There are of course legions of diverse businesses in Houston and across Texas that have prospered and are formidable participants in commerce. Their owners’ entrepreneurial bent and forward-thinking strategies have a lot do with that success.
The favorable placement of such enterprises in the business universe can be enviable, but it is hardly assured in the future. Companies of all stripes face recurrent and varied challenges, some of which can threaten their very existence.
The list of formidable challenges facing a business is lengthy
We note at the long-tenured and proven business law firm of Stephenson Fournier in Houston that commercial success, once established, must be closely safeguarded going forward against varied risks and downsides. We underscore the critical balance for business entities “between business risk and opportunity,” noting that company principals must anticipate and defend against the former to optimally take advantage of the latter. Managers need to continuously spotlight and effectively address challenges concerning matters such as the following:
- Regulatory rules and controls
- Employee matters, including company policies, compensation, non-competes and discipline
- Market evolution and competitors’ adjustments
- Public perception regarding business integrity and practices
Another core concern necessarily preoccupies company leaders, namely, the accurate identification and strong protection of so-called “trade secrets.”
Trade secrets: often a heightened business consideration
There is sometimes a bit of confusion concerning what valued assets within a company comprise trade secrets. The World Intellectual Property Organization is instructive on that point. The organization notes that the parameters surrounding trade secrets are broad, encompassing “any confidential business information which provides an enterprise a competitive edge.”
We will take a closer look at trade secrets in our next blog post.