How can I protect my trade secrets?

Many elements keep your company ahead of the competition. Everything from your processes to your client lists helps you continue to build your business.

Your employees are an essential part of developing your company. Still, you may wonder what they could do with your trade secrets if they went to work for the competition. Employees leaving to work for competitors can create a significant setback as you strive to get ahead.

Here are a few ways to protect your trade secrets and success.

Knowing where you’re vulnerable

Depending on the types of trade secrets you have, many areas could be vulnerable. You should be aware of potential threats, such as:

• Visibility to visitors
• Lack of cybersecurity
• Areas with unrestricted access
• Lack of control of sensitive documents

Protecting your intellectual property is an important undertaking that may include a significant investment. When you know your vulnerabilities, you can start working on a plan to protect your trade secrets.

Seeking protection

Once you look at your business and your current treatment of your trade secrets, you can start finding ways to protect your valuable information. You may need to find solutions for many areas of your company, including:

• Non-disclosure agreements for your employees
• Security protocols for your building
• Cybersecurity enhancements
• Changes in how you and your staff handle sensitive documents

Keep in mind that while some companies still lean heavily on non-compete agreements, more states, including Colorado, are limiting or eliminating non-compete agreements. You may want to consider using non-disclosure agreements to protect your intellectual property.