New Year’s resolutions for better IP (Brands & IP Newsnotes- issue 4)

Do an audit

Businesses often don’t know what IP they use or own. An audit aids a business in better understanding where its IP value lies and what aspects require some attention. For example, do you own the code for your website? Did you get an assignment for any work by freelancers?

Form a strategy

It’s easy to spend too much or too little protecting the IP aspects of a business. So don’t go off halfcocked. Decide on a strategy for your IP that includes identifying key assets to protect, the type of (registered) protection that you might seek and how to minimise the impact of disruptive activity (e.g. educating your staff to acts as ‘eyes and ears’;
awareness of and adherence to brand guidelines and measures to combat counterfeiting). Consider the strategy in light of any audit completed.

Update documents

Any template documents you have, including employment contracts, that contain reference to IP should be checked to ensure they are up to date and still suit your business needs.

Keep records

Keeping records of products sold, services offered, marketing spend and activity, awards won, customer feedback, branding changes etc. will save time and can strengthen your position evidentially in a variety of scenarios from registering rights to defending or enforcing IP. They can assist in maximising the value of a business and helping ready it for a sale. And remember, resolutions should be for life, not just for the New Year.

This article was first published in the Brands & IP newsnotes publication - issue 4