6 Important Policies and Documents That Are Essential to Every Small Business
The right policies and documents also protect your business. You don't want to be caught short when it comes to the documents and policies required to run your business right. Here are six policies and documents your business needs, and the tools that can help you create them quickly and inexpensively:
1. Contracts
It's a good idea to create a contract when you enter agreement with someone else. In some cases, a simple email laying out the terms of your agreement is enough. Whether you enter a partnership, work with tenants, provide consulting or freelancing services, or have any other business arrangement, a contract is a good idea.
2. Refund Policy
When you offer a product or service, you often need a refund policy. Creating a refund policy that is fair and that people trust is an important part of running a successful business.
3. Privacy Policy
A privacy policy is important if you plan to collect information from website visitors and from customers in other ways. You can look at other sites' privacy policies to help you figure out the best way to go about creating this policy.
4. Non-Disclosure Agreement
The non-disclosure agreement (NDA) is a document your business needs if you plan to work with others who might get access to your proprietary data and products that you want to keep private. Having one is vital if you want to reduce the chances that someone else will take your secret sauce and sell it to the highest bidder.
5. Business Plan
The right business plan not only gives you direction, but it's one of the documents your business needs if you want to convince someone to fund your business. Your business plan is an important document, and you should understand what to include your business plan and how to construct it if you want to present a professional and viable front.
6. Various HR-Related Policies
Do you have all the necessary HR-related policies that outline what is expected of employees? These types of policies include:
- Sexual harrassment policy
- Social media policy
- Media relations policy
- Anti-discrimination policy
- Compensation and benefits policies (including leave)
- Disciplinary policy
Some of these policies are required by law, and it makes sense to take a look at what is required in your state and by the federal government. There might be other policies and documents your business needs, so consider your situation, and do your best to create the right paperwork for your protection.
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