The business should consider the visual features that are identifiable such as brand names, domain and registered trademarks among others. The need to check with the intellectual property office and the relevant directories to ensure that they are no existing or similar registered businesses (Kinkade, n.p)
ISO/IEC. Risk assessment technique which assist key decision makers to understand of the possible risks that could have an effect on the planned objectives and hinder their achievement.
Legal risk— this relates to an investment that is bound to face a potential loss owing to given circumstances that may occur such as inadequate or unfavourable investment made (Steffner, n.p).
Financial risk- this is a potential risk that shareholders may lose their money if they choose to invest in a company that has debt. This will happen if the company is unable to meet its financial obligations. This is because the creditors are the first group of people to be repaid followed by shareholders where by the finances may not be sufficient enough to cover the shareholders.
Safety risk— this is a potential risk of security being threatened or chances of the safety being put to threat.
Risks can be assessed by;
Establishing the context of the risk
Identifying the risks
Analysis of the risk
Evaluation and prioritization of the risks
Tackling the risk
Evaluation of risks is done to determine whether it acceptable or not. The level is then analysed whether it is a major, moderate, trivial, low, severe, significant or high (Health and Safety Executive, n.p). After evaluation, they are then prioritised on which needs to be attended to immediately and with urgency.
The documents proving ownership and registration of the logo should be provided. An application form for the new logo as well as receipts for payments once acquired. A license is also required to prove that business is operating legally.
Documentation is necessary to aid in moving from one step to the next. This will enable the transitioning from one logo to another to be smooth. For instance, the intellectual property rights documents proving ownership of trademarks.
In order to successfully roll out the plan, all the stakeholders involved and have a bearing on the new brand logo who will be affected will need to be informed and the new logo introduced to them in such a way that outlines the positive objectives behind the decision. A press release will also be necessary that will be able to highlight the new benefits to the customers and staff. The company’s legal counsel will have the local, state and federal documents in place to ensure everything is in line with the outlined legislation.
Initial resistance is expected in the first few months but that is normal. The customers and staff may not get the long term plan and strategy but being positive and exhibiting strong leadership qualities. Within a few months, the affected parties will be accustomed to the change and will focus their energy on new areas. After settling, an evaluation by comparing the sales revenue of the previous months before and after rebranding to see if the profit margin has increased.
Christopher R. Kinkade. Proper Ownership of Trademark Registration is Critical. 2013. www.foxrothschild.com/publications/proper-ownwership-of-trademark-registration-is-critical/ Accessed 26 Aug. 2016
Health and Safety Executive. Evaluate the risks. 2014. www.hse.gov.uk/risk/evaluate-the-risks. htm. Accessed 26 Aug. 2016
Kjell Steffner. Legal Risk Management of Contracts in Technology Practices. 2014. http://lynxlaw.no/en/legal-risk-management-of-contracts-in-technology-projects/ Accessed 26 Aug. 2016.