By financen | May 9, 2019 - 5:41 pm - Posted in Business, Company

In the beginning, most entrepreneurs have no idea how (or if) their company is going to grow. They merely have an idea, a motivation to see their plan come to fruition, and an inkling that it can turn into something more.

As there are so many moving parts when it comes to starting a business — and generally only one or two people to manage those moving parts — there are some elements that get overlooked and pushed to the bottom of the mighty “to-do” list. This can be problematic when it relates to something as crucial as keeping your firm protected.

To help out all the entrepreneurs, even if you are just starting, here are three crucial steps to ensure you are protecting your company on all fronts.

1. Hire corporate lawyers.

First things first: From the get-go, you need to have some kind of legal representation. Too many entrepreneurs and small business owners overlook the fact that there are so many parts of their company that could potentially lead to legal trouble. Obviously, you don’t want this to happen, but it is still best to ensure that you are covered in case it does. Should you find yourself in legal hot water, you will thank yourself for having this foresight.

Even when setting up your company, there are common scenarios in which it is best to have professional legal advice. These scenarios include when you are choosing a designated legal entity, writing up an agreement among founders, signing contracts and leases, and raising capital.

Generally, when it comes to hiring legal help, prevention is better than cure. This means that it is highly recommended that you reach out to top law firms in Dubai (or wherever you reside) as soon as possible so that you can get accustomed to them, and vice-versa.

2. Protect your intellectual property.

Another aspect of your business that you want to protect from the get-go is your intellectual property; otherwise, you won’t have anything that differentiates your company from your competitors. After all, your intellectual property is what makes you unique and is at the very core of what makes your products or services innovative and different. So why would you not do everything in your power to ensure it remained your own?

Generally, there are three types of intellectual property protection (trademarks, copyrights, patents) which are each applied to different aspects of your intellectual property.

Trademarks cover logos, company names, phrases, and symbols. Copyrights safeguard original works. Patents protect manufacturing or design processes.

Whether your company requires one of these protections or all three, the critical matter is that you take the steps necessary to protect them. As these protections don’t necessarily extend around the globe, when you are going through the process, make sure to think about which areas of the world you plan on selling your goods and services to, so that you can be proactive in filing for those locales, as well as with a GCC patent or something similar.

3. Guard your data.

In 2019, you need to be on high alert when it comes to protecting your firm’s data. Cybercrime is a significant threat to all kinds of businesses, and it is up to you to make your data as secure as possible.

Start by using an email encryption and security solution that ensures the intended recipients can only read your messages.

Additionally, work on crafting and establishing a security policy so that everyone involved in the company (even if it is just a couple of people) is clear on how to correctly handle company data.

Furthermore, within this policy, do regular due diligence with the firms that store your data. Ask them about their security standards and procedures and ensure that they line up with yours.

Finally, make sure you are continually updating your systems and software so that they are running the most up-to-date versions. Also, regularly back-up crucial information and data so that you will still have access to it should your computers or emails become compromised.

What steps are you taking this year to protect your business? Is there anything you wish you had done sooner? Let us know your thoughts and experiences in the comments below.

AUTHOR BIO

Sharon Danso-Missah is the Head of Marketing at Al Tamimi & Company, the largest law firm in the Middle East, with 17 offices across nine countries. Established in 1989, they are a full service commercial firm combining knowledge, experience and expertise to ensure all clients have access to the best legal solutions that are commercially sound and cost effective.

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This entry was posted on Thursday, May 9th, 2019 at 5:41 pm and is filed under Business, Company. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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