As a business owner, it is your duty to do everything in your power to minimise risk and ensure the smooth running of your business. But how can you limit the possibility of a lawsuit to guarantee the continuity of your business?
In this article, we take a look at six steps that you can take today to protect your business for the future.
Have an invention? Or a product design that is unique to your business? Then the right way to protect it is by getting a patent for it. With a patent, you can sue anyone who uses your invention for commercial purposes or otherwise, without first obtaining your express permission.
Before filing for a patent, ensure that someone else hasn’t already invented or patented what you plan to patent. Securing a patent is a complex process and can be very expensive, so it’s advisable to get expert assistance.
Lawsuits can be costly even though you may be sure you could be successful in court. You’ll also have to pay for legal advice and spend a great deal of time defending your company.
How do you prevent this and protect your business? Watch what you say and what you do. Avoid doing business with individuals who have an unscrupulous character history and are involved in unethical trading activities. If possible, do some investigation into potential business partners or deals and try to get reliable references.
Don’t simply throw papers containing sensitive information into the trash because the information they may hold might be exploited if they fall into the wrong hands. Instead of just throwing away business documents, especially any that contain important information, you should shred the documents and dispose of the remnants properly.
Have everyone you work with sign a non-disclosure agreement that ensures they keep your trade secrets and business information confidential.
An NDA is a mutual arrangement between two parties not to exchange information with third parties, or it could go one-way because you are the one sharing the idea with them. To make it more effective, leave out the expiration date in the agreement.
Understand this, and your smartphone is a storehouse of personal and sensitive information any time you use it. Smartphones can be an entry point into your business network.
Smartphones bring convenience and enable us to be more productive when used discriminately, but they also increase security risks. Your smartphone can be stolen or hacked. Not only that but if your passwords and credit card details are stored on your smartphone, you can be at great risk. To protect yourself, install apps that keep your phone secure and use encryption software to deny access to sensitive information on your phone.
Don’t just think it or talk about it, do it! Be smart when it comes to protecting your business idea and processes, but understand that if you don’t risk sharing, your business may not get off the ground. Just take all available precautions first and stay vigilant and cautious always.
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