LAW: Protecting trade secrets
Small businesses commonly overlook or follow poor procedures when it comes to their trade secrets, igniting a chain reaction that can culminate in the loss of valuable company assets. Trade secrets are the everyday tools of your business, ranging from formulae and source codes to strategic plans and business contacts. By establishing and following strict internal controls relating to protection and distribution of confidential information, your company can shield itself from the misuse, theft, or destruction of valuable intellectual assets.
SALES & MARKETING: Avoid costly price wars – with a strategy
To the degree that you can differentiate your product in the marketplace, you can price according to value provided to the customer. This also requires that you develop a clear and compelling communication strategy regarding the features and advantages of your product. Customers object to price when they are confused about what they are getting from you compared to the competition. The ability to closely convey how your product is different or better will pave the way for higher receptivity to price.