Your IP assets are part of the resources and assets of your business. Your business plan should include the strategies you will use to benefit from your IP.
A business plan is a detailed look at the current state of a business, how it is positioned and how it is going to achieve its identified goals. It may also be developed to assess the feasibility of a business idea or to raise funds for a business.
One of the fundamentals of business planning is to consider how your resources can be best applied.
Your IP assets are part of your resource pool and as such IP should be a core element of your business plan. When you focus on your IP, you may be surprised just how much of an asset it can be. It can add up to a substantial percentage of your company's total value and it is essential that you account for it.
When developing your business plan there are a number of things to consider to ensure that you best protect your IP.
Benefits of including IP in your business plan
The motivations for developing a business plan may include raising funds or attracting a buyer for a business.
When IP is included in your business plan and is well protected, managed and valued, you will benefit your business by:
- making your business more attractive to a potential investor or buyer
- easing the process of getting approval for a loan or refinancing for expansion
- raising finance for research and development.
Business Owners talk IP
IP Australia interview eight small business owners and discuss the need to protect yourself against copycats, how important their brand is to their success and where to go for general business advice.
Last Updated: 15/12/2012