Protecting your small business from rival firms

On Behalf of | Oct 5, 2022 | BUSINESS & COMMERCIAL LAW - Business Formation & Planning

You’ve recently launched a new company and everything is going relatively well so far. In fact, things are going so well that rival firms are starting to take notice. You’re worried that they are going to try and move in on the market that you’ve managed to capture.

What can you do to protect your small business from rival firms?

Get your contracts in order

You’ve managed to source cheap suppliers that can provide you with everything you need. However, you’re currently operating on week-to-week deals. Why not try and approach your suppliers to try and lock in a long-term contract? This means that your supply is secured and you can also guarantee customers prices at the same rates, rates that your competitors are unable to match.

Protect your intellectual property

Your business relies upon the use of innovative technologies and procedures. If your rivals gained lawful access to these, then they could probably come up with something quite similar. By using copyrights, trademarks and other legal instruments that protect intellectual property, you can stay safe in the knowledge that your trade secrets cannot be stolen and your unique practices remain uncopied.

The corporate world can be ruthless and it’s difficult to compete when rival firms are acting unfairly. You’ve put so much into establishing your company that it is worth protecting in every possible way. By having legal guidance behind you from the start, you can ensure that your business is able to remain competitive in the marketplace.