Top News
Coronavirus Resources
Globally, there has been 1.5 billion people who have been ordered to work from home due to the coronavirus pandemic. Many executives and managers are finding that managing remote workers blindly is is like conducting an orchestra without seeing or hearing the musicians. One company, TransparentBusiness, provides the solution that will allow a business to remain productive and profitable, while protecting their employees from the virus risks.
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Working Remotely? Take Care Of Your Business Online Safety!
Monday, 29 June 2020
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Is Paycheck Protection Plan Going to Become a Financial Burden?
Monday, 01 June 2020
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SBA Taking Action for Small Businesses
Monday, 04 May 2020
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FormAssembly Offers Free COVID-19 Assistance Program
Monday, 06 April 2020
HR/Benefits
Building a successful team is important for the success of any business. Having the right individuals and a strong team can help you achieve your goals and create a positive work environment. However, building a successful team is always easier said than done. It is a complex task that requires careful planning, attention to detail, and a commitment to excellence. Here are some steps you need to take to build a successful team to drive your organization to greater heights.
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Hiring is Complicated - Simplify With These Practices
Monday, 05 December 2022
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Get and Keep Staff
Monday, 25 July 2022
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Remote Work Needs Defined Agreements
Monday, 16 May 2022
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Offer Your Employees the Best Vacation Policy Option
Monday, 02 May 2022
Legal
You probably know that starting a business requires an innovative idea, a solid business plan, and a funding source to launch. But, do you also have the Registered Agent ready to go? Do you need a Registered Agent?
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Creating a Promissory Note
Monday, 16 September 2019
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5 Ways Businesses Can Avoid Becoming Ensnared In An Ethical Lapse
Monday, 30 July 2018
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Mediate, don’t litigate
Wednesday, 11 October 2017
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Contemplating legal templates for your small business
Wednesday, 26 April 2017
News
According to a report released by Amazon Web Services (AWS), small businesses in India that embrace cloud-enabled technologies could unlock up to Rs 1.6 trillion in annual productivity gains by 2030. The report also states that this could lead to 45.9 million jobs being created across healthcare, education and agriculture sectors, representing 9 percent of total jobs in India. In May 2023, AWS announced a plan to invest USD 12.7 billion (over Rs 1 lakh crore) to expand India's cloud infrastructure by 2030 to meet growing customer demand in the country.
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Free Cybersecurity Seminar
Monday, 02 October 2023
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The Cloud Revolutionizing Small Businesses
Monday, 02 October 2023
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Augmented Reality Can Transform Your Small Business
Monday, 25 September 2023
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Small Businesses Rely on Technology to Reach New Heights
Monday, 25 September 2023
Technology
With the increased sensitivity of data and its critical role in making business decisions, small businesses are becoming increasingly aware of the importance of having an effective data backup and recovery strategy in place to protect their valuable information. As the number of cyber threats increases together with the complexity of these threats as well as the potential of technical failures to cause problems, it is important for businesses to be prepared and have a plan to safeguard their data. In this article, we will provide useful tips for small businesses to implement an efficient data backup and recovery system.
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The Benefits of Voice Search Optimization for Small Business Websites
Monday, 25 September 2023
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Responsive Web Design for Small Businesses
Monday, 24 July 2023
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Cybersecurity for Small Businesses: Protecting Your Digital Assets
Tuesday, 04 July 2023
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The Power of Practice: A Company’s Cybersecurity Policy Is Only As Solid As Its Implementation
Monday, 02 May 2022
Cloud-Enabled Tech Could Unlock Productivity Gains for Small Biz
According to a report released by Amazon Web Services (AWS), small businesses in India that embrace cloud-enabled technologies could unlock up to Rs 1.6 trillion in annual productivity gains by 2030. The report also states that this could lead to 45.9 million jobs being created across healthcare, education and agriculture sectors, representing 9 percent of total jobs in India. In May 2023, AWS announced a plan to invest USD 12.7 billion (over Rs 1 lakh crore) to expand India's cloud infrastructure by 2030 to meet growing customer demand in the country.
While the potential economic benefits of cloud-enabled technology for small businesses in India are certainly impressive, it is important to remember that the technology is still relatively new and untested. It is also important to consider the potential costs associated with implementing such technology, as well as the potential risks of data security and privacy. Ultimately, it is up to small businesses to decide whether or not the potential benefits outweigh the potential costs and risks.
Free Cybersecurity Seminar
Local MSP TrueCore Technology is hosting an educational event on cybersecurity for small businesses in Cincinnati, Ohio. The seminar aims to provide small businesses with the tools and knowledge they need to protect their operations from cyber threats. The seminar will cover topics such as data security, malware protection, and other best practices for keeping small businesses safe from cybercrime.
While the free cybersecurity seminar is a great opportunity for small businesses in Cincinnati, Ohio to learn more about cyber security, it is important to remember that cyber security is an ever-evolving field. Businesses should be sure to stay up to date on the latest security trends and technologies to ensure their data is protected. Additionally, businesses should consider investing in professional cyber security services to help them stay ahead of the curve.
The Cloud Revolutionizing Small Businesses
Many small businesses are taking advantage of cloud technology to improve their operations and remain competitive in the market. Cloud technology is becoming more accessible and affordable, and is expected to become a trillion-dollar industry by 2028. To remain relevant and improve growth, small businesses should consider adopting cloud technology. Cloud transformation involves using cloud technology to transition significant areas of a business in order to add benefits offered by the software or technology to the business. Core operational ways cloud technology is affecting small businesses include improved efficiency, flexibility and resilience.
Cloud technology is a powerful tool for small businesses, and its potential for growth is immense. However, it is important to note that it is not a one-size-fits-all solution. Businesses should take the time to understand their specific needs and how cloud technology can help them meet those needs. It is also important to consider the cost of implementing and maintaining cloud technology and the potential risks of data security. By taking the time to research and understand the technology, small businesses can make the most of the opportunities cloud technology provides
Augmented Reality Can Transform Your Small Business
Augmented Reality (AR) is a technology that can provide an enhanced version of reality by superimposing computer-generated images onto the physical world. This technology can create a composite view of the real world, and it is becoming increasingly feasible for businesses to use AR. Small businesses can benefit from AR in a number of ways, such as providing an immersive experience for customers, creating interactive marketing campaigns, and more. According to Small Business Trends, AR presents a number of promising opportunities for small businesses.
While Augmented Reality can be a powerful tool for small businesses, it is important to remember that it is not a silver bullet. AR can be expensive to implement and requires a certain level of technical expertise. Additionally, it is important to ensure that the AR experience is tailored to the needs of the customer and provides value to the business. Companies should carefully consider the costs and benefits of using AR before investing in the technology.
Digital Automation & Tax
This year, technology will continue to have a growing role in tax departments as they look to do more with what they already have. Digital automation will quickly become an important tool in companies and workforces as business leaders look to make decisions quicker.
The first step is to evaluate your business to better understand the processes that are already established and the goals you’re trying to achieve. Business Process Reengineering – recreating business processes with the goal of improving product output, quality, or reducing costs – is a helpful tool to accomplish this.
After the initial work is done, it’s time to evaluate where automation will be the most effective. In most cases, this will be in departments that leverage large amounts of data in their processes.
Let’s take tax departments as an example. Tax departments are known for having detailed and complex processes that synthesize a lot of data. Manual processes for tasks like reconciliation are particularly challenging. This is where automation can help spot anomalies that might slip through the cracks.
Across the industry, we’re seeing companies driving towards implementing e-invoicing and e-reporting. E-invoicing creates a system that standardizes the format of the e-invoice and transmits it to the proper tax authorities to receive validation in real-time. It also exchanges the transaction between the buyer and seller and retains a copy. This copy is important so tax teams can comply with periodic electronic reporting requirements.
Branching off this process, the digital journey also includes complying with the different invoicing requirements tax administrations implement on the business-to-consumer side, which is important for businesses looking to expand globally. Each country has specific requirements for invoicing, including language, currency, format, tax calculations, format and signatures. Automating the invoice process makes compliance with these regulations easier.
These trends show that automation is continuing to increase, which in turn decreases the workload for tax teams. Digitizing these processes can help accountants work through the complexity of requirements across different jurisdictions and countries. This is especially applicable to those working with a large volume of business transactions and helps to ensure their integrity.
While automation continues to make manual processes easier, it will leave your team with more time to focus on other business processes such as supporting audits or driving and creating new initiatives. With workforces facing labor shortages, economic barriers and supply chain issues, organizations need to find ways to buy back time and energy using technology.
Collaboration within your organization will be key to achieving these goals. Make sure there is a partnership between the IT teams and departments looking to implement automation. This will create an understanding of each team’s needs and allow for the common goal to be reached.
Remember, the best digital transformations happen over time. Don’t rush the process or fall victim to the “I need it all” mindset. The most successful leaders understand that automation isn’t a one-size-fits-all, but rather a useful tool that should be tailored to the business goals of the organization or department.
Bio: Chris Zangrilli, VP - Technology Strategy
Chris Zangrilli is Vice President of Technology Strategy at Vertex Inc. In his role he leads the technology strategy and innovation efforts, applying emerging technologies to understand the art of the possible to drive growth. He has held several technology leadership roles responsible for the architecture and development of SaaS solutions. He brings 30 years of technology and strategic expertise driving value to customers through tax technology solutions.
7 Challenges Your Small Business Faces
Owning and running a small business is a dream of almost everyone. However, this is a big challenge, especially considering the problems you will likely face. While having the idea is the easiest part, starting and managing a business is not a simple task, as some might want to believe. The first two years of a business are the biggest problem, and most small businesses do not make it past this period. Those brave enough will successfully manage every aspect of the business starting from employees, marketing and administration, and ensure that they do not miss any leads. Here are some challenges that your small business might face.
- Getting customers
While starting a business can be simple, getting customers is a complex undertaking which can be painful sometimes. This is a challenge to startups and multinationals such as Toyota, Coca Cola and Apple, who have the right teams for marketing and customer support. As a startup, you do not have to sit there and wait for people to come and buy your product or service, hopefully. Rather, you must develop a comprehensive strategy to inform people about your product or service and buy it. This is a significant challenge for small businesses because they do not have a recognized brand that people already believe in.
- Cash flow problems
Small businesses often face the challenge of cash, and entrepreneurs are often afraid to start a business due to this reason. To sustain a startup, you need to spend a lot of cash and engage in various transactions, which can sometimes be challenging. As a startup, therefore, you need to track every transaction and be strict in managing your cash flows. Hire an accountant to help with bookkeeping and in managing your finances.
- Lead generation
Most businesses face the challenge of lead generation, especially in generating enough leads to satisfy the sales team. Marketers also report that this is a key challenge that business leaders face. Given this problem, it is hard to ensure there is a steady stream of sales and income.
- Overreliance on one customer
A single, large paying-on-time customer is excellent news for any small business. However, it can also be a major problem. Depending on a single customer for payments makes you appear like a contractor. If they suspend or stop their services, you might end up doing no business at all. While it is important to attract and maintain any customer, you need to find new ones to keep you going when others stop buying from you.
- Hiring talented employees
Getting the right people to work for your startup is one of the hardest things you may encounter as you start your business. This is a difficult challenge, especially since most quality employees are attracted to bigger brands. According to statistics, 52% of respondents in a CNBC study claimed that the biggest challenge they face is labour quality. This makes it hard for small businesses to get the right people who understand business goals and can work together.
- Managing workflow
Once you have the right people in place, the next big challenge is to manage the workflow. You must ensure that your team has the right tools and processes to do the right things and work efficiently. This is a problem for startups because some of these processes are new or not tried and tested.
- Financial planning
Finances are the backbone of any business. Unfortunately, many small businesses have a problem managing and planning their finances. With this problem, some overspend or fail to use their financial resources prudently, ending their businesses due to cash flow issues. Given this issue, small businesses must find the right planning methods for their finances to last longer in the markets.
Check These Options for Small Business Loans
Although many potential entrepreneurs have great business ideas, most of them face financial difficulties. This makes starting a small business daunting. Although a great business plan is critical for such a venture, financing is the top element that you need to realize success. Sadly, coming up with the right amount demands discipline and the ability to impress lenders. This may mean that you should have more than one financing option on the table because the traditional lenders have some range they consider before they can fund your idea. If you have a low credit score or lack collateral to give to the lender, there are other alternatives you can try out for your startup. Check these options for small business loans if they can help in your venture.
- SBA loans
The US Small Business Administration loans program is an amount of up to $50,000 given to small businesses looking to start or expand. The average amount is 13,000 administered by nonprofit community lenders. The SBA loans are easier to qualify for compared to larger loans. However, the key downside is that the funds might not be enough for all borrowers. The SBA’s flagship 7(a) loan program finances borrowers that want to start a business. However, the SBA 7(a) loans are hard to come by. They are given to established businesses with collateral, which can be an asset such as equipment or real estate that can be sold in case of a default. It can also take months to access the loans.
- Microloans
Microloans allow microlenders and nonprofit lenders to access startup business loans with little complexity, unlike the SBA program. The microloans are available outside the SBA program and help lenders, mainly those with shaky finances. The majority of microlenders focus on underserved small business owners whom traditional lenders often overlook. The terms for these loans are also better than others because they are given by mission-based organizations. This makes it possible for you to grow your business and establish better credit.
- Personal loans
As a business owner, you can also access personal loans such as those offered by online lenders. These loans are based on the personal credit history of the borrower. This makes personal loans a competitive option if your small business is too new to qualify for other non-personal loans. They can have high APRs of up to 36%, especially for bad credit borrowers. Therefore, this type of loan is the best option for borrowers with strong personal credit and income.
- Crowdfunding
This method has become one of the popular methods that small businesses use to raise money. Thanks to various platforms such as Kickstarter and Indiegogo that allow entrepreneurs to solicit cash through online campaigns, you can also do this. Instead of paying back the donors in the future, you give them gifts. Therefore, the online-crowdfunding campaigns are known as rewards-based crowdfunding. This approach is great for business owners who want to test their product or service with a specific customer base without debt.
- Grants
Small grants targeted at businesses by private foundations and government agencies are another great way of raising funds for your small business. The good thing about these grants is that they are not loans, and therefore they will not be hard to get. The challenge is that it might not be enough for a small business that struggles to start.
- Loans from family and friends
This is the most common way of financing startups. It entails borrowing money from friends or family who can lend. However, like a bank, if your credit is bad, you will have to convince them to pay back their money. When exploring this option, find the individuals who understand the risks involved and your plans.
Your Business Can Still Avoid Bankruptcy
The coronavirus pandemic has indeed subjected many businesses to untold suffering and losses. If your business is struggling, now is not the time to give up. Instead, you should think of ways to remain afloat during these difficult moments. For a small business, there is a lot of pressure to perform after launch. This often leads to the failure of roughly 20% of small businesses. On the contrary, as many as 45% fail within their first five years. Following the outbreak of the COVID-19 pandemic in 2020, their chances of remaining afloat have become slimmer. As such, the number of bankruptcies has risen more than ever before, with Bloomberg's report showing that bankruptcies have increased by over 36%. While bankruptcies cannot be overstated, there are many ways for small business owners to safeguard against the folding over. Here are a few of them.
- Take advantage of the existing government programs
Paycheck Protection Program (PPP) is one of the programs that have assisted many businesses to remain afloat during the pandemic. The program, which was created through the Coronavirus AID, Relief, and Economic Security Act, has assisted more than 800,000 businesses distributing more than $210 billion in loans. Although the PPP ended in May, you can look for other similar opportunities provided by other agencies or institutions. These loans will keep you going until things return to normal. If one institution fails to consider your loan request, try another. Start by looking at the banks that you have a higher chance of getting a loan and go for it.
- Renegotiate the existing contracts and loans
Payment terms and timelines might be affected substantially by the pandemic. This might leave your small business unable to repay its loans or complete all the contracts due to financial constraints. However, you can avoid problems with your financiers or clients by renegotiating the loans or contracts that you currently have. Look at your account payable and find how you can renegotiate them to favor your current situation. Although some of your clients might not agree, others will understand your situation. You can also talk to your property owner regarding rent payment.
- Minimize staff costs
Although it may be a painful decision, you should consider reducing your staff as much as possible. Try furloughing or layoffs to reduce the amount of money you spend on employees. This is often the most sensitive area that needs to be handled with care considering its effects on the future of your organization. For those who remain, consider pay cuts until things improve.
- Collect the debts
Money that people or companies owe you can save your business from going under. Although the time is difficult for everybody, some of those who owe you may have the ability to pay. Therefore, you should reach out to them and collect this cash. If there is an invoice you have been holding until work is completed, do not wait any further—Bill for the portion that has been completed. You can also ask your customers for prepayment for a service. This strategy will allow your business to stay alive. Consider giving those who pay upfront a discount to attract them.
If you feel that you have done all it takes but are still unable to pay your bills, seek advice from an attorney. They might have a word or two on how you should move ahead. Some of the advice from your attorney may turn things around and shed more light on what you should or should not do or the procedure of filing for bankruptcy. The good news is that businesses will recover soon, and you will embark on normal service provision.
How to Leverage Data Visualization in Small Business Reporting
With the rising number of software tools, small businesses have vast amounts of data from various sources. While having access to data is good, extracting information is a different thing altogether. Therefore, for businesses to have value, must analyze data, and this is where data visualization comes in. Data visualization allows business owners and decision-makers to gain valuable insights from their data by presenting it visually, like graphs and charts. In this article, we will discuss how small businesses can leverage data visualization for their reporting needs.
First, small businesses need to understand the benefits of data visualization. A leading advantage is that it helps in interpreting correlations in relationships. Visualization lets business owners easily identify patterns, trends, and relationships among variables. This allows them to make better-informed decisions based on accurate insights.
Secondly, data visualization enhances and represents the available information in a pictorial format. This helps business leaders understand the positives and negatives, draw conclusions, and make informed decisions quickly and efficiently. Leveraging key metrics enables small business owners to use real-time information to adapt and respond to market changes effectively.
Data visualization also personalizes interaction with data. It does this by enabling business owners to build strategies that are data-driven, factual, and relevant to their business needs. It helps improve collaboration between internal teams by providing everyone with access to the same data, thus enhancing clarity, guiding work implementation, and managing resources optimally.
There are several tools and software available in the market that businesses can use to leverage the power of data visualization in small business reporting. Some popular options include Google Data Studio, Power BI, and Tableau. These tools allow users to connect to various databases, analyze and visualize data, and create personalized dashboards with ease.
During the implementation of data visualization, it is important to follow best practices to ensure effectiveness. These include understanding the task the user wishes to perform, identifying the size and complexity of the data, and finding the right balance between visuals and text. While doing this, it is important to avoid common mistakes like using incorrect axis ranges in bar charts or overcrowding visuals with too many colours, shapes, and text. Businesses should avoid common errors if they are to ensure accurate and effective data visualization. One of the leading mistakes is using incorrect axis ranges in bar charts, which can distort the data and mislead viewers. It is important to carefully choose appropriate axis values that accurately represent the data being presented.
Another common error is overcrowding visuals with excessive colours, shapes, and text. Although these elements can enhance the visual appeal, you should not overdo them because this can lead to confusion and difficulty interpreting the information. Instead, a limited colour palette that is both visually pleasing and aids in conveying the intended message should be used. Additionally, too many shapes can overwhelm the visuals, making it arduous for viewers to distinguish between different elements.
In such instances, text should be used sparingly in visualizations to avoid clutter and maintain clarity. Important information can be conveyed through concise titles, labels, and annotations. Overloading visuals with extensive text can make them convoluted and diminish their impact. Striking the right balance between visual elements and text is key to creating effective and engaging data visualizations.
Lastly, small businesses should also consider partnering with data visualization consultants to maximize the benefits of data visualization. Collaborating with experts, small business owners can help businesses gain access to specialized skills and knowledge, tap into a larger client base, and benefit from the consultant's brand reputation. Working with a consultant also gives a better perspective on data analysis and presentation, ultimately leading to better decision-making.
In summary, data visualization is a powerful tool that small businesses can leverage for their reporting needs. With these tools, businesses can easily interpret correlations in relationships, enhance available information, personalize interaction with data, and improve collaboration between teams.
The Role of the Internet of Things (IoT) in Small Business Operations
The Internet of Things (IoT) is one of the leading technologies of the modern world, billed to revolutionize many aspects of our daily lives. In fact, it is already reshaping the way small businesses operate. As the Internet of Things continues showing immense possibilities and growth through increased connected devices, small businesses now have access to a wide range of technologies that can automate tasks, improve productivity, and streamline operations. In this article, we will explore the impact of IoT on small businesses and how it can help drive growth and success.
Using IoT has many advantages for small business operations. However, the leading benefit is the ability to reduce human labor and improve staff productivity. It has the potential to automate mundane and repetitive tasks, which allows businesses to free up their employees to focus on more important and innovative tasks. One such example is in the payroll where processes can be automated thus eliminating the need for employees to spend time on manual data entry. Automating payroll ensures that businesses can use their staff for more critical jobs, increasing overall productivity while reducing the costs of running a business.
Another benefit of IoT devices is that they offer improved asset and resource management capabilities for organizations regardless of industry or size. With the help of interconnected sensors and monitoring systems, enterprises can effectively track the location and status of their goods and equipment. In transport and logistics, for example, RFID tags and sensors can be used to monitor inventory levels, track shipments, and manage spare parts and fuel. This level of visibility and control enables businesses to optimize their resource usage, minimize downtime, and improve overall efficiency.
Additionally, IoT devices can contribute significantly to safety and security in the operations of small businesses. With the help of a network of interconnected devices like motion sensors and surveillance cameras, businesses can enhance their security measures and reduce the risk of theft or corporate espionage. This makes it possible to track businesses and monitor activity in real-time while getting alerts of intrusion, therefore, ensuring a safe working environment and protecting valuable assets.
Besides the operational benefits, IoT devices offer valuable insights for business analysis and decision-making. The data collected from different sources by IoT devices and the subsequent analysis of vast volumes of user-specific data allows businesses better to understand customer behaviour, preferences, and expectations. Businesses can leverage this data to develop more effective business strategies, enhance marketing efforts, and improve customer service. For example, IoT devices can automatically track customer equipment maintenance requirements, ensuring timely reminders and proactive service.
No matter the industry, small businesses can significantly benefit from IoT adoption. Whether it is a physical office space, storefront, or remote team, there are IoT devices and applications that can cater to specific business needs. In storefronts and offices for instance, smart thermostats and light bulbs can be used to optimize energy usage. On the other hand, smart locks and security cameras can enhance building security for storefronts. Manufacturers and industrial sectors can leverage specialized Industrial Internet of Things (IIoT) devices to monitor machine performance and automate workflows.
By embracing automation technologies, businesses can make the most of IoT devices. Many IoT devices are built with automation capabilities. This allows for remote management and scheduling. Businesses can use automation platforms to optimize workflows, adjust lighting and temperature settings, and even control access to physical spaces. With IoT and automation, businesses can enhance efficiency, reduce costs, and streamline operations.
The future of IoT for small businesses looks promising, with the continuous development of new devices and applications. As the number of IoT devices grows, businesses can expect further advancements in facility management and automation. With the increasing availability of IoT solutions, small businesses can leverage this technology to their advantage, driving growth, improving productivity, and staying competitive in the ever-evolving digital landscape.
Conclusively, the Internet of Things (IoT) is changing how small businesses operate. It enables automation, improves productivity, enhances asset management, and provides valuable data insights. Therefore, small businesses that embrace IoT technologies can streamline their operations, optimize resource usage, and deliver better customer experiences than traditional ones. With the continued evolution of the IoT ecosystem, small businesses should explore and leverage the benefits offered by IoT devices to drive growth and success.
Privacy is security: How businesses can earn trust while handling individual data online
To understand how intertwined online privacy and security have become, consider the humble company-issued laptop. The device might only be given to a new hire after he or she passes a series of mandatory security clearances. Some employees will be asked to provide a fingerprint or facial recognition to use their laptop at all. At a minimum, a unique password is required at sign-in, and that password must be changed out periodically. The parameters of the employees’ online experience are predefined to limit exposure to suspicious websites. Two-factor authentication is required to access sensitive information. Then, when the employee leaves the company, they must hand over the laptop. Any access privileges they gained are revoked, as if they had never joined the company in the first place.
To insist on strict security protocols like these from a potential business partner is not too much to ask in 2023, when defining your organization’s boundaries for security and privacy is ― or should be ― the name of the game. Limiting your employees and clients to security risks is the first rule of doing business online. Following that rule is easier said than done, but it begins with a basic principle: privacy is security.
Imagine you’re about to go on vacation, and you need someone to watch your house while you’re away. Your neighbor next door is nosier. They’re always giving you mail that “accidentally” got delivered to them. Your neighbor across the street is quieter and keeps to himself. Which of the two would you ask to keep an eye on your house? The nosy neighbor seems a bit riskier ― will she poke around and take something? ― while the neighbor across the street seems more likely to bring in the mail, then leave. He’s never seemed interested in the details of your life. If you’ve ever been in this situation, the idea that “privacy equals security” should be intuitive.
Similarly, if you visit a website and it asks for a lot of personal details, at what point should you draw the line? There are no hard and fast rules, but the answer boils down to trust. To convert potential clients and customers, they must first trust in your ability to limit their risk by safeguarding their private data.
New focus on security
To get a rough estimate of the value of individual data, consider the $1.3 billion payout Meta (the parent company of Facebook) recently agreed to in a class-action lawsuit settlement as a result of sharing users’ personal data with third parties. The revelation of Facebook’s data-selling habits sparked a “Great Privacy Awakening” that ultimately moved legislators in Europe and California to pass laws requiring websites to disclose to users whether their data is being shared with third parties, and offer the ability to opt-out of data sharing altogether.
With greater public awareness of the corporate data-sharing landscape came fear. If your online business habits routinely require inputting names, addresses, credit card numbers, and other personally identifying information, some might draw a drastic conclusion: don’t share anything with websites that have no value to you. If that seems overcautious, here are some practical guidelines to keep your data ― and those of your customers and clients ― safe:
- Always look for a “lock” icon on your browser bar. This indicates the website you’re visiting encrypts its traffic. In effect, the data it’s interchanging between your server and its computer needs to flow through a lot of different column pipes. Observing these strict protocols helps keep your data private and the interaction secure.
- Never use the same password twice. Password managers like OnePassword, MacOS/iCloud Keychain, and Google Chrome’s own built-in manager allow users to store thousands of unique passwords, effectively eliminating the need to remember more than one. When you do not re-use passwords, if any one password is compromised, it will affect only one protected website/account.
- Use 2-factor authentication whenever possible. Many websites support a variety of 2-factor authentication tools, which effectively require you to confirm on multiple devices that you’re trying to log in to a site. The power of this protocol is well-documented; 2-factor authentication could have saved the former President of the United States a breach of his Twitter account.
- If your device offers some kind of biometric ID – facial or fingerprint recognition – use it. The data they use to scan you is far more complex than a 4-digit unlock code. Then go into your device settings, and set a more complex (but memorable) device passcode. I think of my phone as my offboard brain – it might have more sensitive data about me and my contacts than any other device.
- When dealing with financial institutions, review their security protocols when you first open an account. They should require customers to verify any large withdrawals by answering an automatic phone call and speaking to a live customer service agent. Ask them about their fraud prevention procedures. How do they verify credit card transactions, and what is their dispute process? This extra step can safeguard against fraudulent transactions. It’s easier for hackers to steal your username, password, and/or email address than to gain access to your phone number.
- The services you use are obligated to tell you if your personal information has been compromised. However, it’s easy to lose track of these notifications if you don’t act on them immediately. Like reviewing your budget, or spring cleaning, you should periodically check a service like “Have I Been Pwned” and look up your email address to see if your data has been released in a security breach. If you see that a breach has exposed your password, change it – and see #2 for using a password manager to both remember it, and keep it secure. I made myself a recurring reminder to check this every 6 months.
- If a breached service you’ve used in the past offers you an identity protection package – take it. They wouldn’t offer it if the information that was released wasn’t highly sensitive.
A question of trust
Any online security method you use boils down to a common principle: trust. In the case of a financial institution, your reason for trusting it with large amounts of money (or not) are obvious.
The reasons for using a reputable email server might seem less obvious, but consider the example of Microsoft Office. It uses background tools that will allow an IT expert, auditor, or lawyer to see who logged into your email account, where they were at the time of access, how long they were logged in, and what they did while they had access. This information can then be shared with law enforcement to help determine if the hacker committed a crime. On the other hand, law enforcement can also subpoena Microsoft to get access to this data – something to bear in mind for how you operate your business, and how you share data over email.
The same principle applies to password managers or 2-factor authentication platforms. You can trust the established players in these spaces with your personal information because you can be more confident they will keep your data private. They should use multiple layers of security that make it difficult for hackers to access an individual’s private information. When in doubt, reading the privacy policy is a basic first step toward establishing trust in their process. The policy’s verbiage should be unique, not copy-pasted from that of a reputable company ― never screenshotted, making it impossible to highlight the text. News of any data breach and how it was handled will also reveal how well these platforms keep their users’ data secure.
Establishing trust on an institutional level is not as straightforward as one person reading a privacy policy. When two businesses begin a relationship that involves sharing customer data, it is common to perform risk assessments and security questionnaires to establish trust. As in the example of the company laptop, it’s important to know how long a business keeps past customer and client data on file after their relationship is severed. The answer will reveal a lot about how they value security and privacy. Written privacy policies are important here, too. As a general rule, longer and more thorough privacy policies are more trustworthy ― but they should be read by someone with legal experience. Some of the basics that apply on an individual level apply to business practices too, like which email client they use and whether 2-factor authentication is required to log in to company social media accounts. The more critical the data you’ll share, the more you’ll want to assess and verify the policies and procedures a company follows – something like a SOC 2 Type II document can go a long way, because it will document a company’s security and privacy controls using the SOC 2 criteria, and it’s audited by a reputable third party.
The future of privacy and security
As the cat-and-mouse game between hackers and security providers evolves, keeping pace can make a person dizzy. One new wrinkle is AI. When viewing a privacy policy online, search the page for the phrase “as an AI language model.” It’s a common series of words generated by many AI language models, which are increasingly being used to create privacy policies; a policy drafted and reviewed by a human lawyer (i.e., the thorough ones) will not include this phrase.
When it comes to online security, establishing trust will only become a more important focal point of any business relationship. That means increased vigilance on the part of individuals, even if that means something as simple as changing out your passwords more frequently. Privacy and security will be forever intertwined, so always be mindful of who has access to customer and client data. That basic principle will go a long way.
Paul DeLeeuw is a tech Lead at ddm marketing + communications, a leading marketing agency for highly complex and highly regulated industries.
Enhance Customer Experience through Technology
In the era where customers demand to be given the utmost attention, technology plays a crucial role in shaping the customer experience and has become a key driver for businesses to differentiate themselves in the market. With the tough competition in the market, companies are realizing the importance of providing a seamless and personalized experience to their customers as they seek to remain on top and build long-term relationships.
One of the best ways of gaining a competitive edge is to leverage technology, which allows businesses to enhance various aspects of the customer journey, from initial interactions to post-purchase support. In this blog, we will delve into the role of technology in enhancing customer experience, exploring different strategies and tools that businesses can utilize to create a positive and memorable customer journey. From self-service options to personalized recommendations, technology offers a wide range of solutions that can streamline processes, improve communication, and ultimately provide customers with a convenient and satisfying experience. Embracing technology and staying ahead of the curve will make businesses stronger while improving customer relationships. This will significantly drive growth in today's highly competitive market.
III. Proactive Support and Personalization
Proactive Support Strategies
Businesses should always identify and address customer needs before they realize they have them. This is what is called proactive support. A proactive approach ensures businesses can enhance customer experience and build stronger relationships. Here are some effective proactive support strategies:
- Real-time notifications: Let customers know the issues, delays, delays, or changes to their orders or services as soon as possible.
- Knowledge base and self-service options: Customers need a place to find answers to their most pressing questions. You can make this possible by providing a comprehensive knowledge base where they can seek and find answers to common questions and troubleshoot independently.
- Regular updates and communication: Keep your customers informed about new features, updates, and improvements through newsletters, blog posts, or emails.
- Continual feedback collection: Surveys and feedback forms are an excellent way of collecting customer insights. Therefore, be sure to implement them and proactively address any recurring concerns or issues.
Personalization Techniques and Benefits
Personalization includes tailoring products, services, and experiences to the individual preferences and needs of the customers. Therefore, you should leverage technology and customer data to provide personalized recommendations, offers, and support. Some personalization techniques you can use include:
- Customer segmentation: Divide customers into specific groups based on shared characteristics or behaviors and tailor marketing messages accordingly.
- AI-driven recommendations: Artificial intelligence (AI) algorithms can help you significantly analyze customer data and provide personalized product recommendations or content suggestions.
- Dynamic content and messaging: Customize website or email content based on individual customer preferences, browsing history, or past interactions.
- Enhanced customer profiles: Collect and analyze customer data to build detailed profiles, including purchase history, preferences, and communication preferences.
The benefits of personalization include increased customer satisfaction, improved customer loyalty and retention, higher conversion rates, and enhanced brand perception.
Therefore, combining proactive support and personalization techniques is crucial for businesses because it can create exceptional customer experiences that drive loyalty and long-term success.
VIII. Conclusion
Key Takeaways and Best Practices for Enhancing Customer Experience through Technology
Enhancing customer experience through technology is important for any business that intends to stay competitive and provide exceptional service regardless of the industry. Here are some key takeaways and best practices to consider:
1. Understand your customers: Invest in customer understanding by collecting data, conducting surveys, and using analytics tools to gain insights into customer preferences and behaviors.
2. Use AI and machine learning: Take advantage of AI and machine learning technologies to personalize customer interactions, automate processes, and offer proactive support.
3. Embrace an omnichannel approach: Ensure a seamless and consistent experience across all customer touchpoints, whether it's through websites, mobile apps, social media, or in-person interactions.
4. Leverage chatbots and virtual assistants: Implement chatbots and virtual assistants to provide 24/7 support, answer frequently asked questions, and assist customers in real-time.
5. Utilize natural language processing: Use natural language processing (NLP) to understand the intent of customer inquiries and provide accurate and relevant responses.
6. Enhance self-service options: Enable customers to find information and resolve issues independently through self-service portals, knowledge bases, and online tutorials.
With the right practices, businesses can create personalized, convenient, and efficient customer experiences that drive satisfaction, loyalty, and business growth.
Grants Still Available
According to Small Business Trends, the federal American Rescue Grant continues to provide grants to small businesses.
The economic stimulus grants provide small businesses can be the difference between staying open and closing entirely. Even before the pandemic, small business grants offered great opportunities to keep operating as well as support growth with strategic funding.
Read the article Small Business Trends
Small Business Owners' Health Needs Constant Attention
Running your own business can be hectic for many business owners. For small business owners, however, having all the responsibility to all operations, including successes and failures, can be detrimental to one’s health. Sadly, health among small business owners has not been taken seriously as it should despite the economic significance of such businesses to society and the economy. The mental health of small business leaders leads to a healthy working environment. It also leads to effective teams that are characterized by respect and trust in one another.
Large corporations with complex and well-structured succession plans can hardly be affected by health issues that may affect their leaders. The well-laid down succession plan ensures that in the absence of the CEO, operations run without hitches. Unlike big multinationals whose operations cannot be affected by the health issues among those in the high offices, poor health among the leaders of small businesses can end operations and render employees jobless. The simple structure of a small business is risky, and the impact of the demise of a CEO is unimaginable. With an instant disease or a condition such as a heart attack, everything can go down the drain since everything revolves around an individual. From this, it is evident that health is the greatest capital of small business owners. The smaller the firm, the higher the vulnerability in case the owner develops health complications, either physical or mental.
The health of such business owners may have damaging consequences not only for those that have been employed but can also impact those that depend on them entirely. For example, the family members who rely on the owners can also be significantly impacted. Similarly, health problems among the personnel and family members can destabilize operations and how the business runs. Small business owners face many challenges that often affect their mental wellbeing. According to a Danish study, there is a significant link between entering entrepreneurship and receiving prescriptions for sedative or hypnotics and/or their spouses. This is a clear suggestion that entering entrepreneurship is a health risk as it is a potential source of stress for entrepreneurs and their family members.
Many studies have found out that stress level among the business owners is higher than those of the employed. The always conflicting issues such as ambiguity in the business environment, lack of adequate resources, and daily hassles as well as failure to clarify roles increase stress and the possibility of health complications. Work overload is another factor that many small business owners face and may result in a complication. Entrepreneurs often work for more than 50 hours a week. Working for long hours, including weekends doing intensive tasks, is a potential cause of stress.
Uncertainty is often identified as another factor that can cause health problems among self-employed individuals. The fast-changing business environment is always a concern for entrepreneurs who are always worried about their businesses in case things do not go as planned. These owners have many things to worry about, including their employees, government regulations, and reduction in profits, all of which determines the success of their businesses. Loneliness of business owners also results in burnouts, which in itself is a potential contributor to mental health. Loneliness can be harmful in an environment where difficult decisions are to be taken, such as firing or hiring employees.
As seen above, health issues among the small business owners have severe spillover effects on those they employ and their families. Unlike CEOs of large companies that have a proper succession plan, health challenges among small business owners can cripple operations. As such, it is crucial to always stay ahead by addressing potential causes of health problems before they manifest into catastrophes.
Is Now the Perfect Opportunity to Retire?
Even before the coronavirus pandemic struck and sank the world’s economy, retiring at the age of 65 was already becoming a hot topic among many professionals. Now that the pandemic has impaired many businesses, both small and large plans of many organizations are in shambles. One of the areas that have been significantly affected is retirement. Business owners that were planning to retire are now forced to rethink. This could mean that the retirement age is likely to fall further as employees try to pick up from where they left once the economy reopens and the pandemic eases.
Although the recovery is expected to happen sooner or later, it may take some time. This is if the 2007-2009 recession is an example to go by. The recovery time can even be longer considering the severity of COVID-19 compared to the recession witnessed in 2009. As such, many small business owners may be tempted to consider selling their businesses rather than waiting for things to get better.
A study by StreetWise Retirement Confidence Index in May indicated that 26% of those interviewed stated that they would postpone their retirement plans after the coronavirus. Their decision is due to the economic conditions that the virus has caused. As damaging as they may seem, the decision is not surprising, given the uncertainty and fear that the pandemic has caused in many industries in different countries. The uncertainties have had an impact on the financial strategies of organizations and have forced many businesses to change their priorities. Another study by Allianz Life Insurance Company found out that almost half of Americans interviewed went into early retirement for reasons beyond their control. One of the reasons that were cited in the research is job loss. This was cited by 34% of the respondents, while 25% cited health challenges as their primary reason for retiring early. As an entrepreneur or employee who is willing to persevere and try their best to achieve their dreams, all is not lost. Taking some steps can enhance value and build your business so that you can sell more and retire as you planned or even early.
Creativity is one of the ways that can help you remain open in the current era of uncertainty. As a business owner, try your best to find creative ways that can adapt to the changes in the business environment. One way you can do this is by adding other services that will replace the revenue that has been lost. For example, as a restaurant owner, you can supplement the revenue lot by ordering food and selling them. This will create a new stream of income and increase profits even when other sources of revenue are not doing well enough.
A good rapport with banks is also crucial to businesses. Regardless of the size of your organization, always ensure that you have a good relationship with financial institutions. Having a wrong sense of security will only deceive you, and you will not have anyone to turn to in case things become tough. With the right relationship, you will have someone to run to for loans when the revenue stream dries up, and you need additional funds to keep running. Always ask yourself, is my bank relationship stable? If the answer is yes, then you are in the right place.
Coming up with a transition plan is another approach that you must consider. Just because you are delaying your retirement plans does not mean that you should not establish a transition plan. Take time to build a working transition plan that will not leave your organization in chaos when the right time comes. Most business owners lack a proper transition plan. This leads to a lack of focus on what is needed for a business to operate successfully.
Thinking Ahead About Getaways
It’s a good strategy to be forward-thinking and plan for the future, so now is a fine time to consider future vacation ideas. Not only will you have something exciting to look forward to, but you may need a longer lead time to put one of these plans in motion.
There are few places on Earth that are more remote, exotic, and accessible as Hawaii. With direct flights from almost all major US cities, and no passport required, Hawaii is a great destination to feel like you have left the monotony of day-to-day life behind. What’s even more exciting about getting to the most far-flung US State is that there are multiple islands, with 4 very different vacation styles for every taste. The big island offers no shortage of adventures, from walking across a volcano to snorkeling with sea turtles and manta rays, to tropical hikes with breathtaking waterfalls. Oahu provides the familiar hustle and bustle of city life with picturesque beaches. Maui is the most popular destination, with relaxing beaches and lively nightlife both. Finally, Kawaii is the most relaxing and serene of the islands.
If you prefer to stay in the continental US, the Southwest has plenty of adventure! From riding dune buggies through the desert to a train ride to the Grand Canyon, there is a right-pace adventure for everyone. Relax in a hot air balloon over Albuquerque or relive the old west with a trip through Tombstone, Arizona and other gold-rush towns. Few images are as inspiring as a desert sunset over the mountains, and once the sun goes down, the action never stops in Las Vegas.
Stretching along the Coast, there’s many options for a memorable vacation. Traveling to New England may seem like quite a change of pace, but there is plenty to keep one busy from Maine down to Connecticut along the coast. Enjoy a lobster dinner on the oceanside, hike through some of the nations oldest states and national forests, and get lost in miles of winding roads. Boston or Portland make perfect bases of operation to go a few hours north to the backwoods of Maine or to enjoy the finest foods from a wide variety of different cultures right in Boston or Providence.
While you won’t be able to enjoy an ocean view, the Midwest offers plenty of excitement as well. The mighty Mississippi touches 10 different states, each one with different scenery to enjoy. Whether you’re up for rugged hiking in Minnesota or a leisurely cruise on the river in Louisiana, the Mississippi River has dozens of perfect destinations along it’s 2320 miles. St. Louis boasts some of the region’s best museums while Memphis, Tennessee is a must-see for Elvis fans everywhere.
No matter where your interests take you, across our vast nation, there are ideal vacation destinations to be had. From coast to coast, you can’t go wrong planning your vacation in any region. Take your mind off any current worries, let your dreams loose, and plan ahead.
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