Financial loss is an inherent risk to any business. Market conditions can change, competition can become fiercer and customers may disappear. These are all possibilities that any firm faces when wading into the waters of the free market. On the other hand, when financial loss is caused because of the actions or inaction of another business, individual or group of individuals, it is not something that a firm would normally expect to encounter as a part of its day-to-day operations.
Miami's commercial real estate market has been hot for several years now, but the risks are real. The recent sale of a large office building helps illustrate the potential upside and downside.
The importance of a non-compete contracts for companies' key personnel and executives cannot be emphasized enough. South Florida firms, whose executives, technology, creative and sales leaders are trusted with developing and protecting proprietary business information, should ensure that their interests are protected by requiring all such employees and executives to enter into such contracts. Non-compete agreements protect a firm's secrets, proprietary information and enterprise knowledge from being shared with or disclosed to competitors.
Consumers, individuals and businesses alike, drive the global economy. This means that firms trying to reach consumers must compete fiercely for attention to get their products noticed. There are any number of reasons a consumer may choose one product over another: experience with a brand, features, quality versus value, or just the bottom-line price. In making a purchasing decision, consumers often rely on communications from retailers and manufacturers in forms such as advertisements, direct messages and verbal assurances. Sometimes, though, such communications may be less than honest.
Individuals and businesses often rely on other firms for important services to help make their own business run smoothly. Unfortunately, however, it seems that not all businesses are out to perform the services that they purport to do. Sometimes they are simply fraudulent enterprises disguised as legitimate concerns. These types of companies then prey on other businesses, causing losses of hard-earned money, as well as time.