Author: melanioffices

HBO drama “I May Destroy You” lands in my top ten favorite shows that I watched in 2020 (and I watched a ridiculous amount of TV), and I was thrilled that its creator, Michaela Coel, took home the Emmy in the Outstanding Writing for a Limited or Anthology Series or Movie category this year.

The show stood out at a time where we have more programming, channels, and streaming platforms than any of us truly need, but it’s what it took to get the show made that has intrigued me more.

The series, based on a personal incident in Coel’s life, got an offer for $1million from Netflix, and she turned it down. She turned down $1million and the “opportunity” to have her show on the world’s largest streaming service.

Here’s what you can learn from the Emmy winner:

1. Play the long game

With few exceptions, big wins and long-term success in business generally take work and time. So doing something for 90 days may not cut it. Michaela began pitching the show in 2017. It didn’t air until three years later (first on the BBC and then HBO).

2. Ownership & Understanding what you bring

Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. [1]

Your (IP) is an asset that you own. And just like anything else you have ownership over, you get to decide what you want to do with it.

Coel understood what she owned, she protected it, and fought to keep it. And she did this even though she had a prior relationship with Netflix. She also courageously fired her U.S. agency for supporting a deal that would have left her without any ownership.

Every small business owner needs to understand how to operate within a partnership, and how to move on when the partnership no longer aligns with your mission, values, or personal goals.

3. Make sure you understand the deal in front of you

The contract usually comes after the pitches, meetings, and excitement about the project and initial proposal numbers ($). If you are the creative or service provider, make sure you understand what you are giving up in exchange for the $$. If you are outsourcing or hiring a creative or service provider, make sure you understand what you own when the project is complete.

Don’t get dazzled by the numbers. Once you sign and move forward it’s almost impossible to modify later.

You can read more about Michaela, the show, and the deal she walked away from HERE and HERE. There are plenty of nuggets in both, more than I can cover.

And if any of the above got your attention  – you need help understanding how to protect and keep your work, or you need help with your contracts  – reach out to us now.

Recordkeeping. It’s the bane of most business owners’ existence. And, unless you are an operations/systems person, or you just love picking up the latest at Staples or Container Store to organize your office, getting and staying organized may not come to you naturally.

Nevertheless, the parts of operating a business (customer service, sales, business development, finances, etc.) generates records, both paper and electronic, so recordkeeping is unavoidable.

According to the Small Business Administration (SBA), “The success of your business depends on creating and maintaining an effective record system, whether your business is a sole proprietorship, partnership, or corporation.”

Simply put, keeping good records increases the likelihood of business success by knowing what’s going on in your business.

Here are 5 benefits of keeping good records for your business:

1. Track Progress of the Business

First, to know what progress you’re making, or where there may be room for improvement, you need to measure or track the key activities in your business.

That means keeping track of your customers, sales, inventory, etc. Keeping track of your best sellers, or most requested services, can assist you in fine-tuning the products and services you offer and ultimately save money and boost profits.

Taking care to keep good records of your client feedback not only helps with nurturing existing relationships, but also helps you serve more of your target audience.

Finally, planning for the next quarter, year, or longer, will require an analysis of what worked and what didn’t work. This requires periodic reviews of the records your business generates.

Busy small business owners benefit from a system that will allow them to pull those records easily.

2. Tax Time

I don’t know anyone besides accountants who enjoys filing taxes. Even for your personal taxes, it’s a massive headache if you do not have a modicum of organization.

For small businesses, a lack of organization when it comes to taxes means not being able to keep what you’ve worked hard for. Small businesses that do not keep track of their receipts and other key records spend more to have their taxes prepared, potentially miss out on deductions, and run the risk of a nerve-wracking audit, just to name a few.

As far as Uncle Sam is concerned, the tax filer has the burden proof for all deductions and claims. (For more on what records to keep, how to keep them, and for how long, click here).

3. Certifications Require Records

Certifications (MBE, WBE, VBE, etc.) offered by governments (city, state, and federal) and private entities can open doors to numerous and diverse business opportunities to small businesses.

The applications vary among the certifying bodies, but all require submission of records pertaining to the business. And from our experience, most certifying bodies ask for copious amounts of records. It’s a breeze if those records are organized and easily accessible prior to starting the application.

4. Business Loans/Grants

Like the records required to obtain one or more of the various certifications, applying for loans and grants will require proof. Accurate records have always been necessary to obtain business loans and certain grants.

Since 2020, there has been an increase in loans and grants to support micro- and small businesses, especially those small businesses that have been historically shut out from access to capital.

Access to capital and resources has a great impact on the success and longevity of a business. But access to those loans and grants are impossible without the necessary records to support the application.

Again, it’s easier to meet deadlines and apply when you have a system for maintaining complete and up-to-date records.

5. Defense to Lawsuits

Disputes and potential lawsuits are always a risk in business. Whether the dispute is internal (i.e. employee or contractor) or external (i.e. client or vendor), the best way to protect your business is to produce evidence to support your position.

You can alleviate some of the stress of dealing with a dispute if you can easily access and produce the records that support your claim. Good records will increase the likelihood of a favorable outcome.

For more tips on record keeping, the SBA has an excellent guide complete with tests and discussion points to help you along the way.

At MC Law, we encourage small business owners to position themselves to avoid problems later. Check out our Business Planning page to learn how we help you have a peace of mind about the operation of your business and our Intellectual Property page for more information on how we help you protect and maximize your business assets.

Or feel free to reach out to us for a consultation.

An education in protecting your business assets without spending $450,000, brought to you by Tracy Chapman and Nicki Minaj.

This case is not only instructive for musicians and songwriters, but also for authors, designers, content creators, etc.

The dispute, which started in 2018, was all about copyrights, which is the intellectual property right that gives an author, artist, composer, or other creator the right to control the use of their work.

In other words, with few exceptions, creators can grant or restrict others from copying, performing, adapting, publishing, or displaying their work.

Take a look – it’s a short read.

And if you need help understanding how to protect and monitor your work or you have a hunch that you may need help ensuring that you have not inadvertently committed infringement, reach out to us now.