Technology is a huge area of growth, and the digital age has made it easy for even the smallest start-up to reach customers all over the world. As your business grows, legal assistance should be high on your agenda. We’ve rounded up three key areas you need to consider, to ensure that your company remains up to date with current legislation.
Protecting your intellectual property is important, and you should consider whether patents or trademarks are required for any products that you are creating. Creator ownership, or knowing exactly who an idea belongs to, can be a potential minefield. If an employee has been responsible for creating something that you want to maintain the rights for, you need to ensure that you establish the necessary written agreements. Generally the rights over intellectual property will belong to the individual who created it, rather than the company they were working for at the time. There have even been instances of an employee leaving a firm, and then going on to use their idea to become a direct competitor. Avoid this risk by obtaining the correct legal documentation to confirm exactly who all intellectual property belongs to.
Copyright law is a hot topic for many private investment trust companies at present. Digital content can be especially difficult to protect, as the ease in which consumers can now share content online makes copyright infringement almost impossible to prevent and even to monitor. Due to the ever-changing nature of the digital arena, new laws are being introduced all the time. As you develop new products, make sure you stay in the know by seeking legal assistance on how advancements in the law can affect your business. These processes should be considered a necessary investment in the future of your company.
Both of these areas are worth seeking support for from a technology lawyer, as they will have specific knowledge of this field. A lawyer can also help you when planning for the future, to support you with processes such as supply and procurement, outsourcing agreements and conflict resolution. As your business grows it is worth regularly checking in with a technology lawyer, to ensure that all aspects of your business are compliant, and also to keep you updated with changes to legislation.
How to Choose a Supplier for Your Business
Lots of entrepreneurs that are just starting out think that choosing a supplier is simply finding the cheapest option. In reality, there’s a whole host of other factors that a business owner needs to consider. Whether it’s an electronics supplier or logistics provider, these partnerships could turn out to be some of your most important B2B relationships. Here’s what you need to know.
Narrowing Down the Options
The first thing any business owner needs to do is look at the different kind of options available to them. There will be a large variety of different vendors, all advertising in directories like the Yellow Pages, at exhibitions and trade shows, or online. Specify a criteria of what you’re looking for to help develop a shortlist. Some of the things you to consider might include: how long have they’ve been in business, do they come with any recommendations, and, crucially, can they deliver what you want when you need it.
Getting a Quote
After you’ve managed to narrow down your initial options, start to contact the suppliers. Use the same criteria you’ve established to request a quote and, if possible, a sample of their product. This is also a good opportunity to ask about the possibility of discounts on long-term or high volume contracts. When you have all of the quotes from different retailers, you’ll be able to compare prices and see which company offers the best overall value. Remember, this isn’t simply about which firm offers the lowest rate. Take into account the reputation of the supplier, their reliability record, and the quality of their product as well. You may even be able to use another firm’s quote to leverage a better deal when negotiating.
Research Their History
Finally, before you commit to any deal, it’s important that you research the company in question as much as possible. Some suppliers even make the point of including real feedback from clients on their website like this. This is often one of the best tools in determining if a business has a good track record. You also may want to perform a credit check to ensure that the business is in good health. If down the line it turns out that they’re struggling to keep their doors open, this could have disastrous effects on your own business if they end up having to cancel an order,