In today’s age of fierce competition, every player in the market is in a constant race to outdo his or her competitors. The idea is to not just create a brand but also to get as many customers as possible. In this process of stiff competition entrepreneurs do not always engage in fair dealings and processes. In fact many a times the desperation to prove one’s superiority is so high that businesses often engage in leaking out the trade secrets of its competitors.

So if you are an entrepreneur and somebody comes to you for some advice or help, be very careful about the details which you divulge. The person asking you can also turn out to be your competitor or arch business rival. This blog provides you with an insight on the nature, kind and extent of information which you should disclose and where to mark your boundaries.

Try reasoning out

When any person approaches you for some business related information, try to get some background information about the person. This will give you a brief idea of why the person may be trying to get the information. The person can either be taking information for his own understanding because he may be interested in that area of business which you currently are engaged in; or he may be a prospective entrepreneur in disguise. If it is the latter, you need to exercise caution and give out very limited information. Under no circumstances should divulge any trade secrets out even if it is to your best friend.

Be crisp and clear

Okay, so there is a person who has been frantically trying to reach you in order to get some business related information from you and now you feel guilty for having avoided that person. And  now you want to talk to him and help in some way or the other. While this is a noble thought, however, be careful because not everybody thinks that way. When a query is posed to you, instead of starting your story, adopt a crisp and clear way of tackling the query. Give out to-the-point, crisp and precise answers and avoid beating round the bush as that may result in you inadvertently which you realize later and then regret.

Draw your boundaries

Ultimately it is your business and what information you want to keep secret and what information you want to let out should be your discretion. Nobody can force you or keep a gun to your forehead asking you the business secrets which you may be following. Hence, if you feel that a particular question may require you to let out your trade secrets which you actually don’t want to disclose, be polite and just say ‘no’ instead of getting into unnecessary arguments. These days the term ‘confidentiality’ has become so synonymous with business that people will immediately get the hint that you would not like to divulge any more business related information or data.

Thus, while this is a small thing to remember,  it is one of the most crucial aspects for any business as a small leak of information can not only result in monetary losses, but may also be the ground for tarnishing the goodwill which your business must have otherwise created. So always beware and take necessary precautions.