When your business is flourishing, your competitors may not be too happy about it. Rumors may surface that you are engaging in unfair business practices even though your company complies with the law. In the end, these falsehoods may cost your business customers or reputation, which can be frustrating.
How you handle such situations will determine the success or failure of your business.
What may be considered unfair competition?
Claims of unfair competition can come from your competitors or even an employee who has a vendetta against the company. They may say that you are misleading consumers to stay ahead of the game. Other accusations may include:
- Trademark infringement
- False advertising
- Bait-and-switch methods
- Smearing campaigns, among others
All these claims can negatively affect your business and its image.
Ensure compliance with the law
If your company is doing everything right in the eyes of the law, then you do not have to worry about looming investigations. Legal compliance is crucial for any business to avoid legal issues.
Dealing with false claims
If someone tarnishes your brand name by peddling lies, you need to take action. You need to reassure your customers and other stakeholders that your business is not engaging in illegal activities as claimed. Fighting bad publicity with good public relations may help put out the fire.
Protecting your business means being aware of the possibility of such instances and knowing how to deal with them if they occur. If the situation persists, you may have no option left but to settle things in court. Here, the judge may grant orders that prevent the other business from making further damaging statements. You could also recover damages if their actions led to financial losses.