As a business owner, you already know how complicated running a business can be. You start from nothing in your trying to become the next millionaire. You’re trying project of the project until you find the one thing that will bring you to the top.
However, you need to make sure that you will be able to protect your projects which means that, you will need a non-compete agreement template tailor made to cover your needs and your preferences.
And of course, this is something that you will need to do before you start your new business project. Let us guide you through the process of the non-compete agreement. First and foremost, you need to understand exactly what it is.
When you’re starting a new project you will have employees working on it. Now, during the implementation of the project any one of those employees could leave your company. Perhaps they are not working and you are firing them. Perhaps, they believe that they found a job that they like best.
Whichever the case, when leaving your company, you will want to make sure that they will not steal anything from your company. In other words, when leaving, you don’t want them to take the knowledge of your projects and given to a competitor or price.
In order for you to be able to avoid competition, you will need a non-compete agreement. In most cases, these agreements are being signed before the implementation of the project starts in order for the very specific details of the projects to be kept inside the company.
By asking your employees to sign this, you will basically force them to not enter any kind of competition after they leave your company for a specific amount of time. That time is usually an estimated time that it will take for you to complete your project and actually put it out on the market.
As you can understand, this is a very, very important paper that all of your employees will need to sign. Especially if you are now noticing that your business is moving upwards in the world. Not everyone can say that they have brilliant ideas that work.
You don’t want your ideas to be given to the competition. You don’t want vengeful employees to try to hurt your business in any way. If an employee decides that they don’t want to sign this particular document then, you can leave your company without being included in any projects.
Remember that, this is not a way for you to not show trust to your employees. This is a way for you to protect your personal assets, your knowledge and of course, any potential future clientele that you will have. After all, this is all about revenues of your business and you need to care for your fateful employees and yourself.
