Invention assignment agreements (IAA) are crucial for protecting a company’s IP and also offer opportunities to foster a culture of collaboration and innovation. Businesses can craft agreements that secure the company’s IP and allow employees and contractors to participate in joint ventures, partnerships, or even personal projects. On the other hand, neglecting to implement […]
Nobody wants to be involved in a lawsuit — it’s long, tedious, expensive, and damaging to a business. But if you’re facing this problem, rest assured that you’re not alone! According to The Zebra, approximately 12 million contract lawsuits are filed every year against small businesses. There’s no need to harp on why this […]
Growth by acquisition is an option for companies interested in expanding their reach and increasing the bottom line. Interestingly, experience with such M&A transactions can increase the value of a business when taken to market to sell. Businesses that have successfully executed transactions may be valued higher than those who have not. Why? Institutional […]
It’s crucial to be aware of current trends and growth patterns within your industry, which can significantly impact your company’s growth strategy and marketing timing. Imagine you were operating an airline in 2020, when the aviation industry fell into abrupt decline due to the COVID-19 pandemic. This certainly would not be the right time […]
It obviously isn’t wise to shout your company’s finances from the rooftop for all to hear, but your management team should have appropriate visibility into company performance. Without this information, managers may rely on assumptions or incomplete data to make decisions. That lack of clarity can cause disagreements and conflicts among the management team, […]
There are many good reasons to address environmental hazards in your business—ethics, morals, reputation, and branding all come to mind. But did you know that addressing environmental issues, even potential ones, could save your business money by increasing efficiency, risk mitigation, and market competitiveness? Conversely, ignoring environmental hazards could land your business in legal […]
Beyond putting a business at a competitive disadvantage, high employee turnover also has significant financial implications. This issue has the potential to directly affect a company’s bottom line. According to SHRM, the average cost to hire a single new employee in 2022 was $4,683. Expenses that contribute to this cost could include recruiting hours, […]
Organizations worldwide lose an estimated 5% of their revenue to fraud each year, according to a 2024 report by the Association of Certified Fraud Experts. That’s why financial controls are so important, especially for small and midsize businesses without endless resources. Regular audits aren’t just important when you’re considering selling your business—they can also […]