You’ve been running a successful company for some time now, and that success is founded upon the unique procedures, technology, designs and processes that you use. Unique factors that make your business so valuable are often referred to as trade secrets.
Unfortunately, it is not unheard of for competitors to try and poach these secrets for their own benefit and to the detriment of your organization. What measures can you take to protect your trade secrets?
Ensure staff are fully aware
Damage to your company can often be done accidentally. A staff member may let slip some of your secrets to a rival firm without even noticing. Fortunately, training can eradicate much of this risk. Once your staff has been made aware of how important this intellectual property is, they will be more inclined to exercise due care.
Use legal instruments
You may have to go one step further to ensure that your intellectual property is fully protected. Non-disclosure agreements can form part of your employment contracts. These instruments can set out clearly your policy on trade secrets as well as the potential ramifications of leaking this information.
Limit access to information
It’s possible that your company can function without all staff members knowing every detail. You may have a handful of supervisors who you confide in. Ultimately, the more trade secrets are kept on a “need to know” basis, the safer they will be.
The commercial sector can be very competitive, and protecting your interests is vital. Having legal guidance on your side will help your business to run optimally.