreads to your consumer base and customers, too. Many people do not want to support a business that acts so aggressively toward other competitors in the area. If you constantly pursue litigation or refuse to maintain your business ties in other ways, it will certainly get back to you through the inevitable overlap in consumers that all local businesses share.
Thus, to avoid tarnishing your reputation among your fellow business owners and potential customers, you want to work toward maintaining, creating and growing business relations. Avoiding litigation is a great way of doing that.