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Performance Reviews: Are You Making These Mistakes?

Yearly reviews are commonplace in many organizations, but they are often dreaded by both the reviewers and the employees being reviewed. Managers feel uncomfortable giving out negative feedback, while those reporting to them stress while anticipating the feedback.

The main problem of annual reviews, aside from their negative connotation, is that they are largely ineffective. A study found that job appraisals negatively affected job performance more than one third of the time. As a result, many companies around the world, such as Microsoft and Gap, are phasing out traditional annual reviews altogether. However, performance reviews can be effective if the leaders correct mistakes they are making in this process! Read on to find out if you are making common mistakes during the evaluation meetings with your staff and how you can ensure yours is successful.

Not Timely

Another problem with the annual review is that it’s only given once a year. That is not nearly enough time for managers to be able to provide productive feedback and work together with their employees to make relevant changes.

When you sit down with a staff member in December and mention something that occurred in May, the individual may have no recollection of the incident. Therefore, leaders have to provide timely feedback instead of waiting a year to bring something up.

The most beneficial feedback is immediate, or at least timely, brought up within a few days of the occurrence; otherwise, it is just pointless. While a formal meeting to discuss the yearly performance may be helpful when discussing promotions or raises, feedback should be regularly provided during the course of the workweek.

Focusing on the Negative

Bosses often misunderstand the main point of the performance review, which is to help employees work more productively and efficiently. Instead, they consider this a time to air their grievances and dissatisfaction with the team member. Even if the individual is performing up to the standards most of the time, if the supervisor focuses solely on what needs to improve during the review, it may negatively impact the loyalty and job satisfaction of the person.

Even if you have an employee who is underperforming in many areas, it is helpful to first bring up something positive about their efforts before concentrating on the negative. Consider the small things that the person may be getting right, like the fact that they are always pleasant, to bring up before moving on to what they may need to improve.

Not Setting Benchmarks

The feedback given out during a performance review will likely not amount to anything unless measurable and realistic benchmarks are set and agreed upon by both the employer and the employee. It’s not enough to tell a subordinate that they need to work faster; to help them become more productive, set small goals that the individual can work towards.

For example, if you need a staff member to work faster, instead of telling them to do so, you should count how many tasks the person currently accomplishes in one week, and increase that by 5 percent per month to see if they can ultimately speed up by 15 percent. It’s important for managers to be involved in this process, observing current behaviors, setting goals and then measuring the employee performance to see if they are meeting those goals.

The reason performance reviews get a bad rap is because many managers are not doing them properly. Sitting down to provide feedback only once a year, focusing on the negative and not setting benchmarks makes the process ineffective; however, making small changes can positively impact both the person and your company.

 

Low Corporate Morale? Five Ways to Boost Employee Engagement

Working in today’s world is not easy – the hours are getting longer, the responsibilities more intense and the push to cut costs are brutal. Many business owners find that they have more to do to stay afloat with less resources to hire staff, so all employees end up doing more with less – less time, less money and less help.

Overworked and tired employees develop low corporate morale as they stop looking forward to coming to work every morning, and feel tired and stressed out. This leads to high employee turnover, decreased productivity and an unhappy workplace.

On the other hand, engaged employees are better for business – a source states that businesses where the staff members are truly engaged “have 6% higher net profit margins,” according to Towers Perrin research and “five times higher shareholder returns over five years,” according to Kenexa research. It is up to the business owner to find ways to boost employee engagement, which will create a better corporate culture and better overall morale.

What is Employee Engagement?

An employee who is truly engaged is invested into the success of the company in which they work. They don’t just come in to receive a paycheck, but care about the company’s goals and interests. This type of team member uses discretionary effort, meaning they do things to help the company without having to be asked or required to do so. This can involve staying late or coming in on a weekend, mentoring a new staffer, or addressing a safety concern.

How do You Promote Employee Engagement?

In order to “turn that frown upside down,” use the following tips to improve corporate morale to increase employee engagement:

Reward Your Staff’s Efforts

When small business owners hear the term “reward,” they tend to think of financial rewards; however, rewards don’t have to cost anything! Simply showing your staff that you recognize their hard work and are grateful for their efforts is often more than enough to get them to take ownership of their responsibilities and become more engaged.

Oftentimes, simply saying, “I see you are working hard, and I appreciate it,” will do the trick. However, it can also be advantageous to recognize certain team members publicly during a staff meeting or to create an employee of the month award so that the whole office is aware of someone’s achievement. 


Other ways to reward staff without spending a dime are to let them go home earlier after a long week, give them a day off after a busy season that required continuous overtime or to host a potluck to celebrate a big company win!

Support a Cause

It’s important to remember that companies are made up of people, and that many of them are motivated by social causes. A great way to boost engagement is to survey your employees about causes important to them – be that the environment, local boys and girls clubs or third world countries. After calculating the responses, pick a social cause that you can support as a company.

You can either dedicate a percentage of your profits to the cause, or help bring awareness to it through marketing and social media campaigns. To take it a step further and truly unite your team members to strive for a common goal, dedicate a day to go out and make a difference together. Volunteer at a local homeless shelter or build houses for Houses of Humanity to help those that are less fortunate.

The best way to boost morale and create employee engagement is to take the time to get to know your staff, form relationships with them, and make them feel appreciated!

 

Five Ways to Lead Independent Thinkers

There are different types of leaders – micro and macro-managers. Micro-managers are akin to dictators, they want to be involved in every small decision, and do not provide their staff members with the ability to think for themselves. Macro-managers, on the other hand, lead a democratic team, encouraging their employees to make their own decisions, take chances, and provide innovative solutions to everyday problems.

Time and time again, research studies have proven that macro-managers are the best types of leaders; this manager not only creates a happier corporate culture, but has loyal and productive employees. However, in order for a manager to relinquish control and delegate tasks to staff members, they need to be sure that the workers are up to the challenge of working independently and trusting their own instincts. Whether you are integrating a new candidate into your team, or want to delegate more and micromanage less, you can lead your staff to become more independent thinkers in the following five ways.

Delegate

A common grievance of bosses is that they spend a majority of their day on tasks their staff members should be doing. However, not all supervisors have the skills necessary to take themselves out of the equation and delegate tasks to free up their schedule.

The first step to encouraging employees to think on their own is to make them responsible for their own tasks. This process starts with the team’s leader – this individual must be able to hand out assignments without looking over the individual’s’ shoulders every step of the way. Employees must feel capable and qualified to handle their duties in order to start thinking independently, otherwise they will keep turning to the boss with every question or concern.

Be Open to Different Views

Once tasks have been given out, the manager must be open to hearing and implementing different views. Many leaders feel comfortable following the status quo, and resist any suggestions to innovate. This attitude stifles the minds of the employees, and doesn’t encourage them to think on their own, as they know that any suggestion will be ignored or denied.

Trust the Capabilities of Your Staff

Another component to promoting independent thinking is to fully trust in the fact that your employees are capable of making their own decisions, and are invested in the best interests of the company. After all, you hired them for a reason! When bosses stop second guessing their team members, and trust that they are experts in their field and have the experience and knowledge to work independently, they can start encouraging their staff to trust themselves.

Encourage Original Thinking

To promote independent thinkers in your workforce, you should promote original and out-of-the-box thinking. Ask your employees to come up with innovative ideas and share them with the rest of the team. Consider rewarding employees who offer unique ideas that can benefit your company – you can offer gift certificates, time off or bonuses for the effort!

Provide Inspiration

Innovation often comes from inspiration, but it’s difficult to get inspired inside the bland walls of most office environments. To promote creativity and original thought, provide inspiration in the form of bright colors, vivid images (art and photography), music and unique experiences in the office.

Advise your employees to take a walk outside if they are in the process of a creative endeavor, or take your team to an ethnic restaurant to introduce them to flavors and smells from different cultures. All of these experiences can contribute to helping them change the status quo.

How Redefining Your Core Values Can Benefit Your Business

As the new year momentum continues, it can be beneficial to review the core values of your business to see what you can amend and improve upon. Redefining your business core values to make them significant and actually mean something to your staff, partners, and customers can play a monumental role in the way your company is seen and how others relate to your brand.

A source for Harvard Business Review, who has helped companies refine their corporate values for over one decade, states that bland or meaningless values can damage the credibility of the company and alienate employees. To prevent this, revisit your current core values, find room for improvement, and take the following steps to redefine them.

Review Your Current Core Values

To start, re-familiarize yourself with the current corporate values you have established. Are they still relevant, achievable, and actually being implemented? For example, if one of the values is transparency, do your firm’s daily operations reflect that goal? Does information freely flow from top to bottom and in reverse? Are you open and honest with your investors, business partners, and clients about any issues, roadblocks or failures?

Remove any core values that are no longer important to your brand, don’t say anything about your corporate identity, or are simply impossible to achieve.

Survey Your Team

An organization is made up of the team members employed there; therefore, it can be beneficial to survey your employees to find out what their personal values are. If you able to align the personal beliefs and values of your staff with your business values, you can create a better corporate culture and overall working experience for your team.

Send out an email or online survey and ask employees to write down three to five personal values that matter to them. Review these answers and narrow down the top five to 10 choices based on popularity, significance, and relevance to your brand.

For example, if the majority of your staff value sustainability and the green movement, you may consider adding an eco-friendly component to your company’s philanthropic efforts. This can increase employee loyalty by supporting a cause that is important to them, and also start to promote your brand image with a new and important initiative.

Implement the Newly Established Core Values

Once you remove outdated and irrelevant values, and have worked with your staff to come up with meaningful new principles, you must create a plan to implement them. Core values must be ingrained in every decision and practice of the organization because they are the foundation of the brand’s identity.

If you added honest communication as a core value, for example, consider investing in training that would improve the communication skills of your managers and other staff members. Teaching them to better read nonverbal cues, actively listen, and understand difference in multicultural communication can lead to a more productive work environment.

Redefining your core corporate values can unite you with your clientele, partners, and employees by exposing the main principles that define your company and creating common goals for all staff to follow. Revisit your business’ core values while you’re still riding the momentum of New Year’s Resolutions and betterment initiatives!

What Your Small Business can Learn from Big Business in the New Year

The New Year offers the opportunity to analyze your current business practices and consider ways to improve the status quo. One strategy small business owners can utilize is looking at the latest big business trends, and evaluating which can help their companies succeed in 2017. To save you time in your search, we have found and included the most popular big business trends in this article.

Subject Matter Experts Replace Salespeople

While the goal of every business is to sell, business-to-business (B2B) companies can benefit from hiring subject matter experts (SMEs) to lead their salesforce. While a typical salesperson can be entry-level, providing price options, delivery times, and general product information, a subject matter expert is much more than that.

This is an experienced professional who is not only extremely knowledgeable in the product or service being sold, but the company’s goals, the competition and the overall industry. These professionals can provide a great value to consumers as they can make recommendations based on individual business needs and explain clearly the competitive advantage your offerings have over your competitors.

Videos Become Content Musts

It’s no longer enough to write product descriptions or compile written instructions, as the public is demanding video content. In fact, Cisco predicts that videos will make up 69 percent of all consumer internet traffic in 2017.

Hubspot confirms this prediction; their Consumer Behavior Survey found that 55 percent of users report watching an entire video, versus just 29 percent who would read a blog or 33 percent who would finish an interactive article.

What does this mean for small business owners? Invest into creating videos that highlight your products, services and overall company. This effort will pay off with higher sales; Forbes found that 65 percent of individuals who saw an online video then visited the company that posted it.

Social Media Takes Over Direct Email Campaigns

Forbes reports that collaboration tools, like Google Docs, are replacing internal communication between employees. Instead of sending and receiving dozens of emails when working on a project, employees make changes and post comments online, which means that B2B companies will have a harder time getting potential customers to read their email campaigns, as they will not check their inboxes as often.

How do you reach new and existing clients if not through email? Through social media platforms, such as Facebook, Twitter and Pinterest. Updating relevant photos, posts and news about your company will resonate better with your target audience rather than just blasting emails out at them.

If you choose to implement a big business idea for your small enterprise, such as adding a subject matter expert to your team, or creating a video, you may find it difficult to fund these endeavors. IOU Financial makes it our mission to help small business owners succeed and grow their businesses with small business loans. Click here to find out how you can secure a loan in under 24 hours!

New Year Resolutions: Don’t Just Make Them Personal

The new year is quickly approaching, and many of us are making plans for how we will welcome 2017. Some individuals are purchasing champagne to ring in the new year, while others are coming up with new year resolutions. It is fairly common to come up with typical goals, such as losing weight, creating more family time, and dedicating more effort to hobbies and interests, but resolutions are not only beneficial to your personal life. In addition to personal resolutions, concentrate on professional objectives, as well. In fact, it is advantageous for managers to encourage their teams to brainstorm together to plan for the upcoming year with these steps.

Prepare General Company Goals

Prior to sitting down with your team and making resolutions for the following year, make sure you are prepared. You cannot ask your employees to provide solutions without being aware of the company’s plans. It is recommended to meet with your own manager, who is likely privy to more information, and will provide you with projected goals for 2017.

Encourage Employees to Participate

Alert your employees of upcoming meetings to discuss goals, and encourage their participation. It may be beneficial to share the organization’s goals prior to the meeting, and ask your team members to consider ways of accomplishing them. In fact, you may require each and every staff member to create a plan for next year, which involves actionable objectives that can be measured and accomplished.

Business meeting

A great leader will remember that their staff is not only invested in the company’s success, but also in their own. To show your employees that you are committed in empowering them, ask them to create individual professional goals as well as plans to benefit the company’s mission.

Host a Meeting 

In order to create new resolutions, you must dedicate a place and time to get your team together. Schedule a meeting, and alert your team about it in advance, so they have the time to prepare their suggestions. As the meeting commences, you can take the lead in reviewing the company’s and the department’s resolutions for next year, but don’t monopolize the conversation the entire time. Instead, allow each and every individual the time to share their thoughts on relevant steps that should be taken in 2017.

To prevent everyone from speaking at once, or interrupting each other, you may go around the room, giving everyone a chance to contribute, or use an object as a “talking stick,” only allowing the person holding it to speak.

Collaborate on creating a general to-do list for next year with measurable results that can be crossed off as they are accomplished. You can choose to meet with each employee individually at a later date to discuss their personal goals.

Follow Up

After the meeting has concluded, follow up with a written plan for 2017. Designate a team leader to oversee employees in the following year to make sure everyone is staying on track with their resolutions, and providing tools or advice to those that are falling behind.

Want to Be a Better Leader? Ignore Popular Advice

Any person in a position of power likely strives to be a better leader. After all, most of us have encountered unfair treatment as we climbed the ladder to success, and now that we secured a leadership role, being the best possible boss is an important goal.

What defines being a great leader? Is it being empathetic, empowering or motivational? Does it involve expecting only the best and pushing your staff to work at optimal levels? There are countless articles both online and in print that provide tips on improving your leadership skills. What do some of the most popular sources recommend leaders do to improve?

  • Inc.com recommends investing in training, taking risks, creating a vision and challenging employees to optimal performance.
  • Harvard Business Review states that successful leaders have richer personal lives, and to hone leadership skills, individuals must focus on all domains, including their personal and professional lives, their community and their self (body and spirit).
  • Forbes takes the focus off employees entirely, and advises bosses to meditate to be better at their jobs.

With so much conflicting advice, what should you focus on if your goal for next year is to be a better leader? Do you budget for training your staff, or do you invest in spending time in your local community? Will either really benefit the relationship you have with your staff members?

We have only one piece of advice when it comes to exceptional leadership – skip all the popular advice (just not ours) and practice active listening! This one simple goal involves a few steps:

Stop Speaking

Many managers hold the false belief that as the most experienced members of the team, they must do all the talking. Bosses typically monopolize business meetings, prepare weekly to-do tasks for employees, and encourage subordinates to come to them when seeking help.

The problem is that with all the talking is leaders rarely stop and simply listen to their staff. Those that do, quickly realize that their staff will let them know (either verbally or through their actions) what it is they require for a happy and productive workplace.

Instead of micromanaging your staff, involve them in the plans and goals for your department. Invite them to contribute their opinions, raise objectives and suggest improvements. Doing so will empower your team to be driven and responsible.

Be Aware

Once you stop feeling responsible to lead the conversation, you can concentrate on becoming more aware of others around you. Remember that as a boss, your job is not only centered on overseeing job performance, but also ensuring your staff’s well-being and satisfaction. If they feel unappreciated, overworked or mistreated, your employee turnover will increase.

Start everyday by asking your employees how they feel; but also focus on their non-verbals. If they look stressed out, tired or sad, inquire about what is going on. Whether they feel pressured at work or are dealing with personal issues at home, a good leader will create awareness of their staff’s emotions, feelings and thoughts, making the workers feel valued and cared for.


Be Selfless

Many managers mistakenly believe that since they hold senior titles, they no longer need to work as hard as their subordinates. However, when you require your staff to work nights and weekends, but you’re the last person to come in and the first to leave, your employees become disgruntled.

Strive to be selfless, and be the example of what a hard working and dedicated worker acts like. This way, your staff will respect you, and not resent their selfish boss.

While striving to become a leader leader is noble, you don’t need to spend company funds on management training; instead, just focus on listening, being aware, and being selfless to create the best company culture for your employees.

Let’s Talk Money: 5 Ways Businesses Can Maintain Financial Transparency with Employees

Talking about money with friends, colleagues, family, or any other relationship that exists is usually topic that is avoided. When running a business, this trend also seems to remain true. Businesses are often reserved when it comes to sharing the company financials with its employees for a variety of fear-based reasons. While every business has the choice of who they share what numbers with, the businesses that choose to share with employees can navigate this hard-to-discuss topic with clear direction. In this post we will review the 5 correct ways your business can maintain financial transparency with your employees. Let’s take a look!

Share the Information on a Consistent Basis: Good and Bad

While good news is much easier to share, if you are committing to sharing the financial status of your company’s transactions with your employees, you should embrace sharing the information on a consistent basis, whether the numbers are good or bad. Sharing on a set schedule demonstrates that the company will remain transparent, regardless of the color the company is heading into. Good, bad, or indifferent, remaining on a set quarterly, monthly, or even weekly sharing basis will help with the commitment to being transparent with your employees.

Explain the Numbers: Help Employees Understand the Breakdown

Graphs, projections, charts, oh my. Sharing the financial status with employees is more than just arrows up or down. Sharing takes explaining what it all means. When reviewing financials, help employees understand the numbers they are seeing. Are the projections on track for making the growth expected? Does the company see their value in those numbers? Do you even know what the numbers mean? Sharing and explaining what each dollar in and dollar out means for the company can demonstrate the value of your employees in every transaction.

Review Tough Questions Ahead of Time

Make sure you’re ready to answer the tough questions that your employees may ask. Consider what the employee may see when the numbers come through and be prepared to explain what the company is doing, thinking, or considering when they see the same numbers. Reviewing some potential questions in advance of the numbers will help navigate a potential onslaught of “what does this mean?” question session.

Share in Person

Timing is everything. Companies usually have the time they share news to the team down to a day and time of the week. That usually is paired with a nicely worded email, newsletter, or some form of typed-out document. When it comes to sharing the fiscal information, companies should consider doing this in person when possible. Sharing in person can help reduce office chatter about what the numbers “really mean”, or reduce the misunderstanding of one “0” in the fancy pie chart. Sharing in person allows allows real questions in real time. If a company can find a way to share and provide a follow-up meeting or offer in person reviews, it will ensure staff morale stays high around the company’s financial transparency and communication with its employees.

Demonstrate the Employee Connection in Financial Goals and Reviews

People work harder when they see their value in the end product. Highlight the employee’s contribution to the numbers they see. By demonstrating the connection each employee has to every dollar, they will be encouraged to take ownership of that dollar. By highlighting where an employee fits in the grand scheme, it will help define purpose, passion, and projections to shoot for. The employee paycheck should not be the only financial connection they see to a company.

By sharing and remaining transparent with your company’s financial statements, employees can find increased value and connection to the company that they work hard for. By following these five ways to maintain your business’s financial transparency, employers can reduce the fear that goes into sharing their finances with others. While these methods may not make dinner party discussion about how much or how little one makes easier, it can help the employee, company, and its operating managers feel better prepared to use the company numbers to their advantage.

Should You Allow Pets at the Workplace?

As a business owner, there are a lot of decisions you need to make about the best policies for your office. You may offer your employees unlimited vacation, the option to telecommute to work, or free lunch. Another benefit to consider offering your staff members is a pet-friendly office environment. Although this may seem counterproductive to running a successful operation, it’s becoming more common for business owners to allow staff members to bring their pets to work. Is a pet-friendly office right for your business? Consider the benefits that pets can offer to your team members, such as:

dog_blogLower Stress Levels

The workplace is a fast-paced, demanding environment, which creates stress for working professionals. Forty percent of workers stated that they were very or extremely stressed out on the job, and 25 percent said that their work was the number one cause of stress in their lives. The effects of stress on the body are well-known: high blood pressure, sleep problems, weight issues, diabetes and heart attacks.

One effective way to fight stress is to create a pet-friendly office where employees are allowed to bring in their cats and dogs. A 2012 study found that employees who brought their pets to work reported being less stressed out throughout the day.

Dogs have been proven to reduce levels of cortisol, which is a hormone that is responsible for stress, while raising the levels of oxytocin, the “love hormone,” which causes happiness. A 2001 study found that pets can lower blood pressure levels that are caused by mental stress.

Improved Communication

Employees must be able to effectively communicate with each other, ask each other for help, and create a support system in the office. However, most professionals are too busy with their responsibilities to get to know their colleagues.

Bringing pets to work has been shown to increase interaction between employees. “When I first took the job, I often learned the names of the pets before employees, and it helped me build a bond with everyone,” stated Lisa Conklin, public relations manager for Replacements, a dinnerware retailer.

When a team is able to communicate effectively, they are more efficient, productive and happier. This benefits business owners with a better corporate culture, higher employee retention rates and additional profits due to increase productivity.

Work/ Life Balance

Employees are increasingly demanding a better work/ life balance amidst the longer work  hours common in the US. A pet-friendly office helps to improve that balance by allowing staff members to bring their beloved pets to work. A long day at the office does not seem so bad when your employee’s canine best friend is next to them. Additionally, it takes away the burden of hiring dog walkers or worrying about pets being alone for extended periods of time.

Set Policies When Allowing Pets at Work

If you believe that allowing pets at work could benefit your business, it is advantageous to create rules that all employees must abide by. First, the office should be pet-proofed, which means all loose wires must be hidden, small objects must be removed from lower surfaces and all doors must be closed at all times.

Second, a pet policy should be adopted that allows only well-behaved and friendly pets to be brought to work. For example, a dog that is prone to barking will only distract your workers instead of increasing productivity.

Third, find out if any of your staff members have allergies to pets. If this is the case, they may agree to take allergy medications; however, that must be discussed before pets are allowed on the premises.

If you could benefit from more advice on managing a business, click here to find seven tips to small business success.

Protecting Your Intellectual Property

Intellectual property (IP) is a creative work, such as a design, invention or manuscript, whose rights are owned by your company. Those rights are established through a legal mechanism, such as a trademark, copyright or patent. IP is valuable – sometimes the most valuable asset a company can hold.

Here are the three major ways to protect your IP:ip-blog-image

  • Patents: You apply for a patent at the U.S. Patent and Trademark Office. Patents provide 20 years of protection from the filing date. You can apply for a:
    • Utility patent: Available to anyone who discovers or invents a new, useful process, mechanism, product, or composition of matter. You can also patent a significant improvement to any of these.
    • Design patent: Used for new designs of manufactured items
    • Plant patent: For use when you discover or breed a new, asexually reproducible variety of plant
  • Trademarks: Protect symbols, names, phrases, logos, artwork, colors and sounds used to distinguish your goods and services from others. Registration is not required, but is available. Trademarks remain in effect indefinitely.
  • Copyrights: Provide protection for original works of authorship, including musical, literary, dramatic, and artistic, whether published or unpublished. Copyrights automatically attach to original works, but you can also register them at the U.S. Copyright Office. Copyrights last from 70 to 120 years.

A startup company might, in its rush to get a product or service to market, not fully protect its IP. After all, it takes some time and money to register a patent. However, failure to protect IP can ultimately be very expensive and dangerous to a company. You have to worry about a partner, executive or employee stealing your IP, not to mention the threat of corporate spying. Here are some tips for protecting your IP:

  • Educate yourself and your team on the topic of IP. Learn the differences among trade secrets, patents, copyrights and trademarks. The time you spend up front understanding IP will pay big dividends later on.
  • If you have a novel idea, make sure it isn’t already patented. Do a Google search to see if it makes sense to spend your money on a protected idea.
  • Patent your valuable ideas, even if you don’t necessarily plan to develop them on your own. Someone else may want to buy a patent from you.
  • Use an expert attorney to file your patent. Always insist on a fixed fee.
  • Do not delay filing your patent application. It’s like taking a number at the deli counter – it holds your place in line. After initial submission, you have 12 months to augment your application and fill in any missing details. The approval process requires patience, since it takes up to five years. That’s why you often encounter the term “patent pending.”
  • Identify through an audit your non-patented IP, such as copyrights and trademarks, whether registered or unregistered.
  • You may need to file for international patents, because a U.S. patent won’t protect you from international competition.
  • Use non-disclosure agreements with all employees and consultants to prevent them from stealing your IP.

To research and file patents may cost you tens of thousands of dollars. A commercial loan from IOU Financial is an easy, fast and low-cost way to finance the protection of your IP. We can provide funds within 24 hours of approval, so contact us today.

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