NON DISCLOSURE AGREEMENTS (NDA’s)
NDAs are not only for big business. Every small business should have an NDA drawn up for their use. Although most everything that is required to operate a small business can be handled by the owner, an NDA is different. Seek out an attorney to help you create your document. Don’t find one on line and adopt it as your own. The cost of this document is affordable.
An NDA serves as a legal contract of confidentiality. The value you receive to protect your company and your ideas are really the value of your company.
By asking someone to sign an NDA is not telling them you don’t trust them, it’s a way of showing that you value your intellectual property, your thoughts and your inventions enough to protect them. An NDA can be presented as an exclusive invite to learn about the inside workings of your business.
Small business owners are always sharing their stories and often they share more than they should. When looking to form strategic alliances, take on a partner, or hire an employee, you’re opening the door to potential competition.
Those who sign your NDA are showing a sign of respect. When you have respect, your dealings with others will be that much stronger.
Be proud of your business and your ideas as you grow your company.
Protect yourself with an NDA. If you don’t know when to use it, err on the side of caution and have it signed. If you don’t protect your thoughts and ideas, others will use them and your company will fall apart. With an NDA you will not be afraid to share your ideas with others that may be in a position to help you grow.
Tips and Advice by Nick Petra, CFP – Founder of BizQuack and StrategicDuck
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