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“My word is my bond.”
It’s a common idiom and for some people, it may be true. But as the 20th Century poet, Martin Gore, so famously said,
People are people, so why should it be
You and I should get along so awfully...
And now you're punching and you're kicking and you're shouting at me
I'm relying on your common decency
So far, it hasn't surfaced but I'm sure it exists
It just take[s] a while to travel from your head to your fist
And so, notwithstanding notions like honor, people sometimes live out another common idiom: they break their word.
So, when entering into a deal, how do you protect yourself from the other party deciding later to breach their agreement? Some answers, albeit not perfect, are to:
Pick your counterparties well. That is, do business with people you trust.
Build-in mechanisms to your relationship that enable you to confirm your counterparty is doing what they are supposed to, and not doing what they are not supposed to. To quote another poet of the 20th Century, you can trust, "but verify."
Building and creating a brand that reflects what your business does well is your key to attracting your target audience. Take a moment to read 7 Steps for Building a Brand Strategy for Your Small Business by Scott Steer to start shaping up your marketing strategy. Once you’ve solidified how to brand yourself, it’s time to get your business out to the people. Creating a website that engages your audience, reflects your brand, and is easy to use does wonders for a small business. A Guide to Having an Effective Website is a great webinar to check out if you’re in need of tips from marketing experts.
The Financial Poise Editors have compiled a list of starting materials for beginner investors. The 15 Best Books for Beginner Investors is a good starting place if you’re feeling lost about how to build your investment portfolio.
As the saying goes, “[t]he best laid plans of mice and men oft go awry.” And if you have a construction project underway, it certainly rings true when the project goes sideways. Construction projects have picked back up in response to an improving economy, which means related construction defect litigation is expanding. This webinar begins by identifying and defining construction defects, examining applicable laws and significant court rulings. It then looks at indemnity provisions and coverage issues in construction defect claims. The webinar breaks down litigation and discusses allegations, defenses and how to prove your case, while also exploring ethical issues surrounding these kinds of cases.
Financial Poise Webinars for attorneys and accountants are distributed exclusively by West in partnership with West LegalEdcenter, part of Thomson Reuters, a leading source of intelligent information for businesses and professionals. West LegalEdcenter subscribers have access to every program in its library (like the Netflix of legal and accounting continuing education). Financial Poise is one of West LegalEdcenter’s largest content producers. You can see our partner page, and a link to our approximately 300 webinars currently available on West LegalEdcenter here), all of which you may attend at no additional charge if you are a subscriber to West LegalEdcenter.