For most successful businesses, their trade secret is the reason why they are at the top of their game. Whether it is a grandma’s recipe or a special part in a widget, trade secrets can make or break your business. It is what makes you stand out in the crowd and helps you stay unique from your competitors. Therefore, needless to say, many people would want to steal it from you.
As a business owner, you must do everything in your possession to protect your trade secrets. Be it physical or digital copies, there are various ways to secure them. However, if somebody has already stolen your ideas, a Las Vegas Business Litigation Attorney can help.
Tips to protect your trade secrets
Develop a trade secret protection culture.
One effective way of protecting your trade secrets is developing a culture that embraces trade secret protection. This should take place within your entire organization, on all levels, and in company departments. One good way to make sure everyone participates in this is to make them understand why compliance matters and what the negative consequences could be.
Determine what needs protection.
Before you begin planning about protecting your trade secrets, you need to determine what needs protection. Most people only secure the obvious trade secrets and forget about some of the less obvious ones. Try to think of everything that sets your business apart and helps you rank at the top and create a list of all the possible trade secrets.
Conduct employee and vendor training.
Employee and vendor training is essential to let them know how they are expected to handle such information. They must be trained properly and know what steps to take to protect trade secrets. Failing to take these steps can incur losses for your company.
Know the law.
The owner of a business should know the laws surrounding trade secrets, that is, what is considered a secret and what is not. They must also ensure that their employees are aware of these laws as well. It is also important to have a good understanding of where these secrets might be maintained and disclosed.
Label documents that contain protected information.
Nowadays, most trade secrets are contained in digital files and protected by paid software. However, if you have physical documents containing protected information, do not forget to label them. These files should be labeled “confidential” and only reach trusted hands. Labeling will help you to prevent accidentally giving the file to the wrong person.