7 Policies and Documents Your Business Needs

Today, business runs on a sea of paperwork. You need to provide the right policies and documents to ensure that everyone involved knows the expectations associated with the 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 for running your business right. Here are seven 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. This has worked well for me in the past, but I'm making the move toward using more formal freelance contracts. Many of my clients have their own agreements, and I am happy to sign those (after reading them carefully), but I also want my own version.

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. You can find contract templates online for a number of sites like RocketLawyer and LegalZoom. I also like the instructions for creating your own freelance template on WikiHow.

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. You can use a refund policy generator from a site like GoSpaces to help you put together something professional and that provides peace of mind to your customers.

3. Privacy Policy

Do you have a 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. Understanding best practices is essential for your privacy policy. You can also get help creating your privacy policy with a sample privacy policy from the Better Business Bureau.

4. Non-Disclosure Agreement

The non-disclosure agreement (NDA) is one of the documents your business needs if you plan to work with others who might get access to proprietary data and products that you want to keep for an edge. I've signed a lot of NDAs in my time, and it's vital if you want to reduce the chances that someone else will take your secret sauce and sell it to the highest bidder. NOLO offers a solid basic NDA template you can use in your business.

5. Business Plan

Make sure that you know where you're headed with this document. 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.

7. Various HR-Related Policies

Do you have the HR-related policies you need to 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

The SBA offers useful information on creating these policies (and other policies) as part of an employee handbook. 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.

7. Non-Compete Document

As a freelancer, a non-compete is something that I've signed only on the rarest of occasions. However, there might be some situations that warrant this document. Carefully think of what someone competing against you, or stealing your workers, could mean for your business. You might require a non-compete for three, five, or seven years (or some other term). The Society for Human Resource Management provides a useful and helpful non-compete template.

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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The post 7 Policies and Documents Your Business Needs appeared first on AllBusiness.com.