The Traklight Blog

Explore the world of intangible assets and IP with guest blogs, business owner interviews, and more.

The Importance of Knowledge Management

Businesses are able to learn and grow through a shared knowledge. None of us walk into a job and know how everything operates, either at that company or in the industry. We're relying on the knowledge of others who have gone before us to educate ourselves, as well as the know-how of our current co-workers. And new people can add to this knowledge in their own way, often bringing new ideas or fresh perspectives to old problems or methods. There's a saying that goes, "If you want to go fast, go alone; if you want to go far, go together," and something similar could be said for gaining knowledge.

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Have Success With Your Small Business

Small businesses face a number of challenges as they try to grow.  Being a small company means have to approach things differently than larger companies in your field. And while a lack of assets can be a hindrance, it can also offer flexibility. Bigger businesses may have the money and workforce, but they can also fall victim to an entrenched mindset that can prevent new and innovative thinking. Here are some ways that small businesses can succeed while the odds are stacked against them..

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Evolve Law Summit: Strategic Partnerships

Our second Summit panel was on the topic of strategic partnerships. The panel had a wealth of knowledge to draw on in discussing the idea of strategic partnerships from the perspective of both the smaller company and the larger company in the relationship.

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Sort Out Potential Legal Issues For Your Business Early

No one likes to think about, much less tackle, the potentially tedious tasks that come with the responsibilities of life. That's why so many of us put off doing our taxes or going to the DMV. Often there are things that are more pressing, and if you're honest with yourself, you really don't want to do it, even though you know you're going to have to eventually. Procrastination is easy, especially when you're the driving force of your business. You should be out there leading your employees or dreaming up the next project! But small details matter, especially when they can become big problems. There are a few key areas to mind to prevent disaster.

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Have a More Productive 2017

We all struggle with productivity in one way or another. Perhaps we find it hard to tackle certain tasks that nevertheless need to be done. Possibly you've put off important decisions that seem difficult. Or maybe you feel that for all that you feel you're doing, you aren't accomplishing as much as you would like. We've all been guilty of not working up to our abilities in one way or another, and as much as we want to change it, we find ourselves stuck in old habits that can exacerbate these tendencies.

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Think About the Future

When you’re looking to start your own business, there is a lot to consider. Beyond the immediacy of names and product ideas and an office to set up shop, you want to make sure that you are preparing for success rather than simply working hard with the aim of seeing where things go. Envisioning a goal or target can help you get through those long days and nights. But while you’re on the road towards achieving that goal, there are a lot of other details along the way that can threaten to take your business off track.

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Have Agreements in Place to Protect Your Business

While many businesses start as solo ventures, at a certain point you have to rely on others in order to have success and grow. Whether it’s people working for you or with you, the odds are you’re going to need help at some point. And that is probably a good thing; while solo work allows you to pursue a singular vision without having to compromise, coworkers and collaborators bring new ideas and new skills that you previously didn’t possess.  But working with others isn’t always easy, and adding people to your business brings about complications that need to be addressed before they turn into serious issues.

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Set a Foundation for Your Business

Starting a business is among the most exciting and anxious times of an entrepreneur’s life. You have so many ideas about what you want to do and how you want to change the industry and maybe the world if you’re feeling particularly ambitious. You’re also nervous thinking about all the things you have to do and all the work that goes into getting a business off the ground. There aren’t many people who are overly fond of what could be termed “administrative work”, and there is quite a lot of it that goes along with having your own business. Many business owners will put off those tasks for a later day, rationalizing that the product is the centerpiece of the entire enterprise and therefore demands all of the attention until it’s ready for market. And while having a narrow, single-minded focus can help you achieve success in the long term, ignoring important details in the beginning of your company can put you at risk for failure.

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Avoid Failure to Launch: Part VI

In Part VI, our final blog in the series based on attending David Durick of Paychex’s workshop at the Small Business Expo 2016, we analyze step nine and ten. The necessary contracts are identified with Traklight’s free Business Risk Assessment,  which you can access here. To identify, track, and protect valuable IP, you can upgrade to our Full ID your IP product for a special price of $99 with this code: BMBPC16.  The Risk Chart and IP Diagnostic link you to Paychex partners who can help both address your issues and protect your IP.

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Avoid Failure to Launch: Part V

The fifth part in our series  based on David Durick of Paychex’s workshop at the Small Business Expo 2016, examines step seven and eight of the ten critical steps to building and protecting your business. If you are not sure which administrative tasks apply to you, please join Traklight here and take the free Business Risk Assessment. The Risk Chart on your dashboard will help by linking to Paychex partners who can minimize your risks and increase your chances of successfully launching your business. You can save time and money on some of these tasks by downloading and reviewing your Strategy Report located on your dashboard as indicated below.

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Avoid Failure to Launch: Part III

The third in our series based on attending David Durick of Paychex’s workshop at the Small Business Expo 2016 examines the third and fourth of the ten critical steps to building and protecting your business. If you are not sure which steps apply to you, please join Traklight here and take the free Business Risk Assessment with our compliments.

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Run Your Small Business Effectively

As a small business, you have to approach things differently than larger companies in your field. But that doesn’t necessarily have to be a disadvantage. While big businesses have considerable resources to draw from for projects, they can also be the victim of an entrenched mindset that can prevent new and innovative thinking. Here are some ways that small businesses can succeed at winning an unfair game.

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Co-founders Argue Over Acquisition Payout

taxi-cab-381233_1280.jpgAt Traklight, we often preach the importance of contracts and agreements. It's an admirable quality to have faith in others, and there are many times that faith is rewarded. But the fact remains that while it's nice to hope for the best, it's prudent to plan for the worst. That even applies when it comes to those whom you choose to cast your business lot in with: your co-founders. There are far too many cases of partnerships gone awry to think that your particular pairing will never run into problems. And money can only compound those issues, as evidenced in the case of Cruise Automation, a company that was recently acquired for a considerable sum by General Motors and subsequently saw  founding members fight over shares of that prize.

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