This post is provided by Jason Dirkham.
Protecting your company is vital. There are many different threats that you can face during your time as owner, and being prepared and protected means you will have a better chance of survival, should anything go wrong.
Business and life are unpredictable, but these tips can help you protect what you have worked so hard to build.
Get Legal Advice
Getting business advice from a lawyer knowledgeable in your niche can be invaluable. Knowing what you can and can’t do, what threats you can potentially face and how to stay on the right side of the law from day one will help you avoid any faux pas and ensure that what you are doing is being done as required and you’re not overlooking anything or missing anything out.
Have Clear T&Cs
You need to clearly outline any terms and conditions pertaining to your company, especially when dealing with the consumer, be it a patient or customer. Be detailed and thorough, and ensure that these terms and conditions are legally sound and displayed prominently in the premises should something arise.
Have Insurance
Insurance for your business is vital. It will help you out in the event of a multitude of issues, from employee tribunals to accidents that occurred on premises, natural disasters, cyber threats and so on. There is a range of different types of insurance; however, at a minimum, you need general liability insurance, and then any extras can be bought. Options include adding corporate medical indemnity insurance, building contents insurance, product liability insurance, and business interruption insurance, to name a few.
Be An Expert
Being an expert in what you do in your industry and sector will help you avoid any mistakes or problems that might arise from a lack of knowledge. Of course, you wouldn’t expect people to set up businesses in an area they don’t fully know or understand. However, this isn’t always the case, and for those operating in an area they have little knowledge of, the risk of something happening increases. So before you open the doors and begin trading, learn as much as possible about what you do and the law relating to your industry.
Protect Your Intellectual Property
Your intellectual property is anything that you have created yourself from an idea and isn’t a physical or i asset. Your office building, for example, is a physical or tangible asset, but your logo, tagline, and specific use of colour and design represent who you are, aren’t, they’re intangible asse. And protecting these can help you avoid others taking what you have created and using it themselves.
Protecting your IP is done via copyrights and trademarks, and should anyone copy or replicate them fully or in part, you can take further action.
Create A Strong Brand
Your brand is about more than the font or colors you use in your logo and marketing materials. It is about who you are as a company and what you stand for. You need to create a strong brand identity that you use to build a connection with your customers and represent who your company is and what it stands for. Your brand values and identity need to be cohesive so you can form a strong brand that people instantly recognize and can identify as you.
