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How To Protect Your Business Secrets

When it comes to business secrets, they sound almost taboo, right? Nowadays, most people think of either top-security corporations doing shady deals like a James Bond villain or classified government secrets. But generally speaking, a lot of business secrets aren’t all as dramatic as you’d see in books and movies. Even though customers prefer to have full transparency with companies they purchase from (and transparency should be encouraged), you just can’t share everything, even if you want to, because it could always potentially affect your business. Competitors love hearing secrets from other companies, and they’ll try to do what they can to thrive off of it.

Needless to say, you want your business to stay standing, so secrets are necessary at times. Think of the Coca-Cola recipe or the KFC recipe, these are all known to be heavily guarded, and since they’re not shared, all it does is boost the PR instead. In a way, it can help make your business look more professional. With these recipes and their business secrets kept locked up for so many decades, it begs the question, how do they do it?

How can some of these companies keep these business secrets as safe as they do? How can you do the same? Keep reading on to find out how you can keep and protect your business’s secrets!

Start Off By Knowing What You’re Protecting

No matter what type of business you are, there’s a chance there’s a secret out there that you just don’t want your competitors to know. You want to keep having that leg up above them, and as long as your product is better than theirs, it’s how you can keep on doing it. It’s the secret that makes your product so amazing; it’s what needs to be protected. But every business they have that one thing that needs protection, that secret that cannot and should not be known.

These secretive competitive advantages can be anything from a recipe for your company’s signature soft drink to an algorithm that your employees have developed, a research project, or even your business plan. So any business in any industry can have one. So whatever it is, you need to know why it’s so special to protect and how you can protect it.

Keep it All a Secret

Whether it’s your trade secrets, confidential customer information, or other intellectual property, protecting them is crucial. If not, your business can lose valuable proprietary information that could help it thrive. To start, identify the most important pieces of information that need to be kept secret. This can include financial, accounting, employee, recruiting, and other types of information. Once you’ve identified those pieces of information, make sure they’re clearly labeled as “CONFIDENTIAL” or some other designation that clearly states the item is a trade secret.

That’s the more simplistic route, but even when it comes to online or tech-related access, you’ll have to be careful too. A common question that occurs is whether wifi or is Bluetooth safe, and sometimes it can be questionable when you have a very important secret that you’re trying to protect. Overall, keep it confidential and keep it careful even when you’re online.

For paper documents, this means marking them in a color that is distinct from the text or making the item clearly identifiable by its file name. Afterward, just try to keep track of who has access to the information and what they are allowed to do with it. For example, if you have a confidential customer list, put it in a locked filing cabinet and restrict access to only those with a legitimate need to know the information. While this all sounds overall simplistic, this is exactly how it’s achieved. It’s about having it protected, classified, and keeping up with who knows it or has seen it.

Have NDAs Put into Place

If you have employees or contractors, then you especially need to keep all of this in mind. Even if you’re getting investors, they should sign one too. Your secrets need to be protected, and that legally binding contract has a lot of power. This agreement can also be a helpful tool in case a third party discloses your information during a transaction, such as when you sell your business or acquire another company.

There are many different NDA types and formats that you can use. In addition, it is important to choose one that complies with your state’s laws. While this might sound overboard, it’s almost always necessary, and it’s also how some of the biggest companies in the world protect their secrets.

Limit the Access and Information of the Secret

This is very obvious, and most businesses will actually do this too. Limiting access is honestly the best way to go about this. Make sure whoever has the information of your secrets can be completely trusted. Overall, be selective with who you choose too. Ideally, you’re going to want to select people who are in high positions like yourself.

Tips To Ramp Up Your Real Estate Investment Strategy In 2023

If you are a savvy investor, you will probably have real estate in your portfolio because these assets offer immense growth and profitability. But you cannot overlook the risk potential of this form of investment. A sudden dip in the market can lead to massive losses, so you need to invest cautiously. Fortunately, a good understanding of the industry and strategic planning can help keep your investment safe and thriving. In fact, you must also reconsider your investment approach according to current trends and circumstances. Let us share a few tips to ramp up your real estate investment strategy in 2023.

Diversify as much as possible

Diversification is the key to success in the real estate investment market. If you haven’t diversified into new markets or niches yet, consider doing it this New Year. You can research the most profitable markets in the country and invest in them. Likewise, think beyond residential and commercial investments and try your luck with vacation rentals. The more you diversify, the lower your risk and the higher your profit potential.

Explore the hidden market

Another tip to get better with real estate investment in 2023 is by exploring the hidden market. For example, you can look for distressed sellers because they make the best option to buy low and seal the deals quickly. Such sellers prefer to close the sale without putting their properties on the market. You can make the most of these deals because you need not compete with other buyers.

Work with green-minded developers

Buying new projects is an excellent option because such developments are affordable and fetch high resale values. But you must stick with green-minded developers because sustainable properties are trending. Besides selling on profits, these properties pay back even during holding them. For example, green developers prioritise solar installations because they fetch benefits like Commercial Solar Financing and tax credits. Investors get the benefits of tax cuts and credits on buying these properties from developers, making them an excellent investment option.

Manage your risks

Experts recommend thinking beyond the profit potential of real estate investment this year. You must emphasise risk management to keep your money safe in the long run. Sticking with a few common-sense basics is enough. Commit to steering clear of debt in the first place. Researching investment properties well is another viable measure to stay ahead of risks. Also, maintain an optimal cash reserve to look after unexpected expenses such as repair requirements.

Maximise real estate value

Maximising the value of your real estate property should be your top priority, as it can help you make more profits. Small steps can make a difference, so consider building an additional dwelling unit at your residential property to increase its rental potential. Commercial investors can add to their cash flow by installing an ATM in the extra space or renting out a part of the lobby to a small retail counter service.

A few small measures can help you take your real estate investments to the next level. Try these simple tips to maximise your profits in 2023 and beyond.