8 Small Business Resolutions for the Fiscal Year - 2021-2022

SNEHA HULL | July 28, 2021

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2020 was a year of unprecedented incidents to the world as well as businesses. Now when the year is winding down, it is a time to get back on track with a bang. It is time for reassessment, better preparations, new opportunities, intelligent business strategies, and reshaped small business resolutions for the year 2021 and beyond to fight against new business challenges.

2020 had been the toughest for business owners, and 2021 is more demanding and challenging, especially for small businesses. However, small business owners must consider external and internal factors when planning for the upcoming years with a new set of contemporary small business goals.

You have come a long way despite the setbacks and challenges thrown at you by unforeseeable circumstances, and you have gained a new set of experiences.

Are you ready to return to business with a bang and build a more substantial business in 2021? If so, here are a few small business resolutions for 2021 to help your company thrive in the fiscal year.


Review your business goals and plan

A good business plan acts as a roadmap for business success. Hence, it is vital to review your business plan and goals at the start of every financial year. Then, keep this as your primary fiscal year 2021 budget resolution.

Evaluation of your business plan helps you assess your last year's progress, failures and helps you to focus on the areas that need your attention. With every passing year, small business goals keep changing as per the current situation and try to adapt to the new changing business trends. Therefore, your plan needs to reflect the latest goals that small business owners plan to accomplish.

It is essential to review and update your business plan focusing on the latest financial goals and marketing ideas to grow and taste success in 2021. Reviewing and updating a business plan is one of the first considerations of small business resolutions.


Make online presence

As the world has become more digitalized, the need for a small business to have an online presence has become essential. Having a website proved to be an asset for small business owners during the COVID-19 crisis because it allowed them to connect and stay in touch with their customers. Establishing an online presence makes your business visible, reachable and allows businesses to engage with customers.

Establishing an online presence is one of the most popular and requested small business resolutions. Having an online presence entails developing a website as well as posting and engaging on social media accounts.

Once your small business has an online presence, create content about your products, services, and offerings through your blogs and social media platforms.

Re-evaluate your financial situation

Botched financial management can cost you a big deal; that is why it is necessary to re-evaluate your financial situation every year to plan your business finance according to the current situation. Re-evaluating your finances is one of the intrinsic small business resolutions for the systematic workflow of the business.

Here are few financial resolutions:
• You can identify areas for improvement by reviewing your spending each month.
• Pay down high-interest credit card debt.
• Securing a flexible source of financing that provides you with quick access to the funds you require to grow.
• Invest more money in the future of your company (short-term and long-term goals).


Tune up your customer service

Exceptional customer service is critical for modern and digitalized businesses of the future. According to the report, customers are more likely to become repeat customers due to the company's excellent customer service.

Small businesses may provide excellent customer service, but it is necessary to improve it constantly. Therefore, small business goals must consider 2020 mistakes and attempt to avoid them in the future.

It is predicted that soon, customer service will be more important than price, product, or service in a customer's decision. Therefore, ensure that your customer does not have a negative experience; negative experiences leave a long-term imprint on the customer's memory. As a result, your business may suffer severe consequences.

According to Harvard Business Review, investing in new customers is up to 25 times more expensive than investing in existing ones.

Enhancing your customer service is an essential aspect of small business resolutions for the upcoming year and beyond.


Refresh your marketing strategy

Marketing happened to be the backbone of business strategies, especially for small businesses during the pandemic. However, every year, new marketing trends emerge, and small businesses should be aware of these business trends and adjust their marketing strategies accordingly. Therefore, refreshing your marketing strategy is one of the imperative small business resolutions.

Be inventive in your marketing strategies. Analyze the success and failures of your marketing efforts over the previous year and update your current marketing plan aptly.

However, make sure that your business objectives are specific, measurable, achievable, realistic, and time-bound. Email marketing is considered one of the best marketing tactics for small businesses. Besides, it is the primary channel for lead generation for 89% of marketers. It is consistently ranked as the single most effective tactic for meeting their awareness, acquisition, conversion, and retention goals.


Expand your network

It is vital to invest time to build your networks. Small business owners often ignore this aspect, but it is a pressing priority of 2021. Make connections with other entrepreneurs, meet your competitors, pay visits to your suppliers, and keep a record of everyone you know.

It is propitious to expand your network because it allows you to form relationships with others and encourage them to refer customers to you via viva voce. In addition, networking can lead to the discovery of new clients, opportunities, vendors, collaborators, service providers, and even new friends.

Below are few techniques that can help you to expand your business network:
• Take your current network to the next level.
• Locate networking events.
• Set objectives for the event.
• Maintain symbiotic relationships.
• Look for new faces.


Review your insurance coverage

Even if cash is tight or revenues are down, small businesses should not ignore their insurance needs. Small business insurance is one of the most essential components of safeguarding your livelihood, yourself, employees, and even customers. Hence, small business owners must have comprehensive insurance coverage and regularly review and update their coverage as their circumstances change.

Ascertain that you understand what is and is not covered. Furthermore, as your company grows, you should review your coverage regularly.

Few insurance agents will review your current policy and make recommendations based on your company's specific needs, as well as identify any discounts you may be eligible for.

Besides, once you have determined what type of policy or policies you require, you can compare prices from various insurance companies to find the best value.


Prioritize and upgrade company culture

The hallmark of any successful business lies in making the workplace great and healthy for work. So if your small business relies on the work of employees, focusing on prioritizing and upgrading your company culture as well as nurturing your employees, is an excellent resolution for 2021.

The previous year was stressful for both employees and employers, which can harm workplace productivity.

It is crucial to foster an inclusive and empowering work environment. Take a survey to find out what changes employees would like to see in terms of culture, and then create a company culture that reflects their needs. Employee satisfaction leads to productivity and innovation. In addition, employees are more motivated to take pride in their work and the company they work for when they feel safe, respected, and have a sense of ownership.

FAQs:

How to write resolutions for small businesses?

Examine all aspects of your small business from the previous year to create a solid list of resolutions for the coming year. Consider your successes and failures and work to alleviate them.


What is a resolution for a business?

In business, a resolution is a proposal made during a meeting of the company's shareholders or directors. It is discussed, and its approval represents an official confirmation of any action that the company will take. Resolutions are classified into four types: elective, extraordinary, unique, and ordinary.


Why should every business have a resolution?

Resolutions help to focus your efforts and energy on new goals and reaching new heights. In addition, resolutions enable business owners to understand where they can increase efficiency and grow over the coming year.

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A technology consulting firm provides advisory services that bridge technologies & business in a competitive business & operation models. Founded in 2011, by a group of software innovators and business specialists with strong vision & mission on making the firn as one of the most effective business modelling & process management consulting company known in success recognition on operation excellence.

OTHER ARTICLES
SMALL BUSINESS TRENDS

Small Business Adaptations Are Here to Last Longer – Post-Covid

Article | November 26, 2021

Small businesses are a critical component of the US commercial sector, employing about half of the US workforce. However, pandemic has struck the world devastating small enterprises. Due to the pandemic's rapid indignation, many small companies were forced to close their doors. "The small businesses continue to be big contributors to the US economy, while their contribution has grown at a slower rate than that of large businesses, small businesses continue to be at the forefront of driving innovation, jobs and economic growth." - Acting Chief Counsel for Advocacy Major L. Clark The coronavirus altered the way businesses work and presented several challenges to small business owners. As a result, they had to shut down their businesses owing to the downturn. However, few stood firm and continued their business operation, adapting to a new norm of business culture. The pandemic compelled businesses to embrace digital transformation and digital technologies; everything moved digital, from commerce to education, from medical consultation to work. Covid paved the path for new business trends and operating methodologies that were previously unavailable to small firms. Small enterprises must adapt to new modes of operation and build adaptable business models. The pandemic is here to stay, and we should be prepared to live alongside it while maintaining a regular existence. Thus, a few adaptations are here to stay, and small businesses must be prepared to coexist with them. Adaptations To Last Post-Covid Embracing The Digital Transformation Throughout COVID-19, numerous small company owners smoothly accepted and implemented digital transformation in their operations. They moved their whole operation online, from promotion to sales. They prioritized data security, offered their products through eCommerce platforms, accepted digital and encrypted payments, incorporated innovative technology into their operations and decision-making, and launched AI-based customer care tools. The idea of turning digital was challenging for small businesses, but the coronavirus compelled them to accept and act intelligently. Embracing technology was critical to small businesses surviving and remaining anchored during the pandemic crisis. Adapted digital shifts enable small businesses to grow digitally and strengthen themselves while also expanding their reach. As a result, businesses that are digitally driven are sure to endure longer. Kevin Johnson, CEO of Starbucks, added 1900 outlets and had a 7% unit increase in a single year. The business achieved the objective by utilizing Deep Brew, an artificial intelligence-based application. The AI analyzed statistics such as population, traffic, income levels, and the presence of rivals, among other things. The gathering of such data aided the business in forecasting sales, earnings, and other economic performance indicators. Collaborative And Partnership The collaboration proved to be a gift in disguise for small firms in the aftermath of the pandemic. Small companies gained access to a much larger audience through partnership, which was critical for survival during the crisis. The pandemic taught small company owners the value of teamwork and partnership in ensuring the business's stability and survival. Collaboration with influential organizations expands the market and provides exposure to prospective clients. In addition, it contributes to brand reach while enhancing brand credibility. Collaboration solves financial problems, helps you save money, enables network growth, higher profits. Hybrid Business Models Many organizations have transitioned from traditional or linear business models to hybrid business models due to disruptive Fintech players, technological advancements, and changing customer behavior. A hybrid business model combines classic and non-traditional product sales tactics. Additionally, the hybrid business model is referred to as "multichannel commerce," "bricks-and-clicks," or "clicks-and-mortar." A hybrid company model represents a novel path to success. This model uses software, cloud, artificial intelligence and machine learning, hardware, and a combination of conventional and non-traditional services to operate the business. Extensive preparation and analysis are required to iron out the wrinkles of large-scale implementation of the hybrid business model. A hybrid business model brings in several advantages such as: Generates leads Increases ROI New sources of revenue New means of communication and collaboration It contributes to meeting customer requirements and propelling us forward into the digital future. The hybrid company model is optimal since it enables you to make the best of everything and produces the highest quality product. eCommerce's New Trends During the pandemic, the eCommerce business was highly active. Everyone went to the internet to provide their services; everything from food to personal necessities was available online. As a result, the already-crowded eCommerce industry expanded by up to 44%. Several eCommerce trends garnered prominence during the pandemic, including omnichannel strategy, voice search, voice shopping, mobile commerce, green consumerism, drone delivery, leveraging augmented reality to build virtual changing rooms, and artificial intelligence. Additionally, these patterns will persist post-pandemic, owing to the popularity of eCommerce among both consumers and company owners. eCommerce is one such slow progression that exploded in popularity after the financial crisis and is here to stay. Frequently Asked Questions: How has the pandemic affected small businesses? The pandemic had a profound effect on business, and as a result, many small firms were forced to close their doors permanently. In addition, small company owners were forced to respond to the economic upheaval caused by COVID-19 by adopting new business practices. How has technology helped small businesses grow? Technology was critical in helping small businesses weather the recession. Small company entrepreneurs may now communicate with their clients using digital channels such as email, blogs, and social media. The emergence of the internet world and new technology has aided in the growth of several small enterprises. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How has the pandemic affected small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "The pandemic had a profound effect on business, and as a result, many small firms were forced to close their doors permanently. In addition, small company owners were forced to respond to the economic upheaval caused by COVID-19 by adopting new business practices." } },{ "@type": "Question", "name": "How has technology helped small businesses grow?", "acceptedAnswer": { "@type": "Answer", "text": "Technology was critical in helping small businesses weather the recession. Small company entrepreneurs may now communicate with their clients using digital channels such as email, blogs, and social media. The emergence of the internet world and new technology has aided in the growth of several small enterprises." } }] }

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FINANCE

Small Business Technology - Key Investment Areas

Article | November 25, 2021

Today's business environment is highly uncertain and has a strong inclination towards embracing technology shift. Small business owners are also gradually heading towards the same path. Therefore, considering the future scenario and business prospects, focusing on small business technology investment has become imperative. On the other hand, many small business owners do not have the luxury of investing in technology without a strategy. They cannot take a trial-and-error approach due to their limited budget, resources, and unpredictability of the business climate. However, investments in technology for small businesses play a crucial role, particularly in today's business world. However, the tech needs of a small enterprise are limited, but a few essential elements of technology should be implemented. "We've moved from digital products and infrastructure to digital distribution and web strategy to now into more holistic transformations that clearly are based on mobile, social media, digitization and the power of analytics and we think it's really a new era requiring new strategies." – Saul Berman, Chief Strategist, VP & Global Digital Business Strategy Practice Leader for IBM Global Business Services Key Areas of Investments in Small Business Technology That Cannot Be Neglected Focus Cloud Applications Cloud apps are accessed via a browser and are available on both desktop and mobile devices., On the other hand, cloud computing has existed in the business sector for an extended time but has been underutilized by small businesses owing to budget constraints. However, cloud computing costs have decreased considerably over time, to the point that small business owners may now use this technology. Gartner's study indicates that up to 60% of business owners would rely on the cloud to hold data by 2022, nearly double the percentage in 2018. Cloud computing enables businesses to access data and apps from any location, time, and mobile device, all at a fair cost. Cloud technology enables small businesses to easily access data on the go, enabling them to be more competitive on a global scale. Cloud computing enables various cloud-based services, including cloud storage, cloud backup, and cloud hosting. Cloud computing has several advantages, including increased flexibility and scalability, ease of data recovery, increased data security, and cost-effectiveness. Ultimately, small business tech needs cloud computing applications for seamless business operations in the competitive business world. Must-Have: AI, Machine Learning, And Analytics Often, small companies believe that AI applications, machine learning, and analytics are beyond reach, resulting in minimal investment in technology. However, it is no longer an issue since commercial software solutions incorporate new technologies that enable you to do more with your data. Analytics provides insight into your company's performance, customer experience, risk identification and mitigation, and market trends. In comparison, machine learning enables the service to be more personalized through collecting statistical data and extensive data using AI. Despite the pandemic, researchers expect worldwide AI software revenues to reach $100 billion by 2025. (Deloitte) Here is an amazing real-world corporate example. An early adopter of machine learning, 1-800-Flowers, unveiled 'Gifts When You Need' (GWYN), an IBM AI helper. It enabled GWYN to adapt presents to the chosen occasion by gathering information through interaction. As a result, customers received customized service and knowledge while purchasing from home. This raised the number of new clients while also broadening the demographic reach. In addition, personalized product suggestions enhanced conversions through machine learning. Trending VR and AR Technology Post-covid, virtual and augmented reality technologies will play a significant role. With the advancement of technology, the viewpoint on the corporate environment and ecosystem will shift. The benefits and applications of virtual reality and augmented reality technology in business come in various forms, including customer experience, staff training, and product creation. The application of virtual reality and augmented reality technologies enhances client experiences and contributes to the quality and speed of manual job operations. Given that AR and VR are effective tools for growing sales and income, it's easy to see why small business technology investment is critical. AR and VR are altering both online and physical commerce in dramatic ways. As a result, this technology has had a significant influence on the eCommerce and retail industries. According to Statista 2021, the AR market size is currently $12 billion. (Statista, 2021) As per AR Insider, by 2023, AR users are estimated to reach 2.4 billion. (AR Insider, 2021) Here is one interesting example of the use of this technology. The Nike app enabled users to scan their feet and get accurate sizing recommendations. As a result, online shoppers were no more reluctant and afraid to mistake the size and safely buy shoes online. This feature was handy, primarily due to the pandemic crisis where in-store shopping was declining. Mobile Technology a New Necessity The substantial influence of mobile technology has increased significantly over the previous 18 months due to the coronavirus epidemic. However, mobile technology is no longer a buzzword for small company owners. Due to the epidemic, many small company owners resorted to digital solutions. Mobile technology is not restricted to smartphones, wearables, or contactless payments; computers and GPS devices may also be equipped. Furthermore, mobile technology comes in various forms, including Wi-Fi, Bluetooth, network services such as 4G or 5G, and VPNs (virtual private networks). In the absence of genuine work mobility, supporting employees' mobile devices for work via a BYOD or CYOD program is a prudent investment. FAQs: Q. How do small business owners use technology to improve their business? A. Small businesses can use technology in multiple different ways. For instance, they can use technology to connect with their customers, communicate with their employees, sell their products or services, better coordinate between the employees, simplify manual work, and many more. Q. How much do small businesses spend on technology? A. Small businesses should acknowledge a few technologies in their business operations. Below are the mentioned requisites: Cloud computing Mobile applications HR software Drones Emails Data Security Q. What are the latest business technologies? A. The latest and trendy technologies that are in widespread use in the business world are mentioned below: Internet of things (IoT) Virtual & augmented reality Artificial intelligence Mobile technology Blockchain 3d printing Drones Robotics & automation { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How do small business owners use technology to improve their business?", "acceptedAnswer": { "@type": "Answer", "text": "Small businesses can use technology in multiple different ways. For instance, they can use technology to connect with their customers, communicate with their employees, sell their products or services, better coordinate between the employees, simplify manual work, and many more." } },{ "@type": "Question", "name": "How much do small businesses spend on technology?", "acceptedAnswer": { "@type": "Answer", "text": "Small businesses should acknowledge a few technologies in their business operations. Below are the mentioned requisites: Cloud computing Mobile applications HR software Drones Emails Data Security" } },{ "@type": "Question", "name": "What are the latest business technologies?", "acceptedAnswer": { "@type": "Answer", "text": "The latest and trendy technologies that are in widespread use in the business world are mentioned below: Internet of things (IoT) Virtual & augmented reality Artificial intelligence Mobile technology Blockchain 3d printing Robotics & automation Drones" } }] }

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SMALL BUSINESS ADVICE

Fetch Inbound Marketing Benefits for Small Businesses – 2022

Article | November 16, 2021

Are you a small business owner and still stuck with an expensive form of traditional marketing? Don't be; here is one of the effective solutions for your dilemma ‘inbound marketing.’ So now the question arises - what is inbound marketing? How can small businesses fetch inbound marketing benefits? Inbound marketing, according to Miles Anthony Smith, is the practice of drawing customers to your company. Can accomplish this via content marketing, search engine optimization (SEO), and other strategies. Unfortunately, traditional marketing techniques have been deemed "disruptive" and are no longer employed. In addition, traditional marketing has several problems, including high costs, difficulty in maintaining, and difficulty attracting consumers and generating leads. According to HubSpot, inbound marketing generates 54% more leads than traditional paid marketing. "The effectiveness of inbound marketing relies heavily on the ability to attract leads at all levels of the sales cycle" — Natalie Davis. Most businesses utilize the power of inbound marketing since it develops connections and generates high-quality leads without requiring a significant marketing expenditure. Improved technology has increased the importance of inbound marketing even more. Unlike traditional marketing, inbound marketing encourages people to contact you for your products and services. Various inbound marketing platforms help small businesses with inbound marketing strategy and tools, such as: Marketing automation platforms CRM platforms Email marketing platforms Social media management Website analysis CRYO Adopted Inbound Marketing CRYO, a firm located in Dubai, is a specialist in cryotherapy for the healthcare industry. They give treatment on five continents via corporate-owned and franchised locations. CRYO adopted inbound marketing in 2016 for more focused and data-driven approach to pitch to prospective clients. However, as a digital marketing business, prior to adopting inbound marketing they lacked an end-to-end solution. They observed a significant increase in their company KPIs after implementing inbound marketing. 146% increase in revenue 44% increase in website traffic 128% increase in leads Benefits Of Inbound Marketing Efficient Than Traditional Marketing Inbound marketing, in contrast to typical advertising approaches, targets the appropriate clients who are already interested. According to invespcro, a professionally implemented inbound marketing approach converts leads ten times faster than typical outbound marketing methods. "If you have more money than brains, you should focus on outbound marketing. If you have more brains than money, you should focus on inbound marketing."- Guy Kawasaki, Chief Evangelist of Canva. Here are a few more inbound marketing benefits; it is more responsive than most traditional marketing techniques and increases website traffic. In the age of digitization, inbound marketing platforms are critical for achieving the most remarkable results. Cost-Effective Than Other Forms of Advertising Inbound marketing strategy is unmatched when it comes to cost-effectiveness. This is because inbound marketing focuses on enticing prospective consumers; by doing so, you save time and money by avoiding uninterested people in your products or services. According to Invespcro, content marketing costs 62% less than traditional marketing and triples lead generation. Inbound marketing helps marketers to get a greater return on investment and create more leads on a shoestring budget. The most significant inbound marketing benefit that this technique may give small business owners is cost-effectiveness. Simultaneously, an inbound marketing strategy has better value for your business as well. Long-Term Investment Inbound marketing aims to build a relationship with customers that leads to long-term investment. Assume you have a popular video/blog on a social media network such as Facebook. Your followers will see your posted content and respond with likes, comments, and shares. This manner, your material reaches a bigger audience and retains its visibility for an extended period. As a result, traffic will blossom and expand over time. Unlike other forms of marketing and promotion, inbound marketing does not have a time limit for attracting visitors to your website, thus the long-term investment. As a result, it is one of the most valuable inbound marketing benefits for small businesses with restricted marketing budgets. Builds Brand Awareness and Loyalty In today's society, the majority of purchases begin with an internet search. Therefore, if you have an online presence and are highly active on search's social media platforms, you have a good chance of increasing brand recognition. Interacting with prospective consumers develops their trust and increases the likelihood of choosing your brand when making purchases. Therefore, attract, engage, and delight are the three pillars of the inbound technique. When inbound marketing is done correctly, it fosters consumer loyalty and improves your brand's impression. Final Thought Inbound Marketing is here to stay and is the best marketing strategy for small businesses. Looking at the above-mentioned inbound marketing benefits, you can figure out the tremendous value it holds in marketing. It is vital to have content of high quality and targeted towards the right audience. If you are a small business owner and are interested in a more cost-effective marketing method, we encourage you to implement an inbound marketing strategy. It is not easy as it sounds; it takes time, money, practice, and lastly, a lot of effort to understand your customers. But it is worth all the endeavors.\ FAQs: What are the examples of inbound marketing? Here few examples of trending inbound marketing: Viral videos Blogs Social media campaigns Webinars Infographics Ebooks Whitepaper Podcast What are inbound marketing strategies for start-ups? Below are listed some inbound marketing strategies that start-ups can take advantage of. Create and share free content Write compelling headlines Leverage blogs to the fullest Create an email course Have compelling landing pages Invest in influencer marketing Sprinkle some SEO magic { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the examples of inbound marketing?", "acceptedAnswer": { "@type": "Answer", "text": "Here few examples of trending inbound marketing: Viral videos Blogs Social media campaigns Webinars Infographics Ebooks Whitepaper Podcast" } },{ "@type": "Question", "name": "What are inbound marketing strategies for start-ups?", "acceptedAnswer": { "@type": "Answer", "text": "Below are listed some inbound marketing strategies that start-ups can take advantage of. Create and share free content Write compelling headlines Leverage blogs to the fullest Create an email course Have compelling landing pages Invest in influencer marketing Sprinkle some SEO magic" } },{ "@type": "Question", "name": "What are the typical benefits of inbound marketing?", "acceptedAnswer": { "@type": "Answer", "text": "Inbound marketing provides many benefits; below are a few listed ones: Efficient than traditional marketing Cost-effective than other forms of advertising Long-term investment Builds brand awareness and loyalty Reach new markets and audiences Better lead generation Boosts ROI" } }] }

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TECHNOLOGY

Small Business Cybersecurity Best Practices - Now Is the Time to Explore Them

Article | November 15, 2021

As the online world gets popular, cybersecurity is a hot topic for discussion. In today's B2B industry, the new work trend of working from any location has supplanted the traditional working approach. However, fewer security procedures have raised the cybersecurity risk for all organizations, particularly small businesses. As a result, small business data is highly vulnerable to such cyber-attacks. As stated by Brand Essence Research, the worldwide cybersecurity industry will reach $403 billion by 2027, growing at a 12.5% compound annual growth rate (CAGR). For every Cybersecurity Magazine, small and medium-sized enterprises account for 43% data breaches. “As cybersecurity leaders, we have to create our message of influence because security is a culture, and you need the business to take place and be part of that security culture.” - Britney Hommertzheim, Director, Information Security, AMC Theatres, at SecureWorld Kansas City Here are the top cybersecurity challenges that small businesses face and need to be considered while setting cybersecurity best practices for small businesses. The business relies on several manuals and informal processes for cybersecurity The business struggles to handle the complexity of numerous disconnected cybersecurity technologies The business lacks the skills necessary to cope with a current type of cybersecurity attack Managers lack an understanding of or commitment to good cybersecurity No employee is technically trained, and the firm provides no cybersecurity training to its employees While small business owners have successfully adapted to new work processes, they do encounter certain obstacles regularly. This blog highlights a few cybersecurity best practices that your small business may adopt. But before that, let's have a quick glance at a few of the cyber security threats faced in the recent past. Cyber Security Threats in Small Businesses Emotet: Emotet is one of the most damaging and expensive malwares available. It is a sophisticated, modular banking Trojan mainly used to download or dump other financial Trojans. SMS phishing: SMS phishing has become one of the most prominent trends in the world of small business cyber security. Due to the evolution of the media, phishing attempts are now distributed using brief text messages rather than email. Sophisticated ransomware attacks: Complex Ransomware assaults occurred because of the introduction of new, sophisticated types of malware that were a step above anything previously observed. Hence, small organizations should consider using an effective cloud backup solution to protect against data loss. Deepfake videos: Deepfake videos have recently emerged as a significant cyber security concern to small enterprises. These films are designed to dupe company owners into disclosing vital information. Spoof accounts: Spoof accounts is another sort of danger that has developed in recent years. The attacker created a plausible Facebook profile and befriended the employees, using this relationship to collect critical, sensitive, and valuable information from them. It's critical to review your small business's existing cybersecurity best practices. Thus, the following is a list of the top five cybersecurity solutions for small businesses. Top 3 Small Business Cyber Security Practices Strong Password and Authentication Password attacks were the most prevalent type of cyber-attack seen during COVID-19. The attack occurred as a result of insecure passwords and login credentials. Therefore, small businesses should verify that their password policies adhere to the FBI's standards for creating strong passwords. Utilize password managers such as RoboForm, NordPass, DASHLANE, and KEEPER regularly to ensure the security of small company passwords. Another cybersecurity best practices suggestion is that small business owners may utilize two-factor authentication to give an additional degree of security to their digital accounts. Additionally, you may utilize a password-less security strategy to improve account security by eliminating the need for any passwords. Having these cybersecurity best practices in place may serve as the foundation for a robust security plan. Provide Cyber Awareness Training to Your Employees Cybersecurity awareness and understanding among employees are critical for every company. Therefore, cyber awareness training should be mandatory as part of cybersecurity best practices and seriously considered for inclusion in security policy. The following are some suggestions for educating your staff about cybersecurity: Make it essential Integrate cybersecurity into the onboarding process Teach them to identify phishing emails Teach them the proper password combination Conduct cybersecurity exams VPS and Security Considering the present state of the world, including a virtual private server (VPS) into the IT infrastructure is one of the most acceptable cybersecurity solutions for small businesses. According to Statista, the worldwide virtual private network (VPN) market will reach $35.73 billion by 2022. As per Global Virtual Private Server Market Report 2021-2026, VPN and VPS usage is expected to reach 49%, with employees working from home. VPS enables remote access to specific computers and persons without requiring them to be physically present. This access enhances security and safeguards your company's data. Businesses that choose to allow their workers to work from home should search for VPS alternatives that fit with their business's security requirements and cybersecurity resources. "Organizations are ramping up security monitoring to try to know what is happening on endpoint devices. It's a unique opportunity for security to advocate for the employee experience." -David Etue, Nisos's Chief Executive Officer, (claimed in an interview with a Media 7 team) Final Thought Cyber security is an integral part of small businesses today. It helps companies to protect and safeguard their sensitive and confidential data against cyber theft. However, given the dynamic nature of cybercrime, you need to develop comprehensive and effective cybersecurity solutions for small businesses. As a result, it is vital to verify that these procedures are appropriately applied. FAQs: How can small businesses improve cybersecurity? Here are a few tips for small business cybersecurity improvement: Provide cyber awareness training to your employees Utilize VPS and security Strong password and authentication Protect your Internet connection with a firewall Protect your wireless networks Utilize excellent practices when it comes to payment cards What are the top cybersecurity threats facing small businesses? Read out to the top cybersecurity threats small businesses are facing: Emotet SMS phishing Sophisticated ransomware attacks Deepfake videos Spoof accounts IoT attacks Do small businesses need cyber security? Information technology has developed into a significant role in the success of small enterprises. Cybersecurity safeguards their business, consumer and employee information, and sensitive data against rising cybersecurity threats. Cyber security is important for small businesses because they cannot afford to lose critical data and information. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How can small businesses improve cybersecurity?", "acceptedAnswer": { "@type": "Answer", "text": "Here are a few tips for small business cybersecurity improvement: Provide cyber awareness training to your employees Utilize VPS and security Strong password and authentication Protect your Internet connection with a firewall Protect your wireless networks Utilize excellent practices when it comes to payment cards" } },{ "@type": "Question", "name": "What are the top cybersecurity threats facing small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "Read out to the top cybersecurity threats small businesses are facing: Emotet SMS phishing Sophisticated ransomware attacks Deepfake videos Spoof accounts IoT attacks" } },{ "@type": "Question", "name": "Do small businesses need cyber security?", "acceptedAnswer": { "@type": "Answer", "text": "Information technology has developed into a significant role in the success of small enterprises. Cybersecurity safeguards their business, consumer and employee information, and sensitive data against rising cybersecurity threats. Cyber security is important for small businesses because they cannot afford to lose critical data and information." } }] }

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Spotlight

Collexe Consulting

A technology consulting firm provides advisory services that bridge technologies & business in a competitive business & operation models. Founded in 2011, by a group of software innovators and business specialists with strong vision & mission on making the firn as one of the most effective business modelling & process management consulting company known in success recognition on operation excellence.

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