BUSINESS

What is the biggest mistake people make in business?

The fact is that people make many mistakes in business, which is why 80% of businesses that have formed this year will of gone bust or ceased trading within five years. That’s not because of the coronavirus or the current economy that’s in tough times.

So, what is the biggest mistake people make in business? There are clearly many mistakes, and whilst within this post and video I’m not going to discuss all of them, I am going to discuss what I believe is the biggest reason that businesses fail. Before I do so, I want to clarify one thing, and that is – I’m not just saying this because I’m in marketing. I’m saying it based on my 26 years of experience working with thousands of businesses in hundreds of industries and seeing the same mistake being made again and again and again.

That mistake is not being good enough at sales and marketing!

Let me ask you a question – on a scale of 1 to 10, with one being awful, five been average, and 10 being truly outstanding, how good are you and how good is your business at selling and marketing the products you provide?

The truth of the matter is that 99.9999% of the businesses that I come across could definitely improve. They could improve their website. They could improve their social media. They could improve their email marketing. They could improve their advertising. They could improve their effectiveness when they go out networking and when they attend exhibitions, et cetera, et cetera et cetera.

business

What is intellectual property (IP) and why does it matter to your business?

Most people have some vague knowledge of what trademarks, copyright and patents are; but few can explain the difference between these and fewer still can explain why they are important to business value.

Some people refer to IP as creations of the mind - hence the use of the word intellectual. The key however is the word property - I doubt very much that you leave the door to your house wide open when you go out for the day, so why then leave your intellectual property open to copying, mimicking or even theft?!

IP can incorporate your logo or catchphrase; your blog; video; design; software; algorithms; innovation; your client list or pricing; even some trade-craft knowledge as to how to do something more efficiently, etc.

Intellectual property encompasses all things Brand, Reputation, Innovation and Knowledge; for most businesses these aspects have been hard earned and acquired over many years, with not insignificant financial investment.

IP is too expensive to ignore but it does not have to cost the earth. Some IP rights are free to use for example unregistered rights like copyright and trade secrets; but also branding via social media, which can be a good and fast way to establish a brand in a marketplace.

IP can be licensed. We are all used to paying copyright license fees for example to access music, books and movies, usually via a platform. I once knew a man who sold his comedy club business but retained the rights and generated good income for many subsequent years by licensing the brand name to the various new owners. The most commonly licensed forms of IP are copyright; brand names (trademarks including digital aspects: domains, websites, social media); patents; designs and even trade secrets.

IP can also be used to develop value in partnerships, BD and for investors.

First you need to identify your IP, then make sure it is protected and finally that you are developing value in your business with it.

You will have intellectual property in your business. The key is to know what makes your business unique and stand out from the rest, finally to know how you can best defend that uniqueness.

John Pryor

E: john@exaltip.com P: +44 7587 885 131

www.exaltip.com

First you need to identify your IP, then make sure it is protected and finally that you are developing value in your business with it.