When someone wrongs your business, your first instinct might be to take that person to court. But before you go running to your lawyer, consider this: The litigation process is not easy and could ultimately cost you more business.
Reality Check: The litigation process is anything but easy. It can take upwards from six months, cost hundreds of thousands of dollars and tie up some of the most important people in your business.
Why fight? Only fight if you can’t make a reasonable settlement or if your company’s reputation depends on it.
Alternatives: Attempt to negotiate with the opponent first. If that doesn’t work, try using mediation or arbitration.
Practice Pointers: The best way to avoid going to court is to plan ahead. Draft good contracts that include dispute resolution and hire a well-versed attorney.
The litigation process can be long and difficult. Think carefully about the cost, time, and distraction it can bring to your business.
Read “To Court, or Not to Court” on Huffington Post.