1 Step Today to Future Proof your Agency
O*NO! The world and future seem very uncertain right now and you worry how your agency will fare in the short and long term. I get it. As business owners we don’t have a crystal ball, but there is one very simple step you can take today to start to future proof your agency.
Shield your assets
Usually when we speak about shielding assets, it’s more in relation to fancy corporate structures and legal hocus pocus. Not today.
Today is about being able to take steps yourself to shield something very important – your intellectual property and client database.
You will spend years building up your client data base, getting your brand out there and improving on your suite of documents that you use day-to-day. But we often don’t think about how much this is worth to us. Think about how you would be impacted if you lost your client database, brand and all of your documents. Could you still run your business? Could you even sell it without those things?
It’s time we start to think in these sorts of terms, as what we have worked very hard for is well worth protecting.
Ok, I want to shield my assets, but from who?
Usually we focus on protecting ourselves from external third parties who try to sue us down the track – but not today! Again, we are taking a different focus here. We are protecting our IP and client data from our very own staff.
Now, our staff usually work in our best interest, are hard working and we trust them. I’m not disputing this at all, but staff usually won’t stay with us forever. Generally when they leave, something has made them go and the relationship changes drastically. This change can be unpredictable, and depending on the circumstances they will move on to other employment and then have their new employer’s best interest at heart.
So, what can be done to protect yourself? Easy - make sure your employment contracts cover this stuff.
Takeaway
To future proof your agency by protecting your IP and client data, ensure your employment contracts have clauses that state:
IP created by the employee belongs to you as the employer;
An employee can only use your confidential information and IP (including client data) in the course of working for you; and
When an employee leaves, they cannot ‘go after’ your clients.
Your next steps
Go and check your employment contracts! If they are not bullet proof or if you are unsure, then reply to this email and I’ll get you sorted! Book your free 10 min call to get started with our team.
Boring legal stuff: This article is general information only and cannot be regarded as legal, financial or accounting advice as it does not take into account your personal circumstances. For tailored advice, please contact us. PS - congratulations if you have read this far, you must love legal disclaimers or are a sucker for punishment.