The corporate world is notoriously competitive, and companies are constantly seeking innovative ways of getting ahead of the competition. Sometimes, the line between being innovative and breaching rules and regulations isn’t always that clear.
One thing that you need to ensure is that your business (‘trade”) practices remain fair. Recognizing some unfair trading practices can help ensure that you avoid them.
Misrepresenting products and services
Your aim is to be the best at what you do, both in terms of the products and services you offer. That being said, you have to be completely accurate when describing what you do. Pretty much every product has some limitations, and it’s vital to be honest about these.
For example, if you were selling vehicle tires, it would be unwise to say something like “guaranteed to keep you out of accidents”. This isn’t something that you can guarantee. A better alternative might be something like, “enhances the grip of your vehicle”.
Accuracy over pricing
Another thing that you need to ensure is that your prices are accurate. For example, if you advertise a product or service as half price, it must actually be half price. Catchy slogans such as “limited offer” are a great way to entice customers, but they must reflect what is actually on offer.
As stated, the line between being creative and breaching the rules isn’t always clear. If you are unsure then it is best to double-check before running with an idea.
The issues mentioned above highlight why it is so important to have legal guidance behind you as you continue to build your business.