Lisa, I own a small technology company that is finally starting to grow and flourish. My concern is whether I can legally manage my company in a way that will allow it to thrive and successfully compete with other technology companies. Do you have any suggestions? Thank you, Boris

Dear Boris:

Running a company involves both legal and business considerations. So your concern is justified. In addition to being an attorney, I also hold an M.B.A. (Masters in Business Administration) degree. The combination of these qualifications allows me to provide more comprehensive and strategic advice to business owners such as you.

One common business tool that would help you achieve your goal is known as “SWOT.” This acronym stands for Strengths, Weaknesses, Opportunities and Threats — both internal and external to the company. Below is a basic overview of the SWOT elements.  

A Strength is something that your company excels at. This could be a unique skill, a proprietary technology, and/or talented employees. The key is to profit from these strengths.

A Weakness is something your company is deficient in, such as excessive overhead costs, poor cash flow, and/or inadequate marketing.

Opportunities for your company may present themselves by entering new markets (possibly global), alteration of social norms, and/or changes in the law and government policies.

Threats include your competitors offering substitute or similar products, consumers with more bargaining power, and/or stalwart suppliers.

The bottom line is that you should capitalize on your Strengths and Opportunities, and reduce your Weaknesses and Threats when possible. However, in doing so you must be sure you are not violating any laws.  

Boris, your question is a very good one. It shows the connection between business and legal considerations. I hope today’s column provides you and fellow readers with information that will help your businesses succeed. As always, I advise you to obtain advice from qualified professionals.

Because I strongly believe that businesses and individuals should be socially responsible, I offer a one-hour consultation at no charge to you IF you donate a minimum of $25 to a charity of your choice.

If any reader would like to ask me a legal or business question, post it on the Lake Zurich Patch website or send your question to me at lehmanlawoffices@aol.com. 

Best Regards, Lisa

DISCLAIMER: Please be aware that this column provides only legal information of a general nature and is not intended as legal advice for any person, group of persons, or entity. You must always consult with an attorney with respect to your particular legal situation and circumstances.