In the current competitive global market, speed and innovation are the cogs for success. Establishing a firm competitive advantage is difficult without continually revitalising the core offerings of your business.
Any business which moves past the early start-up stage tends to optimise itself for efficiency rather than strategic agility. The latter involves avoiding threats with speed and confidence, as well as swiftly capitalising on opportunities that present themselves.
“In the new world, it is not the big fish which eats the small fish, it’s the fast fish which eats the slow fish.”
– Karl Schwab.
The Harvard Business Review published an article in 2012 devoted to the topic of speed in business, titled ‘Accelerate!’ by author John P Kotter. Kotter warned that winning in the current fast-moving world requires rethinking company direction regularly, or at the very least every few years. Adapting to change also requires implementing operational reforms that respond to this constant flux.
Perhaps the biggest gem of advice on the importance of speed in business was offered by Klaus Schwab, the founder and executive chairman of the World Economic Forum. He asserted that “in the new world, it is not the big fish which eats the small fish, it’s the fast fish which eats the slow fish.”
Taking this advice on board, there are several ways to legally safeguard your businesses to help its innovation and productivity. From selecting the best business structure to allow growth and progress, to applying for registration of intellectual property
Anchor with legal protection
No venture can be successful without secure legal foundations. The ramifications of not seeking sound legal advice when starting a business include potentially costly tax implications if the incorrect business structure was chosen, or disputes in court if employment law is not complied with.
Under Australian Law, several key pieces of legislation such as the Corporations Act and Trade Practices Act dictate how businesses should proceed legally. Steaming ahead often relies on putting the proper coal in the engine, and expert commercial lawyers can offer businesses the advice and tools needed to achieve this.
Sail with a strategic eye on the horizon
Developing novel products, goods or services requires constantly researching the current market to see where the gaps are. Given that speed is so crucial for success and profitability in today’s economy, the importance of protecting the ideas which create the speed should not be underestimated.
Protecting intellectual property through patents, trademarks and copyright can help a business keep its assets and unique selling points safe from theft or infringement.