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"Finders, keepers. Losers, weepers." The law of the playground has suddenly taken on new meaning in the business world, especially for small businesses and sole proprietors when it comes to intellectual asset management. The stuff of copyrights, trademarks and licensing agreements, long the domain of the biggest corporations, can prove just as profitable for small firms who learn how to protect and promote "intellectual" assets that may be as close at hand as your new way of compiling customer profiles. The management of intellectual assets (your companies 'property') isn't only about how many new products you can bring to the market; it can be about the innovative new ideas that take your existing services and good to a new level. It's all a matter of "finders, keepers," which can be just as easy for the smallest firms to play as it is for the largest. For all the years you've been in business, has there been some product or process that's been improved on for the traditional marketing of your goods? Did your office assistant come up with a new "Eureka!" for keeping track of your client's habits or abilities? Did you add two new steps to a production process that created more cost-efficiencies? Look deeper. Is the way your service or product brand worth protecting? Can it become a profit generator by co-branding with another company? Inc. magazine in its May editions cited the case of Starbucks licensing its name to Jim Beam for a new liqueur, and Harley-Davidson partnering with Coca-Cola to reap millions of dollars in royalties from products incorporating both names. Is what you know innovative (different) and would it be valuable to someone else? Did you say yes? You can certainly learn how to protect your assets and profit from this, or you'll have to hazard a chance of becoming one of the "losers, weepers." Four additional tips to keep in mind: 1. Industry reports cite the growing number of Intellectual Property (IP) lawyers courting small firms instead of traditional big business clients. Go to Google.com and type in "IP lawyers" along with your state or city's name. Some IP law firm Web sites carry free articles on IP trends. 2. Non-Disclosure Agreements (NDA) are mandatory when you're developing some new product or process and you're seeking help from outside your company. You'll protect your asset from the beginning. One smart article on how NDAs work is at About.com, a product of the New York Times Co., at http://management.about.com/cs/ipandpatents/a/NDA062199.htm?p=1. 3. Don't let your assets loose, even inadvertently, through outgoing emails. Sandhills Publishing Company's www.processing.com shares safeguards for your outgoing email procedures at www.processor.com/mirapoint-Inc. 4. Consider an outside sleuth to help you find your hidden intellectual assets. Have you ever enlisted the help of a friend to help you find a misplaced item? Invariably, you'll hear, "Well, there it is, right in front of your nose." Outside consultants with keen expertise and sharp insights into how to spot potential intellectual assets can prove exponentially more valuable to your bottom line than that sharp-eyed friend.
Article Source: http://www.rightarticle.com
About Ruth Klein: Marketing Strategist and Productivity Coach, Speaker and Author Ruth Klein is the owner of the award-winning boutique firm, The Marketing/Time Source, and a top consultant to clients ranging from solo entrepreneurs to the Fortune 500. For more information about her best-selling books, popular seminars and newsletter, visit www.ruthklein.com.
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