Growth is key to any business. While growth means big numbers, it also means adding to your problems. Hiring people to help you, increased client intake, increased revenues are all indicators of growth. Growth comes with its own problems of building a good team, managing and retaining good talent, creating systems for easy payments and collections, complying with regulations, and protecting and securing your work products. These are all good problems to have which can be resolved with the right kind of help and attitude.
Here are a few tips that can help ease some of these issues:
- A key factor in retaining good talent, in addition to fair treatment, monetary compensation etc., is to provide the right kind of training and clear instructions. This can be done by having an employee manual which establishes guidelines for employees, setting forth a description of roles and responsibilities, employment policies, benefits, compensation etc. Research suggests that employees are more productive when they are given clear set of instructions on how to do their work.
- Another way to manage employees/freelancers is to have written contracts with them setting forth the terms of employment. In some states, like New York, it is now mandatory to have a written contract with freelancers who are paid $800 or more in a 120 day period, setting forth the scope of their work, and amount of compensation. Businesses that fail to comply with this requirements of having a written contract can be penalized.
- Ensure that your brand name, products or designs that you create in your business are timely protected. Most intellectual property rights are registered on a first come first serve basis. As your business grows and your brand and work starts gaining popularity, you want to ensure that you get adequate protection over them so you can act immediately if someone is encroaching upon your rights. If you do not register your rights from the time of creation or use, you run the risk of losing your rights to someone else who may be more diligent and prompt.
- Growth and popularity also attract copycats. Intellectual property rights get stronger with enforcement. So you want to police your rights, monitor them and send notices to people who are copying your work or using your brand name without authorization.
At Nupur Shah Law, we help business owners with contracts and intellectual property rights. Call us at 646-820- 1366 or email us at email@example.com. I am happy to have a complimentary conversation with you on how to secure and/or defend your rights.