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Top 5 mistakes made by the technology companies

Posted In Technology Reviews - By Techtiplib on Wednesday, May 22nd, 2013 With No Comments »

Technology companies engages in rendering technological services in exchange for money. This is however, a complex field and a very dynamic kind of business, due to the fact that technology is expected to constantly change and with a fast pace anyway. Just like any business technological companies need to be aware of how to go about their businesses in order, not only to be a technological icon but also to penetrate the business arena effectively. Having monitored most technology businesses and companies, you would frequently discover that these companies do make common business mistakes that eventually devalue their business thus cutting down on their revenue as well as jeopardizing the future prospects of their organization. Most of these mistakes are not only similar across most of the technological companies but are usually repeated. Some of these mistakes therefore include:

1. Giving away their Intellectual property entitlement freely or liberally

When a technology company develops a customized program or makes a technological modification on behalf of their clients. Most customers tends to assume that they have the ownership patent to the whole product, plus the intellect or the technology behind the service or product. This might otherwise seem like giving away your intellectual property, to which the client can later decide to refuse your business not to render it to other customers. Therefore locking your business out of service from that particular loophole. So it always recommended to license your intellectual property properly hence making the customer not to claim ownership of your developments.

2. Failing to register or license copyright for company developments programs and software

If you fail to register a copyright for your software or the intellectual property for your business, then the likelihood of your customer infringing on your products could easily happen. This therefore can be catastrophic for your company since your clients could readily become your competitors by copying your software for a reuse in their products. Some malicious customers can even block you from using the same program by registering it before you do, or even create a damage to your intellectual property thus destroying your business reputation as well as cutting out you revenues. So when you pick to call the tax phone number, it is wise to enquire for the appropriate licensing regulations

3. Licensing technology in a very broad way

This will give your clients the room to use your services beyond their prescribed boundary for instance sharing out your intellectual property, if it was apparently meant for one user, thus limiting your business potential. This can be curbed by carefully narrowing and drawing up the licensed grant in the agreement between you and the client. Otherwise you might give everyone the company the permission to use your product even those who did not pay for the service, thus refusing your business.

4. By not contracting your client to recurring support fees

This will therefore give you a hard work after you are done with your customer who would be expecting you to come to his or her aid for free even later on after you had sold him your service, this will therefore not be very cost effective to your business. Therefore if you charge them support fees you will be able to get more income, which is usually the best way to generate more income in the technology business, since any time you visit them to fix any problem with your service then they will have to pay.

5. Undervaluing your Technology

This is a case where you charge less relative to a very high quality service with the assumption of breaking the market niche. Although this might help to some extent in attracting a lot of customers, it also makes your company to leave out a significant amount of revenue. However, it would be recommended to charge a price commensurate to the quality of your service so as not to have a lot of losses for your product or service.

I have had an experience of working for an Internet service provider which had the mistake undervaluing their technology, this made them loose a lot cash for their revenue.

Author Bio:

Kate is a freelance writer and blogger who works for Helplinenumbers.org. She is interested in Travelling, Watching movies and collector of super hero memorabilia! She also enjoy cooking and occasionally, sketching.

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