Start-Ups to End-Ups: 1 – Experts and Planning
3 mins reading time
You are part of a start-up business.
You want real advice on the things you should and shouldn’t be doing to maximise your chances of success.
This article is for you.
The world of business is complex and changing every day. In this article series we will provide some general and specific tips for things you should be aware of. These tips will centre around intellectual property (IP) and how it relates to business.
One of the biggest hurdles for a start-up is that effective planning is often overlooked in the rush to begin trading. This doesn’t mean you need to invest thousands in legal and accounting advice, but you should take a moment before launching to determine if your start-up will allow you to get to where you want to end up!
Every business is unique and accordingly, there is no one size fits all when it comes to a ‘good business plan’. Every business plan should be different, but they can all be effective.
Effective planning will result in you establishing a framework (or core structure) around which you can build your business. It should set out your core values, goals and objectives (i.e. the what), and will direct you as to how you consider the what can be achieved and embedded, at least initially, into your business. It is at this stage you should surround yourself with trusted experts to guide and advise you.
A trusted expert advisor will talk straight, and provide solid commercial guidance, to you.
While this can be information overload, if done appropriately it will open your awareness to more considerations: you don’t know what you don’t know. This education and advisory process will help inform you about how different actions and assets can be created and used in both a positive and negative way, giving you options and choices.
A successful business makes calculated choices from a vast array of options. It doesn’t react impulsively with short term “stop gap” measures.
Engaging an expert can be “like a box of chocolates, you never know what you’ll get”. However, it doesn’t need to be. If you remember the following, you can have the sweet taste of success:
| 1 | A trusted advisor will invest time into understanding you and your business. They will know you core values, goals and objectives (even as they change over time); |
| 2 | Look before you leap – a trusted advisor will ask you questions to determine if what you want is what you need; and will assist you in forming (and testing) a strategy before proceeding. After all, they’re the expert and you shouldn’t be looking for a ‘yes’ person. |
e.g. if you ask for a trade mark to be registered, “what is the value of this trade mark to your business” or “why do you want this protected?” These conversations prompt further discussions and enable your business to attain necessary, appropriate and strategic protection. Your calculated choice is based on reason that will add value to your business, be it financial value, or intrinsic brand value that upholds your business’ core values. |
|
| 3 | Talk straight – a trusted advisor will be clear about costs and not dance around this issue. You’re getting expert advice or guidance, their time is valuable (or you wouldn’t want their advice), so expect to pay for it. Generally, this will be made clear from the outset, with you being informed of the potential costs associated with each step to be taken and when that step will occur. This will assist your business with budgeting to minimise any chance of surprises. |
| 4 | The advice is clear and concise. |
Lastly, if you find a trusted advisor, refer them to others. An e-introduction to a trusted advisor will be appreciated by both parties; and is likely to generate goodwill for you and your business.
If you would like to discuss your business plan with a trusted advisor, or be introduced to one, please contact Mark Metzeling or a member of Macpherson Kelley’s Commercial Team.
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Start-Ups to End-Ups: 1 – Experts and Planning
You are part of a start-up business.
You want real advice on the things you should and shouldn’t be doing to maximise your chances of success.
This article is for you.
The world of business is complex and changing every day. In this article series we will provide some general and specific tips for things you should be aware of. These tips will centre around intellectual property (IP) and how it relates to business.
One of the biggest hurdles for a start-up is that effective planning is often overlooked in the rush to begin trading. This doesn’t mean you need to invest thousands in legal and accounting advice, but you should take a moment before launching to determine if your start-up will allow you to get to where you want to end up!
Every business is unique and accordingly, there is no one size fits all when it comes to a ‘good business plan’. Every business plan should be different, but they can all be effective.
Effective planning will result in you establishing a framework (or core structure) around which you can build your business. It should set out your core values, goals and objectives (i.e. the what), and will direct you as to how you consider the what can be achieved and embedded, at least initially, into your business. It is at this stage you should surround yourself with trusted experts to guide and advise you.
A trusted expert advisor will talk straight, and provide solid commercial guidance, to you.
While this can be information overload, if done appropriately it will open your awareness to more considerations: you don’t know what you don’t know. This education and advisory process will help inform you about how different actions and assets can be created and used in both a positive and negative way, giving you options and choices.
A successful business makes calculated choices from a vast array of options. It doesn’t react impulsively with short term “stop gap” measures.
Engaging an expert can be “like a box of chocolates, you never know what you’ll get”. However, it doesn’t need to be. If you remember the following, you can have the sweet taste of success:
| 1 | A trusted advisor will invest time into understanding you and your business. They will know you core values, goals and objectives (even as they change over time); |
| 2 | Look before you leap – a trusted advisor will ask you questions to determine if what you want is what you need; and will assist you in forming (and testing) a strategy before proceeding. After all, they’re the expert and you shouldn’t be looking for a ‘yes’ person. |
e.g. if you ask for a trade mark to be registered, “what is the value of this trade mark to your business” or “why do you want this protected?” These conversations prompt further discussions and enable your business to attain necessary, appropriate and strategic protection. Your calculated choice is based on reason that will add value to your business, be it financial value, or intrinsic brand value that upholds your business’ core values. |
|
| 3 | Talk straight – a trusted advisor will be clear about costs and not dance around this issue. You’re getting expert advice or guidance, their time is valuable (or you wouldn’t want their advice), so expect to pay for it. Generally, this will be made clear from the outset, with you being informed of the potential costs associated with each step to be taken and when that step will occur. This will assist your business with budgeting to minimise any chance of surprises. |
| 4 | The advice is clear and concise. |
Lastly, if you find a trusted advisor, refer them to others. An e-introduction to a trusted advisor will be appreciated by both parties; and is likely to generate goodwill for you and your business.
If you would like to discuss your business plan with a trusted advisor, or be introduced to one, please contact Mark Metzeling or a member of Macpherson Kelley’s Commercial Team.