Contributed Post | Mike McRitchie | Resume and LinkedIn Profile Writer | Telecom Marketing Content Writer

How Your Business Can Bounce Back From A Cyber-Attack

October 29, 2019 by Contributed Post Leave a Comment

A lot of small business owners assume that most cyber-criminals will target the big companies because they hold more data and they have a lot more money. But in reality, it’s the smaller businesses that are the biggest target. A big business has the capital to invest huge amounts of money in cyber-security, which means that they’re a much harder target for criminals. But smaller businesses often lack the funds or maybe they just neglect security because they don’t think that they’re a likely target, which means that hackers will go for them. Even if you have security measures in place, there is always the risk of a data breach, so it’s important that you have a plan in place to deal with it. Here’s what you need to do if you are the victim of a cyber-attack.

Secure Your Systems

The first thing that you need to do is secure your systems so no more data can be taken. The sooner you can identify how somebody gained access to your data and plug that gap, the more data you can save. A quick response here can limit the damage in a big way and you may not lose too much sensitive data if you are lucky.

Assess The Damage

Once you have secured your systems, you need to start rebuilding things. A cyber-attack can impact your business in a lot of different ways, and you need to work out the full extent of the damage. It’s important that you know exactly what data has been stolen because if you have lost customer data, they will need to know. An attack could also be used as a way to shut down your website as well, so check that everything is still online. Once you know exactly what damage has been done, you can start repairing it.

Restore Files

If you have lost files in the attack, they need to be restored so you can get things up and running and the business can continue operating as normal. It’s important that you have everything backed up properly so it’s simple to restore. If you don’t already have a backup, you need to find out more about setting one up from your IT services. Without a backup, your files will be lost for good and that will cause you no end of problems in the future.

Inform Customers

This is the worst part of the process for you, but it’s something that you can’t avoid. If customer data has been stolen, it puts them at risk of fraud, so they need to know about it. If they don’t contact their bank quickly, they may have money stolen from their account and that is going to make things a lot worse for you. If you call up customers right away, inform them of the situation, and apologize, you may be able to salvage the relationship and retain those customers.

As long as you take these steps immediately after a cyber-attack happens, you will be able to limit the damage and rebuild your business.

Hire (or train) Cyber Security Experts

Once you’ve done all that you can to mitigate a cyber attack, the next step is to make sure it never happens again. Preventing data theft and preserving data integrity needs to be a priority moving forward. Nothing is worse or more damaging to a business than a second cyber attack. Hire an experienced cyber security expert to join your team so you can put the right safeguards, processes and procedures in place. Or, consider sending a current employee back to school so they get the training they need to properly protect your business in 2019 and beyond.

The Modern Business World: 5 Challenges You’ll Face as an Executive

October 16, 2019 by Contributed Post Leave a Comment

It takes a lot of hard work and persistence to become an executive in today’s modern business world, not to mention industry knowledge and networking skills. But, as any executive knows, the success ladder is forever adding rungs. There’s always one more challenge to be accomplished and variations on current problems to keep any executive ever alert.

It’s the smart executive, however, who is always on the lookout for the problems that MAY arise, the difficulties that COULD pop up and who keeps his business, not to mention his career running on a track. There is any number of issues that could pop up at any time, but following, you’ll find the top five challenges a business executive could face in today’s world.

INCREASING COMPANY REVENUE

According to most executives, the task of raising revenues for the company or non-profit is never-ending. It could be seeking out start-up capital or keeping up month to month on a consistent basis. Let’s face it, money is on everyone’s minds from the top of the ladder on down. Sole proprietors and those with very few employees increasingly view revenue growth as their primary concern. In fact, some find it helpful to seek an ActionCOACH to help them conquer the many tasks that face today’s owners and executives. Business coaches help executives and even sole business owners develop a strategy to generate income, pitch their businesses to other executives, find leads and add new clients. The bottom line is that many executives find coaches an excellent source to help them bring in the business they need.

TIME

While the Rolling Stones sang, “Time is on my side”, that’s just not the case when it comes to executives. In fact, time is increasingly one of the most important assets a person can have. Finding time to complete all the tasks on a to-do list, managing more than one commitment at a time and balancing a corporate leadership position along with building your own business are all problematic for a number of people.

BEING THE LEADER

Whether you own a private company or are building teams to work along side you, leadership is vital to success. There’s the company culture to think of, gaining approval of the shareholders and leading the firm into the new decade. Finding the right person to work on teams with you and in positions for the company is a major challenge facing executives. Whether you have a small business or are managing a global group, balancing a team of employees, or recruiting talented new faces, human resources can be a thorn in your side or a place where your firm excels.

STRATIGIZING GROWTH

No one plans to fail, but failing to plan growth can definitely lead to the failure of a business. Typically, it’s not the small, mom and pop business that is so worrisome, but rather scaling up and expanding existing companies. The problem our business experts find is preparing a company to go to the next level and expanding where needed through organic growth.

MARKETING

Money is the key to growth, but to bring in that golden dollar, executives must get the word out and make their company visible. Attracting this attention in a positive manner, creating the right exposure for the company is brand can be tough. They face the roll of being heard above the Internet’s noise and facing down the competition in a busy market. Marketing in both print and online can be expensive, and there is a great deal of stress to be told of coming in under budget.

Ways In Which Technology Improves Every Business

October 8, 2019 by Contributed Post Leave a Comment

We often hear about technology and all the different ways in which it helps us in our day-to-day lives. It’s incredible to think that within a few decades, we’ve gone from no mobile phones at all, to mobile phones that can do everything. From managing our lives to taking photos and communicating with people all around the world. There is no doubt that this causes problems and sometimes dilemmas we may not have thought of before. However, there are four many benefits to using technology than downfalls. Most certainly, when it comes to business, you cannot avoid using technology to your advantage.

Photo by Johannes Plenio on Unsplash

Communication

Having a team of people that can communicate not only with your customers and clients but with each other, is a huge benefit to everybody. Now we have instant communication via apps, as well as the usual telephone lines. We can use Skype to speak to people on the other side of the country or even the other side of the world if your business is international. You can’t get through a day without using the Internet at least once in business. And having the ability to use a mobile workforce as well Only goes to serve in improving your productivity. Business success is always achieved through effective communication and great ideas. Been able to share great ideas with each other at high speed keeps you ahead of the game.

Workflow

When it comes to your workflow, it’s desirable to have a team that can produce exceptional work quickly. Using technology to your advantage, in this case, is going to be a significant benefit. No matter if your business is Internet-based or not, creative or data-based, or even education, whatever field you work in your workflow can be improved. Along with the rest of your team. To be able to work out the fastest method, that gets results for you. Finding project management systems, and ways to work through your processes is much easier than it used to be. The only problem here is that there is sometimes too much to look through when making decisions.

Marketing

Marketing in 2019 is a subject that everybody seems to know about. We used to just simply have radio and TV ads, plus some print adverts to look at, but marketing in 2019 is much more advanced. There are AI systems currently being rolled out all over the world, collecting data about human patterns, so that teams can target the correct people for their business. It’s also not as simple as avoiding a TV ad now; every website, YouTube video, and Instagram feed seems to have an advert, and even if not, people are sharing products and services through the form of entertainment. The sophistication of data coupled with creativity, and the delivery methods available to businesses now, means that it’s a whole different landscape to navigate, but with massive opportunities for businesses everywhere.

Ultimately if you own a business and you have mobile communication, a team that is able to work with technology, and also the tools you need to reach your ideal clients, then you should be well on your way to great successes.

Should You Do Your Own Business’s Accounting?

October 5, 2019 by Contributed Post Leave a Comment

There are a number of reasons why you might decide that you can do your own accounting for your business especially when you consider that you can make use of accounting software options to make the task a bit easier.

However, not all accounting and tax issues are straightforward and if you get accounting help here, it should ensure that you stay on the right side of the tax authorities and fully understand that financial position of your business.

Here is a look at the pros and cons of doing your own accounting.

Keeping accurate records

In order to be able to have a clear and accurate picture of the financial health of your business at any one time, you need to have a system in place that allows you to collect the required data as accurately as possible.

The good news on that score is that many accounting software packages that you can buy or lease are aimed at being as user-friendly as possible and that means the administrative task of inputting all of your sales and expenses data as quickly and efficiently as possible.

You should also be able to find a software option that keeps track of your inventory as well, so the basic task of collecting key data in an accurate format should be within your reach if you choose a package that helps you achieve that aim.

However, you should also be aware that there are certain limitations to consider when relying on software data you have inputted.

Carrying out an audit of your business records using an accountant could reveal a certain amount of accounting and data discrepancies and using a professional service could also help you identify how to interpret the data in the most tax-efficient way possible.

A good solution could be to use accounting software to help you prepare all of your basic financial data and then use the services of an accountant to cast their professional eye over the details and provide you with some general financial and tax-efficient recommendations.

Cash flow forecasts and business plans

There is a lot more to accountancy services than basic number crunching and if you are seeking to acquire some finance for your business, for example, it can often be the case that using an account could be advantageous.

If you have approached your bank or a lender for a business loan they will want to see your latest financial records and the success of your loan application will hinge on whether you can produce a credible cash flow forecast and business plan to support your request for funding.

Do you really have the time or inclination to do it all yourself?

Running a small business often involves multi-tasking and handling all sorts of different challenges and you might ask the question whether you can justify spending too much of your time on accountancy tasks when there are plenty of other pressing calls on your time to contend with.

The fact that you are running your own business confirms you have a certain amount of entrepreneurial flair and focusing your energy and efforts on increasing sales and growing your customer base could be a better way to spend your valuable time.

It is worth remembering that you don’t have to employ an accountant full-time and it could well be that you only need to pay for a couple of hours of their time to get the answers you need,

Weighing up the cost

It is essential that you keep tight control over your expenditure and one of the most common reasons why some business owners are reluctant to use an account is down to cost.

You might think it is reasonable to assume that you can’t really afford to hire an accountant but you might think again when you consider the sort of value that they can offer your business.

Take a moment to consider how long it takes you to work out your taxes and you should be to calculate how many hours it has cost you to complete that task. If an accountant can do the job in half the time you could find that their hourly rate actually equates to a lower cost compared to what you could have earned doing your regular work.

Freeing up more of your time by delegating certain accounting tasks to your accountant could turn out to be a smart move if it allows you to concentrate on generating more revenue.

Enjoy greater control over your finances

Even if you use an accounting software package to help you keep control over your finances there is still the issue that you might not have as much control over your money as you would like.

Using an accountant should present you with an opportunity to enjoy a greater level of understanding and control of your financial situation and outlook.

Cash flow forecasts are pivotal to keeping your business afloat as you can see how much money you need to maintain a good trading position and fund any expansion plans you have.

It is now easier than ever before to share information with someone like an accountant if you choose cloud-based accounting software and that means you won’t have to waste your valuable time gathering all the data together as they can access the details in an instant with your consent.

The art of delegation

As your business grows it will quickly become apparent that you will have to learn how to delegate certain tasks so that you can focus on key aspects that demand your attention.

Delegating your financial affairs to an accountant could turn out to be a savvy move and the costs associated with that decision can be justified if it frees up more of your time to be able to concentrate on growing the business and increasing turnover.

When you weigh up all the options it should allow you to make an informed choice about what aspects of your business’s accounting you can take care of and when it might be better to use an accountant.

How To Cultivate A Happy Workplace

September 19, 2019 by Contributed Post 1 Comment

Many successful entrepreneurs began their business ventures by themselves, but few can say they stayed alone for very long. With so much on your plate, it’s impossible to get everything done single-handedly. Even the most well-known business people had help along the way. Success is only possible when people want to work for you. If they dread coming into work, however, they will move on. With that in mind, here are six ways to cultivate a happy workplace.

Hire The Right People

A happy work environment is difficult to cultivate and easy to destroy. Just one bad hire can ruin the mood for everyone. Whether they slack off, gossip, or break company policies, you don’t want a poor employee on your workforce. Thankfully, improving the hiring process can help you to avoid such individuals. Just make sure you remember to check all past employer references.

Offer Flexible Work Hours

While the typical working day schedule is nine to five, those hours aren’t always the most productive. Some people do their best work earlier, while others are happy to work later. For this reason, you should try offering your team flexible work hours. This allows them to pick when they work, which will be highly appreciated, especially by those with other commitments, like children.

Reward The Hard Workers

We all want appreciation for the work we do. If you refuse to give this to your team, they will grow frustrated. Because of this, you should offer rewards to the employees that work hard and hit their targets. Some bosses hand out cash bonuses, while others create custom awards, using sites like Edco.com. However you treat your staff, make sure you give them what they want.

Suit A Healthy Life

Sickness can cause huge problems for a business. When even one employee gets sick, it puts pressure on all the others. However, if this sickness were to spread, the company as a whole could suffer. To keep your workers feeling their best, you must accommodate and encourage a healthy life. There are many ways to do this, including providing healthy snacks and lunches.

Keep The Space Clean

An untidy office space is far from productive. Not only can it make it harder to get work done, but it causes stress too. This is why you must ensure that the workspace is kept tidy. Although a cleaning service can help, you must also ask that staff clean up after themselves. After all, most office cleaners won’t tidy your employees’ desks or wash their dirty dishes for them.

Leave Your Door Open

Keeping a workforce happy is a long and complicated process. While there are many things you can and should do, you won’t think of them all by yourself. This is why you must visit thebalancecareers.com and look into how to establish an open-door policy. A policy like this shows your employees that you’re always willing to talk and listen when they need you to.

Cultivating a happy workplace isn’t a simple process, but the advice above should make it easier.