Owning and running your own business can be a rewarding experience however legal responsibilities are a key factor in business operations; and legal issues facing small to medium-size business today are some of the most important areas to take care of if operational excellence is to be achieved.
When executing a legal business strategy within your growing business, you must first establish and ensure consistent and reliable legal process management.
Entrepreneurial and corporate legal business decision-making requires the support of an experienced-based legal business advisor who is able to bring insights and advice for sustainable improvements, which not only provide you with a competitive edge, but also assists you in reducing costs over time.
Core Values in Legal Excellence
Encompassing both people, processes and technology, a sustainable and legal based operational blueprint will use problem-solving, teamwork, and leadership results in the ongoing improvement of your organisation.
Through dedicated industry knowledge and sustainable solutions for operational excellence it addresses company issues involving organisational culture, underperforming employees, conduct issues, discrimination and diversity, harassment, copyright and patent laws, social media, technology and privacy issues, health and safety, accounting, compliance and governance consistent with your company’s core values and the delivery of legal innovation in social, economic and environmental sectors.
Operational excellence integrates with your organisational structure and leadership development and is evidenced by results seen in leadership, teamwork, and problem solving.
The result is continuous improvement throughout the business structure which focuses on the needs of the customer, empowers employees, and optimises existing tasks and responsibilities in the process. When all team members find organizational flow within their roles and responsibilities then success is imminent.
3 Benefits of Legal Operational Excellence
Increased Sales Volumes: Most companies want to see an ever upward trajectory in their sales graphs. Your business can only increase sales growth however its equipped and ready to consistently meet the new demands. Operational strategy finds ways to streamline areas of the business that aren’t being utilised due to waste, inefficiency, or a lack of capability; and assesses the maximum output that your business can produce within a given period with the available resources.
Competitive Cost Advantage: This is the ability to stand out from your competitors based on cost, which is critical to the success of most organisations. This is when you can offer customers or consumers greater value, either through lower prices or by offering greater value by providing greater benefits and service which justify higher prices. This is especially relevant in mature markets where the customer has other practical alternatives available to them through your competitors.
Improved Cash Flow: The financial benefit of having available capital can drive business growth. Legal operations can be the differentiator when it comes to being able to avoid or delay large capital expenditures by improving productivity within existing assets, increasing inventory turnaround or reducing cash-to-cash cycle times.
3 Pitfalls of Legal Operational Excellence
Contractual Relationships: Every business requires attention to contractual relationships with your staff, your clients and your suppliers; some of whom may operate from international borders and be bound by international laws. By avoiding misunderstandings in legal obligations such as tenders; and communication and cultural differences regarding internal roles and responsibilities within all pertinent contractual agreements you can greatly improve your legal and communication strategies and thereby develop your operational excellence.
Legal Advice & New Markets: A legal consultant not only offers general business parameters and advice but can lead a company across various issues of corporate, commercial, employment, immigration, currency and intellectual property laws. Experience in due diligence, changing market parameters and legal support in corporate structuring and the country’s legal requirements in business transactions underpins not only legal but value-added transactional advice when your company is restructuring, merging or engaging in joint ventures. It is also essential when avoiding or tackling issues such as tax, VAT and government required UIF expenditures, which if left unattended to can see you facing hefty fines or ultimately business closure.
Intellectual Property & Copywrite: Laws vary relating to the acquisition, enforcement and commercialisation of copyright and other intellectual property rights. Similarly, legal services relating to claiming and establishing property rights and trademarks for your ideas, activities, products, programs and artistic works protects you against possible infringement. When your business entity has created something new and original, whether an invention, idea, or brand design you will need to register and manage its intellectual property rights in order to get the most cost benefit from it. Without exclusive rights to copywrite, license transfer and IP rights established under existing statutes, regulations, case laws and other industry and competition law restrictions there is little hope of getting a sales deal finalised. Establishing clear proprietary rights ensures unlimited financial gain for the future and prevents exploitation of your business rights by third parties.
To sustain a company’s success and remain competitive in the industry, a company can embrace an operational excellence model containing five key performance objectives; that of quality, speed, dependability, flexibility, and cost.
Performance objectives keep teams focused on the systematic source of problems and their consequential solutions. By eliminating underlying causes of underperformance, demoralization, legal loopholes and unreliability we simplify work systems, human relations, and larger organisational responsibility.
In the words of Leonardo Da Vinci: “Simplicity is the ultimate sophistication” but in the words of Massaki Imai: “Progress is impossible without the ability to admit mistakes”. When your organisation can enable ordinary people to do extraordinary things, then your purpose and business objectives in organisational performance have been fulfilled.
Don’t let legal difficulties hamper your business growth.