How to safeguard your business
Safeguard your business
Business is an entity carrying any legal activity with a motive of profit generation. Apart from making business operational , preserving business information and safeguarding your business is of utmost importance for the future prospects & stability of the business.
The key elements of the business which require protection are as under:
- Intellectual property of business.
- Business information & data.
- Assets of business.
- Organization of finances.
1. Intellectual Property of Business
Every business has an identity under which it deals with their clients. This identity could be a name, logo & symbol which is duly recognized by their clients. In simple words on seeing its name, logo or symbol their clients could easily recognize that the particular goods or services originate from that business. These can be protected by filing an application for registration of trade mark before the Registrar of Trade Mark.
Similarly, the business may have developed content for its website, other literary works, audios and videos presentations etc. which could be protected under the copyright.
Apart from the above two, the business may formulate and develop a product or process for which patent and/or design application may be made to the respective departments of Office of the Controller General of Patents, Designs& Trademarks.
To create all the above intellect is required therefore these are known as intellectual property which can be protected by making an application with the relevant authorities to claim the exclusive ownership right to use the same.
Thus, filing an application to seek registration of intellectual property rights protect the intellectual property as it establishes the claim of ownership rights, protects from unfair competition, builds the brand value by improving the credibility and creates an asset which can be sold and purchased.
No business can afford to ignore the protection of its intellectual property. An attorney dealing with intellectual property rights can help you in safeguarding the intellectual property of your business.
2. Business Information and Data
Information is key to the success of a business. The information , its sources and data have to be protected to further the interest of business. Today hacking information through the internet is the biggest threat to a business. The website must have stringent security measures in place to protect the loss and misuse of information in your system and database. Your servers must be secured and adhere to strict security guidelines, securing your information through unauthorized access, particularly where the financial data is stored on the server. All sensitive information must be secured through a strong password.Employees should be trained enough to foil any kind of cyber attack/ hacking, so that you could safeguard your business.
3. Assets of Business
All the business has certain assets with them. These can be both movable or immovable. No one can be certain about the future. To protect the business from any untoward incident like fire, theft etc. assets of the business must be protected through various types of insurance policies available in the market. Before the going for any insurance policies, the business must check the articles covered in it and the types of events against which the protection is provided. Now a day’s various insurance companies are available with a variety of plans,a combination of which may suit or tailored for protection your specific business requirement to safeguard your business.
4. Organization of finances
Managing the financial affairs to discharge the business obligation is of prime importance in a business and plays a pivotal role in the success of a business. Most of the business fails at initial level due to unorganized finances. Management of the business must be aware of the tax incidence and liabilities accruing thereto as well as about the financial incidence of various legal compliance’s like labour law regulation, the filing of a return with relevant authorities and payment of taxes and dues so that provision for these must be made. A team of an accountant and legal consultant can be of great help in organizing the finances of a business. This is an ongoing process which requires constant review and up to date knowledge in the field of taxation and law.