As the business grows gradually, pitching becomes increasingly important. The moment of growing business makes the company seek for investors, employees, this makes the company’s owner reveal the company’s confidential information to others.
Those who wants to start their own business they usually do not use somebody else’s idea because it can severely damage the company’s reputation and it’s reputation will be at stake. They generally have ideas in spades and are seeking funding to get those ideas of the ground, just as you are. Still, while the vast majority of people aren’t out to steal your idea, it is a possibility. There are a few steps businesses can take to help prevent theft as they begin to share their ideas with others.
AVOID REVEALING TOO MUCH
One of the best ways to secure the business is to reveal only what is necessary, just as the quote says “REVEALING TOO MUCH, LEAVES YOU WITH NOTHING”. If you’ve got a potential client, make sure you provide him the information only which is related to your and his business. It’s not necessary to provide him information about how your firm operates and how your product or services works. One exception to this may be when you’re approaching to investors or lenders, who will likely want to know everything about your product before taking a financial risk on it.
NON- DISCLOSURE AGREEMENT
A non-disclosure agreement will help you protect your ideas before revealing it to your workers or other associates. However it’s very important to note that some investors will hesitate at signing an NDA (non-disclosure agreement) before you speak to them, But definitely to gain something, the company’s owner will have to lose something. Since the balance of power is in their favor, the company’s owner will have to give up on something if the owner needs investors.
The same holds true for potential clients. Instead of requiring a signature, consider simply printing a confidentiality statement on your business plan.
TRADEMARK YOUR NAME
Trademark registration has always acted an additional layer of protection. Since a company’s name is often tied closely with it’s idea. Also, by establishing a trademark, you also have added protection in the event a legal issue should arise. The documentation required to register a trademark can serve as written proof that your business idea was in the works at a specified time. These dates will be crucial in establishing the exact date your idea was in the works in the event someone else tries to dispute this fact.
RESEARCH THE RECIPIENTS
While revealing your ideas to a potential investor, a possible client, or a contractor, complete your job of researching about that specific person or company prior to your appointment. Information is easily available now, a business owner can easily figure out somebody’s reputation before doing business with that company, look for controversies with his previous business partner, make sure he has a positive reputation in his or her chosen field.
THINK GLOBALLY, NOT LOCALLY
Getting trademark protection for your brand and company in India is a great start, but placing yourself around the world in small territories is excellent, laws differ by country, even if expanding isn’t on your radar it’s okay. Having a plan in mind is always a good thing and make sure you’re able to grow in the future
External theft is committed by a person who is not related to your business. It could be a fraudulent product return, shoplifting or break-in.
- Provide excellent customer service. Attentive and helpful employees can deter shoplifters.
- Make sure that you can easily see all parts of the store. Security mirrors and surveillance cameras will help your employees monitor the premises.
- Keep track of your inventory and investigate any discrepancies.
- Keep security in mind when making bank deposits. It’s a good idea to make your deposits during the day and vary the time and the route you take to get to the bank.
- Install a security system and always respond to security alarms.