TECHNOLOGY

How Can Small Business Digital Transformation Opportunities Be Bagged?

Sneha Hull | September 27, 2021

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Small businesses are the backbone of the US economy, generating local jobs and innovation while encouraging entrepreneurship among minorities, women, veterans, and other community segments.

As stated by Florida tax monitor data, small companies employ 48% of all Americans and generate 43.5 percent of the country's gross domestic product (GDP). At the speed of light, the corporate environment is continuously moving to new digital technologies. However, many small company owners are unable to keep up with this small business digital transformation.

In the opinion of recent Google-commissioned small company research, 80% of small businesses in the United States are not fully utilizing digital technologies. A few more reasons at play prevent small firms from adopting digital technology and falling behind on digital transformation trends.

Ignoring digital benefits or refusing to adjust is a surefire way to fail in a constantly evolving digital world.

"At least 40% of all businesses will die in the next ten years… if they don't figure out how to change their entire company to accommodate new technologies."

— John Chambers, Cisco

Factors Contributing to the Lag in Digital Transformation Race


Keeping up with New Technologies Is Tough


Numerous small business owners are unable to keep up with emerging digital transformation trends. Various digital opportunities for small businesses exist to employ in their operations. However, companies lack the will to leverage digital capabilities and so fall short of their full potential. In addition, limited resources create an impediment to digital adoption inside. Employee experience and digital skills are other significant impediments to SMBs adopting digital technologies.

Small businesses need to overcome their fear of change to capitalize on the digital dividend, accelerate growth, and scale effectively.


Change in Customers Behavior and Persona


Changes in customer behavior and knowledge of SMB consumer personas are critical components of small business digital transformation and are the primary issue confronting small business owners. The most significant change that small companies anticipate in the next five years is a shift in consumer expectations and personas.

Owners believe they understand their businesses since they are small or medium-sized business owners. Still, customers have a different perspective more than 70% of the time due to social and digital transformation trends. For the next five years, the top three consumer trends are expected to increase product or service customization, increased emphasis on customer experience, and higher expectations of quality or value for money.


"Clients are going to expect a lot of personalization in their businesses; consumers are going to expect the same. To avoid data silos, having an emphasis on driving real-time information from customer data and sources is core for any company to become digitally native."

– Bibhakar Pandey, Vice President & Leader of Customer Experience, Marketing Services, Capgemini.

Need Assistance for Right Decisions


Making technological decisions is challenging for small firms. Additionally, many business decisions are made by small business owners. Therefore, they must have the appropriate knowledge and help when making digital decisions involving various conflicting obligations.

Because the costs of digital technologies are so high, it is critical for small businesses to have sufficient information about the value of sales, service, and marketing technologies to select the appropriate digital systems, upgrade digital skills, and provide adequate protection and security. In addition, the small owners need timely assistance to cope up with small business digital transformation.


Digital Gap


Small firms have several digital gaps in various areas, including internal skills gaps, financial gaps, and digital infrastructure shortages. Due to the utilization of high-speed internet connections and cloud-based technologies, these disparities are more significant for small businesses than large enterprises.

The owners need to cope up with different stages of digital transformation in small businesses. However, there is no denying the link between digital and productivity, which is critical for productivity.


Digital Transformation Approaches:


Adoption and Upgradation to CRMs


To evaluate client behavior, it is critical to implement and improve your customer relationship management system (CRM). In addition, businesses should leverage cloud-based solutions to strengthen their relationships with their consumers.

According to Deloitte, SMBS that use CRM generate 44 percent more income than those who do not have a system or only have a rudimentary system. However, numerous CRM features, such as omnichannel customer care, marketing automation, social tools, and predictive analytics with automation are not part of the classic CRM model.

"Right from the start, based on our ICP, we focus on what level of personalization and automation needs to be built out and what touchpoints like overlays, retargeting, and remarketing are to be done to convert the customer in the end and take them to the SQL stage."

– Amitabh Ramani, Global Marketing Director, Jade Global.

Adoption and up-gradation of CRMs will open new digital opportunities for small businesses.


Improvement in Digital Infrastructure


To fill the digital gap and be a part of digital transformation trends, small businesses must embrace high-speed broadband for small business digital transformation. In addition, adopt digital technologies in the workplace to enhance SMB productivity and connectedness.

By incorporating innovation and technology, small firms may increase their competitiveness.

Below are few actions that can be taken for more digitally engaged small businesses:
  • Raising awareness of digital opportunities
  • SME training and upskilling programs
  • Promoting business innovation and the provision of new digital solutions


Implementation of Sales and Marketing Tools


In today's competitive corporate climate, the focus is firmly placed on the sales and marketing aspects of the enterprise. As a result, small businesses strive to capitalize on possibilities for personalized marketing based on prior interactions or sales and engage clients through customized marketing.

Amaysim is an example of a company that focuses on customized marketing using a cloud-based marketing platform; they ensure timely marketing communication and connect with clients in real-time via SMS.

Only one in every five small businesses uses digital tools or social media platforms to acquire new consumers or connect with existing clients. Incorporate artificial intelligence into different business processes, such as predictive analytics, automated product recommendations, and upgrade suggestions based on consumer behavior.


Shift to Online Interactions


Face-to-face transactions have decreased as a percentage of total sales, and the line between physical and digital is becoming increasingly blurred, resulting in behavioral adjustments.

The purchase is moving due to internet channels, or you might say that more consumers favor online purchases over in-person transactions. With the increase in online sales, small companies also need to enhance their delivery services to keep up with the demand. In addition, the shift in communication channels to emails, social media platforms, and websites have altered consumer behavior about enquires and complaints. As a result, implementing CRM software for service interactions has become a necessity of the hour to ensure a fast response.

Shift to online interactions of sales or any business operation is an escalating demand for small business digital transformation.


Final Thoughts

With the evolution of digital trends in small businesses, owners can leverage small business digital transformation benefits by using the techniques as mentioned above. Regular use of digital tools may help small businesses enhance their performance and adapt to dynamic business conditions and changing consumer expectations and the surrounding environment. Engage small companies in new digital prospects for success and business growth, resulting in a greater return on investment (ROI).


FAQs

Why is digital transformation important for small businesses?

Digital transformation enables small businesses to ease out their operations, increases efficiency, automates workflow, helps to improve customer relationships. Adopting digital transformation enables to fulfill changing behaviors and needs of customers.

What are the most significant trends of digital transformation?

Here are few significant trends of digital transformation in the coming year 2022 that will impact the work culture of businesses.

  • Improved connectivity (5G)
  • AI technology
  • Cybersecurity
  • IoT
  • Multi-cloud and APIs

What are key areas of digital transformation?

The key areas of digital transformation are as follows:

  • Business process transformation
  • Domain transformation
  • Business model transformation
  • Cultural/Organizational Transformation

Spotlight

White Cross Vets

White Cross Vets are the only veterinary group in the UK to achieve a three star rating in the ‘Best Companies Accreditation’ survey three years running, being declared "An extraordinary company to work for". Family-owned, our group of practices is one of the fastest growing in the UK with a genuine focus on quality care and service.Caring for the pets in the North of England since 1937 we pride ourselves on providing Total Care for Pets and are here to help you with all aspects of pet ownership, from choosing the most suitable family pet; through routine vaccination, health checks, neutering and medical problems, to the understanding necessary with major surgery and senior care.

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

White Cross Vets

White Cross Vets are the only veterinary group in the UK to achieve a three star rating in the ‘Best Companies Accreditation’ survey three years running, being declared "An extraordinary company to work for". Family-owned, our group of practices is one of the fastest growing in the UK with a genuine focus on quality care and service.Caring for the pets in the North of England since 1937 we pride ourselves on providing Total Care for Pets and are here to help you with all aspects of pet ownership, from choosing the most suitable family pet; through routine vaccination, health checks, neutering and medical problems, to the understanding necessary with major surgery and senior care.

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