Some of the most important assets that any business possesses are their Trade Secrets. Trade Secrets are, simply, any information that provides financial value by being kept secret. It is what makes you unique: anything that would result in knockoffs and cheap imitations if your competitors got their hands on it. Trade Secrets are the key to your success.
And yet, many companies treat their own Trade Secrets carelessly. Your confidential recipe for success should be properly protected against your competitors and your own employees. Here is our list of 6 ways that you can protect your brand’s Trade Secrets:
Identify Your Trade Secrets and Their Confidentiality
The first step should be identifying what your most sensitive information is and how confidential it should remain. Most companies have different levels of Trade Secrets and scale their confidentiality accordingly. All of your employees will need to know certain information to properly perform their jobs, but it may be in your best interest for not everyone to know everything.
Use Non-Disclosure Agreements
Non-Disclosure Agreements are a great tool for protecting your company’s confidential information. NDAs are legal contracts that clarify what knowledge should be kept secret by all parties involved, and for how long. They should be created specifically for each situation and used when hiring new employees or partnering with new companies.
Secure Your Virtual Platforms
Outside threats are a major danger to your company. Choose secure virtual platforms for your business communication to avoid any hacking or leaks. This is especially important if you have employees working from home.
Train Your Employees
One of the best ways to protect your Trade Secrets is to create a culture that values them! Take time to set firm policies regarding confidentiality and make sure that your employees learn them. Getting everyone on the same page about the value of your own information is highly important.
Conduct Exit Interviews
Make sure to reiterate the importance of your confidentiality when employees are leaving your company. If you had a Non-Disclosure Agreement in place, reiterate that it is still in effect. If you did not have one, consider making one for them to sign before they leave. Some companies even bundle large packages along with departing employees to motivate them to keep their information secret.
Ask For Help
Your Trade Secrets are one of your most valuable assets, and they should be treated as such. If you are not doing anything to protect your trade secrets, then right now is the time to start. Contact Aftermarket Law for any help with protecting your brand and your innovations. We have a sophisticated understanding of the automotive aftermarket. If you made it, we protect it!
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