Do you actually realize all the valuable intellectual property that you have created? Many consultants and other professional services providers routinely create far more valuable IP than they are aware of in the ordinary course of their business.
For example, have you created data modelling tools or algorithms that you use from client to client? Did you design a spreadsheet with unique-to-your-business embedded macros? Do you have a checklist or other assessment tool that you provide to your customers? Have you written a white paper on a hot topic? Do you have a cool logo for your company name? Do you have a proprietary process?
All of those things are covered by intellectual property rights – whether copyright, trademark, trade secret or patent – and are valuable.
If you have never done so, it is worth the effort to sit down and take an inventory of everything you are using in your business – especially those items, tools and techniques that you use repeatedly when performing services to clients. You will likely find that you have created a lot of intellectual property that is providing high value for customers. But is it providing revenue to you? Don’t discount the value a client gets from the work you have done before and can re-use for them, and perhaps adjust your pricing/rates accordingly.
Stop. Think. Inventory. Protect.
