Financial Planning
- Review Financial Health: Assess your 2024 financial performance (profit/loss, cash flow) and set realistic goals for 2025.
- Budget for 2025: Develop a Q1 budget that accounts for Hong Kong-specific expenses (e.g., rent, utilities, MPF contributions).
- Tax Preparation: Start organizing financial documents for Hong Kong’s tax year-end (March 31). Consider consulting a tax advisor to maximize deductions.
- Currency Fluctuations: If you deal with international clients, monitor exchange rates and plan for currency risks, especially with USD or RMB.
Strategic Development
- Set Quarterly Goals: Identify key objectives for Q1 in alignment with long-term goals, such as growing local customer bases or exploring cross-border opportunities (e.g., Greater Bay Area).
- Market Trends: Research Hong Kong’s latest business trends, such as sustainability, e-commerce growth, and AI adoption.
- Adapt to Regulations: Stay updated on new government regulations or small business grants, like subsidies for digital transformation or green initiatives.
Operations
- Streamline Processes: Look for ways to simplify day-to-day operations, such as using tech tools like Xero (accounting) or Canva (marketing).
- Digital Presence: Audit and update your website or online store to meet customer expectations, particularly for mobile users in Hong Kong.
- Suppliers and Vendors: Reassess relationships with local suppliers or service providers to prioritize cost savings and efficiency.
Team and Leadership (If Applicable)
- Staff Planning: If you have employees, review their contracts and update MPF contributions and leave records.
- Team Goals: Set clear goals for your team and schedule regular check-ins.
- Outsourcing Support: As a solopreneur or small business, consider outsourcing time-consuming tasks (e.g., bookkeeping, graphic design, or social media management) to freelancers.
Marketing and Sales
- New Year & Chinese New Year Campaigns: Launch culturally relevant promotions to capitalize on the festive season.
- Social Media Strategy: Focus on platforms popular in Hong Kong, like Instagram, Facebook, and WeChat. Engage with your audience using content tailored to local culture.
- Customer Feedback: Collect and analyze feedback to refine your products or services.
- Sales Targets: Set realistic revenue goals and map out actionable strategies to achieve them.
Networking and Community
- Join Local Networks: Attend Hong Kong-based events or join groups that may help you network with like-minded individuals….like WEN!
- Cross-Border Opportunities: Explore potential partnerships in the Greater Bay Area or Southeast Asia.
Personal Development
- New Skills: Learn Mandarin or Cantonese if relevant to business growth. Alternatively, invest time in digital skills like SEO or video editing.
- Workshops: Connect with local mentors and experts by attending workshops specifically for your business. Join the WEN Women in Business Mastery Retreat, taking place on February 8th and 9th, 2025.
- Health and Balance: Manage stress with activities like yoga, hiking Hong Kong’s trails, or taking part in wellness programs.
Miscellaneous
- Legal Compliance: Ensure your business meets all local regulations, including business registration (BR), employment ordinances, and mandatory MPF contributions.
- Sustainability Practices: Align with Hong Kong’s growing focus on eco-conscious businesses by adopting green packaging or reducing waste.
- Growth Opportunities: Research expansion possibilities, collaborations with other companies and developing partnerships in the Greater Bay Area.
By focusing on these tailored tasks, you can set yourself up for a productive and successful Q1 in 2025 while navigating the unique challenges and opportunities of running a small business or solopreneurship in Hong Kong.
This article serves as an introduction to trade marks and unpacks their importance when it comes to brand growth and protection.
What is a trade mark?
A trade mark is a sign that distinguishes the goods and services of one business from those of another. Typically a trade mark can be words (including personal names), indications, designs, letters, characters, numerals, figurative elements, colours, sounds, smells, the shape of the goods or their packaging or any combination of these.
What is the value of a trade mark?
Trade marks help to protect brand identity and reputation and function as a deterrent to would-be infringers. Without trade marks, a business risks losing its unique identity (and potentially revenue) to competitors and copycats. It also risks being blocked from certain markets or being sued for trade mark infringement because of existing third-party trade marks.
Online market places and social media platforms also have processes in place for brand owners to report infringing products, posts and/or profiles but they require proof of trademark ownership. In most cases, a trade mark registration is the only acceptable form of proof.
Those looking to invest in and/or purchase a business will also expect to see a robust trade mark portfolio – trade marks help to boost confidence in the viability and longevity of a brand and the security of any investment.
Ultimately, trade mark registration is the only route which will guarantee brand protection and provide cost certainty.
When do I need to think about trade marks?
Whenever possible, file for trade mark registration before brand launch in those markets where you intend to have a presence in the next 5 years.
Are trade mark applications expensive?
They don’t have to be – the official filing costs for national trade mark applications are usually around 200-300 USD and there are cost effective options if you’re considering international protection. It’s all about getting your strategy right given your company’s budget, activity, plans for growth and undertaking the necessary due diligence.
International and EU trade marks are much more expensive, but they represent a much more cost-effective option if you are looking for protection in several countries/jurisdictions.
Are trade mark applications easy?
National trade mark applications are straightforward but, more often than not, it’s better to seek the help of an IP professional rather than do them yourself. Getting trade mark applications right involves the following (which isn’t always straightforward):
- Ensuring your trade mark is capable of registration – some phrases, words and images are a non-starter (i.e. descriptive or laudatory marks or marks which contain national flags or emblems).
- Searching for existing third-party trade marks so that you are fully aware of potential problems and/or limitations with your trade mark and able to make any required changes before fully committing.
- Identifying which of the 45 classes of goods and services are relevant to your application – getting this wrong may compromise your level of protection or leave you exposed to a non-use claim. As a word of warning, a number of classes have overlapping goods and services which can be confusing – for instance, both class 09 and 42 cover software, and both class 25 and 14 cover scarves, albeit very different types!
- Deciding on how your trade mark is to be represented (i.e. black & white or colour).
- Ensuring that your filing strategy is both cost effective and compatible with your company’s growth strategy, and that you understand any regional nuances.
It should be noted that applications for International (Madrid) and EU trade marks are much more complicated than their national counterparts!
Why are trade mark searches important?
Undertaking trade mark searches to establish whether there are identical or “confusingly similar” brands already in existence, is strongly advisable. They can help you to identify problematic trade marks in markets of interest and alter your approach to increase your chances of a successful registration (i.e. adding graphics to a word mark to make it more distinctive). Ultimately, the earlier you identify problematic trade marks, the more control you’ll have over branding and legal costs/exposure.
Make sure that you allow enough time for trade mark searches to be undertaken – international searches can take several weeks, even months, depending on the scope.
What does a trade mark search entail?
Google isn’t a bad place to start but it will not provide an accurate representation of active trade mark registrations. Proper due diligence involves searching trade mark registers in your key and current markets. Accessing these registers is straightforward but, in order to get the right results, you must input the correct search criteria. For instance, if you’re searching for a logo, you will need to search for the word elements as well as the figurative elements in accordance with the Vienna classification which is far from straightforward.
Once you have your search results, you will also need to assess whether any existing trade marks are “confusingly similar” to your own, given the visual/phonetic similarities as well as the goods/services that they are being applied to. The question as to whether something is “confusingly similar” is a matter of law and is a hard question to answer without an in-depth understanding of the relevant legislation.
What’s the value of an IP professional when it comes to trade marks?
IP specialists aren’t cheap, but getting brand protection right is priceless. Ultimately, getting the right support from the outset can save money in the long run by helping you to avoid costs associated with rebranding and trade mark infringement (which can cost hundreds of thousands of dollars). IP specialists will also help you to file applications correctly (avoiding costly refusals) and in the most cost-efficient way. For instance, Hong Kong is one of the only territories in the world where you can file a series of trade marks (up to 4 in total), paying roughly the same price as you would for a single trade mark application. That said, series marks have the highest failure rate as applicants generally fail to understand the relevant filing requirements.
What should I do if someone infringes my trade mark?
First, take a step back and do your homework. Infringement isn’t always clear cut and, before you take any action, you need to be sure that: (i) the legal requirements for a trade mark infringement claim have been met: (ii) your trade mark rights are enforceable; and (iii) the other party doesn’t have any rights which may trump yours. You should also undertake some research on your opponent to make sure that you want to take them on – a wealthy business may fight your infringement claim and fights cost money.
All being well, trade mark infringement claims generally start with a “cease and desist” letter, asking the other side to cease all infringing activity. This generally results in one of the following: the other side ceasing all such activity; a legal dispute (involving threats of legal action and court claims); or some sort of settlement.
If you want to take action for trade mark infringement, always seek the help of an IP professional as the stakes will be high.
Re-think Legal is a boutique legal consultancy, Founded by Ellie Patel in January 2023. Ellie’s mission is to help start-ups and small-medium sized companies identify, protect and grow their brands and commercialize their intellectual property.
© Ellie Patel 2024
A. Getting away from a failing company
B. For more total (including incentive and bonus) money
C. Lack of career growth and development, often blocked by a bad boss
D. More suited geography or better location
E. For a better fit with their skills – discovering and banking on their strengths
The correct answer is C, with a large body of evidence from management research going back to at least 1990 that suggests we’re very sure of this.
Money is not the major reason why employees decide to leave their employers unless their compensation is far less than what can be earned elsewhere. When they are paid within a range that meets or exceeds their minimum threshold, salary is not a main driver for people to seek other job opportunities. Everyone has a different threshold.
What typically drives employees to look elsewhere is getting away from a “bad” boss, especially one who is seen as blocking advancement and achievement and not listening or delegating effectively.
People also move on because they want opportunities to advance, learn, grow and be noticed when they do that.
What does a “bad” boss look like?
Several boss behaviors that motivate employees to leave include:
- Lack of attention, recognition and feedback
- Job demands that produce excessive or undesirable constraints on the individual, such as role ambiguity, conflict, and overload
How to foster employee career growth and development
Take a structured approach to employee growth and development. It doesn’t have to take up a lot of managers’ time or cost a lot of money because, ideally, career development should be driven by the employee, supported by the manager, and incorporated into daily work.
For example, meet employees individually to ask about their career aspirations. This should be done separately from a performance review. Ask them to brainstorm what skills, knowledge or experiences they need in order to achieve their career goals. Together, explore how the organization can support their development needs, first largely from job assignments, followed by mentoring and then formal training. Mutually agree upon a development plan. Review it quarterly or twice yearly.
How to provide sufficient attention, recognition and feedback
- Meet your direct reports individually (try once a week) to discuss priorities, tasks and how they’re doing overall
- Review progress regularly. Depending on the activity you’re monitoring, “regular” can mean daily, weekly, monthly, quarterly or annually
- Notice when they’re struggling and provide support
- Notice when someone did something well and recognize them for it. For some people, a simple “Thank you, I noticed you did X. I know it was difficult so well done” is enough to send them over the moon and motivate them to go above and beyond. Others prefer public recognition in front of peers
- Give feedback promptly. Don’t wait days or weeks after an incident occurs
- Deliver feedback in a candid yet diplomatic manner so that you correct ineffective behavior while still maintaining positive working relationships
- Listen to employees’ opinions. When you implement their ideas it skyrockets employee engagement. When you don’t, explain why so that they feel understood and that their ideas were considered carefully
How to manage role ambiguity, conflict and overload
- Set clear roles, responsibilities, goals and objectives. This is less about having rigid job descriptions and more about clearly, proactively communicating so that team members know what tasks need to be done, by whom and why
- When conflicts arise between employees, address them in a prompt, fair manner and delegate effectively, ensuring the team is not. is not overloaded.
Challenges of small business owners
As a small business owner you may find it challenging to implement these practices because you’re wearing many different hats and may be overworked yourself. However, remember that your team exists to help you build the business. When you invest time and energy in becoming a “good boss” – one that inspires others to go above and beyond to achieve outstanding performance – that is what enables you to take your business to the next level!
Author:
Bernice Lee is a multiple award-winning coach who helps business professionals around the world to be more happy, fulfilled and successful in their work. Before starting her own company in 2013 as a coach, corporate trainer and speaker, she worked as a human resources manager in General Mills and Fidelity Investments in the United States and Hong Kong. She holds a bachelor’s degree in sociology from Yale with a specialization in organizational behavior and a masters degree in human resources management from Cornell. Bernice splits her time between Hong Kong and Canada. www.coachbernice.com
