Pitching to banks and investors to get funding for a new business is always daunting, but it’s particularly scary if you’ve already had a failed business and declared bankruptcy in the past. You can be sure that investors will do their homework and they’ll know all about it, so there’s no point trying to hide it. A lot of people assume that having a failed business in the past means that nobody will touch you but that isn’t the case. In fact, a lot of the most successful business people in the world have had failed business and declared bankruptcy before they landed on an idea that took off. Investors understand this and they are willing to take a chance on people, even if things haven’t worked out in the past. However, it is more difficult to convince them that their money is in good hands.
There are a number of concerns that investors may have and you need to address them. Firstly, they will worry about why the first business failed and whether it was down to poor management. Secondly, they will want to know about outstanding debts. If your new business is very similar to the old one, creditors may be entitled to collect debts from it, which is a big problem for investors. If your new business looks quite similar to the old one, you also need to help them understand how things will be different this time and how you will avoid another failure. Addressing all of these issues can be tough, but it’s not impossible. Here’s how to secure investment for a new business after declaring bankruptcy.
Focus On Your Business Plan
Your business plan is more important than ever if you have already had failed business ventures in the past. Any lenders will want to know exactly how you plan to spend the money that they give you and what specific steps you will take to grow the business and return their investment to them. Banks will want a clear plan for exactly how you are going to repay any loans that they give you, so it’s vital that you can prove you have thought about every tiny detail of your new business. You can find some great templates for business plans online, which will help make sure you haven’t missed out anything important and keep everything well organized. When writing your business plan, you must be specific about the numbers because this is what lenders will be really interested in, considering your previous business failures. Although you are pitching the product, it’s vital that you demonstrate a clear understanding of the finances if you want to inspire confidence in investors.
Approach Private Investors First
Although some banks will still lend to you, private investors are more likely to take a chance on your new business, so you should focus on them first. They have more control over their money than a loan approval officer has over the bank’s money, so they can make that judgment call and decide to back your business even if it doesn’t seem like a good idea on paper. You will also find that if you can secure partial investment from a private party, this drastically increases your chances of being approved for a bank loan because you are not asking for as much.
Search For A Business Partner
Having a failed business and declaring bankruptcy in the past presents two major problems; the first is that you have a terrible credit rating, which means that banks and private investors are naturally cautious about lending to you and many people will reject you immediately when they run a credit check on you. The second problem is that people will assume that you lack business skills. You tried to start a business on your own and ended up bankrupt, so the evidence would suggest that you are not capable. There are, of course, other factors involved and you should explain these to potential investors, but it’s still likely that they will have concerns about your skills as a business person.
You can address both of these issues if you search for a business partner. If you are able to find a partner with good credit, you improve your situation immediately and with them listed as co-owner of the business, your chances of getting a loan shoot up. If your business partner has a good track record and a lot of experience, that works in your favor too. The investors are a lot more confident because it’s not just you that’s running the business, you have an experienced, successful partner to help you manage the workload, meaning you’re more likely to make it work.
However, you should be very careful when choosing a business partner to work with. Find somebody that is equally as passionate about the product but, most importantly, somebody that is on the same page in terms of the future direction of the business. When you start having fundamental disagreements about where your business is headed, you’re in big trouble. You need to think about what your relative strengths and weaknesses are too so you can choose a partner that compliments your skill set. If you’re a marketing whiz but you struggle to get to grips with the accounts, there’s no sense partnering with somebody that has spent their entire career working in marketing. Instead, you need a partner that knows the financial side of business inside out.
Put More Of Your Own Money In
This one might be tricky if you are already in a tough financial position but it really helps if you can invest more of your own money. If you are willing to back the business yourself, it shows that you are confident about it and that plays well with investors. If you’re not willing to risk that much of your own money, why should they risk theirs?
If you are struggling to raise any of your own money to put in, you should consider holding off for a while. It’s not a good idea to start a business when you are in a precarious financial position because, if it doesn’t work out, you’re in serious trouble. It might be best to spend a few years restoring your credit rating and building a healthy savings account. This will reduce the risk on your part and make it easier to secure financing.
Look For Alternative Financing Options
Banks and private investors are the most common ways to finance your business, but there are alternatives you should consider if you are struggling.
Crowdfunding, for example, is a very popular way of funding a new company these days and many successful businesses have started out this way. If you didn’t already know, crowdfunding works by asking lots of people to put a small amount into a business idea, usually with the promise of a finished product or access to exclusive content once the business is up and running. This allows you to pitch your business without any financial risk and people are more likely to back you because you’re only asking for a small amount. However, crowdfunding sites have become very popular and they’re incredibly competitive. If you stand any chance of getting the required amount, you must invest time and money in creating a high quality pitch with video demonstrations of your products. If you are going to try crowdfunding, manage your expectations and remember that your product could get lost amongst the thousands of others on crowdfunding sites.
Peer to peer lending is another alternative funding source that you might want to consider. These platforms connect investors with people that are in need of loans, and many of those investors are more willing to overlook poor credit ratings. Again, you are not guaranteed to get a loan this way but many struggling business owners find that it is a good place to find potential investors.
Depending on where you live, you might also be entitled to a small business grant or loan through a scheme of some kind. These grants are created by local authorities to encourage new businesses to open in the area. If you can get a grant, you won’t need to pay it back, which is a huge bonus for a new business that doesn’t have much money. Even if you do have to pay your loan back, the interest rate will be very reasonable and some may not charge any interest at all.
A lot of people give up after their business venture fails and they are forced to declare bankruptcy. They assume that nobody will ever finance them again and it’s too much of a risk to open a new business. But if you have a great business idea, you should take a chance on it because there are still ways to secure financing. As long as you learn from the mistakes that you made the first time around, you stand a good chance of making your new business work. Just follow these tips and you can get the financing you need.
https://www.strategydriven.com/wp-content/uploads/money.png7741200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2021-01-14 17:00:162021-01-14 12:32:16How To Secure Business Financing After Declaring Bankruptcy
Running a home business is challenging enough as it is, but when you have to ship physical products around the world from your own home, it can further complicate things and create a surprising number of problems. So to give you a hand, we’ve put together some helpful tips that will assist you in shipping orders from your at-home business.
Stock up on wholesale mailing and packaging goods
First, make sure you stock up on different mailing and packaging goods at home. The last thing you want to do is buy single boxes or small quantities of packaging materials. It’s expensive and you’ll save a lot of money buying bulk bubble mailers and other mailing goods. This is a great way to cut costs, but it also means you’re less likely to run out at an inopportune time.
But try out different varieties before you buy in bulk
There are also lots of different mailing goods available, such as different kinds of boxes and packaging materials. If you want to protect the stuff you’re sending, make sure you try different kinds of packaging goods first before you commit to a bulk purchase.
Use the smallest packaging possible to save on costs
A little tip to help you save on packaging costs is to get the smallest boxes possible that can contain your items yet also offer enough protection to ensure they don’t get damaged in transit. The goal here is to go for a size that is small enough so that you don’t pay extra shipping costs on a large box. This can be difficult if you send a variety of products, so it’s not a tip that every business can use.
Ensure your items are packed safely with plenty of protection
We’ve briefly mentioned protective materials already but we believe that it deserves a more detailed description. Packaging materials come in many different shapes, sizes and materials. The key here is to ensure that it’s economical, not troublesome for the buyer (such as loose foam or packaging that makes a mess), and can potentially be reused if the buyer was to send their own items in the future.
Find the cheapest and most reliable postage services
A great way to trim shipping costs is to look for cheap and reliable postage services. Yes, they do exist, and it’s important that you get a quote from a variety of different shipping companies to see who you can work with. This isn’t an easy or short process, but the idea is to find a reliable shipping company that you can create a working relationship with so you can start doing bulk deliveries which cut down the cost of shipping.
Decide what extras you’re going to include
Lastly, decide beforehand what kind of extras you’ll include with each order. Just sending your customer’s items is fine, but adding a flyer, business card, or even little goodies such as stickers can be a great personalized addition that sets you apart from the competition.
https://www.strategydriven.com/wp-content/uploads/joanna-kosinska-uGcDWKN91Fs-unsplash.jpg8011200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2021-01-14 16:00:502021-01-14 12:16:53Helpful Tips To Make Shipping Orders From Your at-Home Business Easier
While there are several appealing benefits of upgrading your business’s office space, you may be dreading the high costs of renovating and investing in new office equipment. However, even though you will need to spend on certain items, there are effective ways to upgrade your office without spending a small fortune in the process. Therefore, before you start replacing printers and moving furniture around, here’s how you can upgrade your office space on a restricting budget.
Focus on Functionality
When it comes to evaluating your current office equipment condition, you should consider functionality and quality as primary factors. Instead of opting for the most affordable printer, scanner, copier, or any other essentials, you should evaluate printing solutions that offer multifunctional devices. You can find duplex scanners and multifunctional printers at brother-usa.com that will streamline processes and help you save substantially in the long run. Quality is a factor that will ensure you don’t have to spend extra on replacing devices regularly over time. Upgrading the equipment in your office will be the main cost when improving your office space.
Decor Details That Enhance the Atmosphere
Professionals won’t be as productive and happy if they work within a space that feels cold, concrete, and suffocating. Therefore, upgrading your office space can be done by making small changes to the decor details. Adding a few vibrant plants, painting offices, and putting up a few canvas prints can truly transform any space. You don’t have to spend a fortune either, as decorating on a budget is a widespread practice.
Adjust the Spatial Arrangement
The spatial arrangement of equipment and furniture will have a massive impact on your office’s overall appeal and productivity. Therefore, merely adjusting your office layout is a method of upgrading that won’t cost you anything other than effort. When changing your office space’s spatial arrangement, it is best to draft a layout design on paper, which will enable you to give each employee adequate space and privacy while also determining each item’s best place to enhance productivity and overall functionality.
Promote Modern Workplace Culture
Modern workplace culture focuses on ensuring employee needs are met. As a result, ideal work culture can improve productivity and motivation by enhancing employee positivity. To achieve a modern workplace culture, you should focus on improving employee engagement and ensuring your team is comfortable enough to move around the office freely. Fostering collaboration and communication are also crucial components in creating a modern work culture. This office space upgrade also won’t cost you anything as you will be making changes that improve the atmosphere within your business. Empowering employees is another way to achieve a modern workplace culture that boosts productivity to fuel business growth and success. Because your employees are at the core of business functions, caring for their needs and enhancing the environment to create an ideal working space should be a priority for all businesses.
https://www.strategydriven.com/wp-content/uploads/chairs-2181960_1280-2.jpg8531280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2021-01-13 17:00:462021-09-08 12:49:22The Ultimate Guide to Upgrading Office Space on a Budget
Both small businesses and large corporations are vulnerable to data breaches and cyber-attacks. Small businesses are more vulnerable because they don’t have enough resources to set up high-tech security systems to keep their data and IT systems safe.
But there are ways around this. If you are on a shoestring budget and cannot afford to get a security system for your business, here some practical ways you can protect your data and keep your IT systems safe and secure.
Keep your remote collaborations secure
Team messaging apps have become an integral part of our day-to-day business operations. They have simplified the way people transact businesses by providing intuitive collaboration tools that make communication and information sharing easy. Messaging apps like Slack and Mattermost are at the forefront of remote collaboration. These apps enable companies to manage projects and internal teams easily and effectively.
As for security, when you compare Slack vs Mattermost, the latter offers an array of features to help protect your business from data breaches. Mattermost is an open-source app that you can install on an on-premise server giving control over who can access information. Since it gives your complete control over your information and data, this can help minimize the risk of data breaches.
Use strong and unique passwords
Make sure all your employees use strong and unique passwords. Don’t use your name or date of birth as a password as they are easy to guess. Create a password that has a combination of letters, symbols, and digits, and make sure it has more than eight characters long.
If you are going to find it difficult to remember the password, write it down in a notebook or use a password manager.
Secure your Wi-Fi
Many small businesses don’t have the necessary resources to secure their network. This makes them vulnerable to cyber-attacks.
To minimizes the risk of external entities hacking into your network, make sure that every device you use at work for connecting to the internet is secure. This includes routers, smartphones, laptops, and tablets.
Install an antivirus
Antivirus software can help prevent data breaches and protect your computer systems from getting hacked. Many antivirus programs come with free plans, which offer some level of security for your data. It would be advisable to pay for a premium plan, as it includes advanced security features that keep your data and systems safe.
Control access to systems
You need to control who has access to your data and information. If you are a large company, you need to limit access by department. You cannot have employees from different departments accessing all the company data, as this can lead to data breaches.
If you are a small company, you can limit access to specific individuals. It is also important to make sure that if someone no longer works for you that you disable their access to all your electronic systems.
Takeaway Point
Securing your IT systems ensures that all your company data is safe. If you cannot afford a high-tech security system, take other steps to ensure that your systems are protected from outside attacks.
https://www.strategydriven.com/wp-content/uploads/monitor-1307227_1280-1-1.jpg9031280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2021-01-13 16:00:362021-01-13 12:02:22Keeping Your IT Systems Safe
Right now, a huge number of people are looking for new jobs. This is pretty understandable. At the end of the day, we’re in the midst of a worldwide pandemic, where coronavirus and Covid-19 are spreading at a rapid rate and we’re doing the utmost we can to slow its transmission. Governments around the world are requesting that people work from home, reducing their contact with others and minimising fatalities and the burden on healthcare services. This means that countless companies have collapsed, had to make redundancies, or are asking staff to work for a reduced rate or reduced hours. On top of this, many people have spent time away from their current job while the company gets back on its feet and have realised that the role and career path just isn’t for them. If you fall into either of these categories and are looking to pursue something new, the good news is that you can go ahead with it! Sure, it can feel daunting to start your own business in these difficult times where established companies are visibly struggling. But if you have the right idea and there’s demand for what you’re providing, you could actually experience profound success. There are businesses out there that are flourishing and profiting right now. If you are going to take this path, you are going to have to work to stand out from the crowd and consider an alternative business model though. Here are some suggestions that can help you to achieve this!
Consider What You’d Really Enjoy Doing
All too many people simply look where the money is when starting a business. But this isn’t all you should consider when choosing what you want to do and sell. Sure, it’s important to provide something that has demand. But you also need to make sure that your business is based around something that you’re genuinely interested and invested in. This will make each and every working day easier and will see you put more effort into the venture. Commitment and positivity are more likely to drive success.
Remember You Don’t Have to Do the Same as Everyone Else
You also need to remember that you don’t have to stick to the flow when it comes to setting up your own business. There are some business models that are more popular than others, but this doesn’t necessarily mean that they are better. For example, selling products often proves to be more common than selling services. But you could find that during times like these, where people are looking for support, setting up a coaching business and using services that can revamp your coaching business for the current times could prove pretty successful!
Make Things Easier for Yourself
You should also make things as easy as possible for yourself. Chances are you aren’t going to be committing to hiring full or part time staff straight away. These are unprecedented times and many business owners don’t want to commit to paying out salaries at the minute. But that doesn’t mean you have to bear the weight of every aspect of your business’ operations on your own shoulders. Remember you can outsource.
Running your own business right now is going to be a challenge. But it is possible! Hopefully, some of the steps outlined above will help you along the way!
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How To Secure Business Financing After Declaring Bankruptcy
/in Managing Your Finances/by StrategyDrivenThere are a number of concerns that investors may have and you need to address them. Firstly, they will worry about why the first business failed and whether it was down to poor management. Secondly, they will want to know about outstanding debts. If your new business is very similar to the old one, creditors may be entitled to collect debts from it, which is a big problem for investors. If your new business looks quite similar to the old one, you also need to help them understand how things will be different this time and how you will avoid another failure. Addressing all of these issues can be tough, but it’s not impossible. Here’s how to secure investment for a new business after declaring bankruptcy.
Focus On Your Business Plan
Your business plan is more important than ever if you have already had failed business ventures in the past. Any lenders will want to know exactly how you plan to spend the money that they give you and what specific steps you will take to grow the business and return their investment to them. Banks will want a clear plan for exactly how you are going to repay any loans that they give you, so it’s vital that you can prove you have thought about every tiny detail of your new business. You can find some great templates for business plans online, which will help make sure you haven’t missed out anything important and keep everything well organized. When writing your business plan, you must be specific about the numbers because this is what lenders will be really interested in, considering your previous business failures. Although you are pitching the product, it’s vital that you demonstrate a clear understanding of the finances if you want to inspire confidence in investors.
Approach Private Investors First
Although some banks will still lend to you, private investors are more likely to take a chance on your new business, so you should focus on them first. They have more control over their money than a loan approval officer has over the bank’s money, so they can make that judgment call and decide to back your business even if it doesn’t seem like a good idea on paper. You will also find that if you can secure partial investment from a private party, this drastically increases your chances of being approved for a bank loan because you are not asking for as much.
Search For A Business Partner
Having a failed business and declaring bankruptcy in the past presents two major problems; the first is that you have a terrible credit rating, which means that banks and private investors are naturally cautious about lending to you and many people will reject you immediately when they run a credit check on you. The second problem is that people will assume that you lack business skills. You tried to start a business on your own and ended up bankrupt, so the evidence would suggest that you are not capable. There are, of course, other factors involved and you should explain these to potential investors, but it’s still likely that they will have concerns about your skills as a business person.
You can address both of these issues if you search for a business partner. If you are able to find a partner with good credit, you improve your situation immediately and with them listed as co-owner of the business, your chances of getting a loan shoot up. If your business partner has a good track record and a lot of experience, that works in your favor too. The investors are a lot more confident because it’s not just you that’s running the business, you have an experienced, successful partner to help you manage the workload, meaning you’re more likely to make it work.
However, you should be very careful when choosing a business partner to work with. Find somebody that is equally as passionate about the product but, most importantly, somebody that is on the same page in terms of the future direction of the business. When you start having fundamental disagreements about where your business is headed, you’re in big trouble. You need to think about what your relative strengths and weaknesses are too so you can choose a partner that compliments your skill set. If you’re a marketing whiz but you struggle to get to grips with the accounts, there’s no sense partnering with somebody that has spent their entire career working in marketing. Instead, you need a partner that knows the financial side of business inside out.
Put More Of Your Own Money In
This one might be tricky if you are already in a tough financial position but it really helps if you can invest more of your own money. If you are willing to back the business yourself, it shows that you are confident about it and that plays well with investors. If you’re not willing to risk that much of your own money, why should they risk theirs?
If you are struggling to raise any of your own money to put in, you should consider holding off for a while. It’s not a good idea to start a business when you are in a precarious financial position because, if it doesn’t work out, you’re in serious trouble. It might be best to spend a few years restoring your credit rating and building a healthy savings account. This will reduce the risk on your part and make it easier to secure financing.
Look For Alternative Financing Options
Banks and private investors are the most common ways to finance your business, but there are alternatives you should consider if you are struggling.
Crowdfunding, for example, is a very popular way of funding a new company these days and many successful businesses have started out this way. If you didn’t already know, crowdfunding works by asking lots of people to put a small amount into a business idea, usually with the promise of a finished product or access to exclusive content once the business is up and running. This allows you to pitch your business without any financial risk and people are more likely to back you because you’re only asking for a small amount. However, crowdfunding sites have become very popular and they’re incredibly competitive. If you stand any chance of getting the required amount, you must invest time and money in creating a high quality pitch with video demonstrations of your products. If you are going to try crowdfunding, manage your expectations and remember that your product could get lost amongst the thousands of others on crowdfunding sites.
Peer to peer lending is another alternative funding source that you might want to consider. These platforms connect investors with people that are in need of loans, and many of those investors are more willing to overlook poor credit ratings. Again, you are not guaranteed to get a loan this way but many struggling business owners find that it is a good place to find potential investors.
Depending on where you live, you might also be entitled to a small business grant or loan through a scheme of some kind. These grants are created by local authorities to encourage new businesses to open in the area. If you can get a grant, you won’t need to pay it back, which is a huge bonus for a new business that doesn’t have much money. Even if you do have to pay your loan back, the interest rate will be very reasonable and some may not charge any interest at all.
A lot of people give up after their business venture fails and they are forced to declare bankruptcy. They assume that nobody will ever finance them again and it’s too much of a risk to open a new business. But if you have a great business idea, you should take a chance on it because there are still ways to secure financing. As long as you learn from the mistakes that you made the first time around, you stand a good chance of making your new business work. Just follow these tips and you can get the financing you need.
Helpful Tips To Make Shipping Orders From Your at-Home Business Easier
/in Managing Your Business/by StrategyDrivenStock up on wholesale mailing and packaging goods
First, make sure you stock up on different mailing and packaging goods at home. The last thing you want to do is buy single boxes or small quantities of packaging materials. It’s expensive and you’ll save a lot of money buying bulk bubble mailers and other mailing goods. This is a great way to cut costs, but it also means you’re less likely to run out at an inopportune time.
But try out different varieties before you buy in bulk
There are also lots of different mailing goods available, such as different kinds of boxes and packaging materials. If you want to protect the stuff you’re sending, make sure you try different kinds of packaging goods first before you commit to a bulk purchase.
Use the smallest packaging possible to save on costs
A little tip to help you save on packaging costs is to get the smallest boxes possible that can contain your items yet also offer enough protection to ensure they don’t get damaged in transit. The goal here is to go for a size that is small enough so that you don’t pay extra shipping costs on a large box. This can be difficult if you send a variety of products, so it’s not a tip that every business can use.
Ensure your items are packed safely with plenty of protection
We’ve briefly mentioned protective materials already but we believe that it deserves a more detailed description. Packaging materials come in many different shapes, sizes and materials. The key here is to ensure that it’s economical, not troublesome for the buyer (such as loose foam or packaging that makes a mess), and can potentially be reused if the buyer was to send their own items in the future.
Find the cheapest and most reliable postage services
A great way to trim shipping costs is to look for cheap and reliable postage services. Yes, they do exist, and it’s important that you get a quote from a variety of different shipping companies to see who you can work with. This isn’t an easy or short process, but the idea is to find a reliable shipping company that you can create a working relationship with so you can start doing bulk deliveries which cut down the cost of shipping.
Decide what extras you’re going to include
Lastly, decide beforehand what kind of extras you’ll include with each order. Just sending your customer’s items is fine, but adding a flyer, business card, or even little goodies such as stickers can be a great personalized addition that sets you apart from the competition.
The Ultimate Guide to Upgrading Office Space on a Budget
/in Managing Your Business/by StrategyDrivenFocus on Functionality
When it comes to evaluating your current office equipment condition, you should consider functionality and quality as primary factors. Instead of opting for the most affordable printer, scanner, copier, or any other essentials, you should evaluate printing solutions that offer multifunctional devices. You can find duplex scanners and multifunctional printers at brother-usa.com that will streamline processes and help you save substantially in the long run. Quality is a factor that will ensure you don’t have to spend extra on replacing devices regularly over time. Upgrading the equipment in your office will be the main cost when improving your office space.
Decor Details That Enhance the Atmosphere
Professionals won’t be as productive and happy if they work within a space that feels cold, concrete, and suffocating. Therefore, upgrading your office space can be done by making small changes to the decor details. Adding a few vibrant plants, painting offices, and putting up a few canvas prints can truly transform any space. You don’t have to spend a fortune either, as decorating on a budget is a widespread practice.
Adjust the Spatial Arrangement
The spatial arrangement of equipment and furniture will have a massive impact on your office’s overall appeal and productivity. Therefore, merely adjusting your office layout is a method of upgrading that won’t cost you anything other than effort. When changing your office space’s spatial arrangement, it is best to draft a layout design on paper, which will enable you to give each employee adequate space and privacy while also determining each item’s best place to enhance productivity and overall functionality.
Promote Modern Workplace Culture
Modern workplace culture focuses on ensuring employee needs are met. As a result, ideal work culture can improve productivity and motivation by enhancing employee positivity. To achieve a modern workplace culture, you should focus on improving employee engagement and ensuring your team is comfortable enough to move around the office freely. Fostering collaboration and communication are also crucial components in creating a modern work culture. This office space upgrade also won’t cost you anything as you will be making changes that improve the atmosphere within your business. Empowering employees is another way to achieve a modern workplace culture that boosts productivity to fuel business growth and success. Because your employees are at the core of business functions, caring for their needs and enhancing the environment to create an ideal working space should be a priority for all businesses.
Keeping Your IT Systems Safe
/in Risk Management/by StrategyDrivenBut there are ways around this. If you are on a shoestring budget and cannot afford to get a security system for your business, here some practical ways you can protect your data and keep your IT systems safe and secure.
Keep your remote collaborations secure
Team messaging apps have become an integral part of our day-to-day business operations. They have simplified the way people transact businesses by providing intuitive collaboration tools that make communication and information sharing easy. Messaging apps like Slack and Mattermost are at the forefront of remote collaboration. These apps enable companies to manage projects and internal teams easily and effectively.
As for security, when you compare Slack vs Mattermost, the latter offers an array of features to help protect your business from data breaches. Mattermost is an open-source app that you can install on an on-premise server giving control over who can access information. Since it gives your complete control over your information and data, this can help minimize the risk of data breaches.
Use strong and unique passwords
Make sure all your employees use strong and unique passwords. Don’t use your name or date of birth as a password as they are easy to guess. Create a password that has a combination of letters, symbols, and digits, and make sure it has more than eight characters long.
If you are going to find it difficult to remember the password, write it down in a notebook or use a password manager.
Secure your Wi-Fi
Many small businesses don’t have the necessary resources to secure their network. This makes them vulnerable to cyber-attacks.
To minimizes the risk of external entities hacking into your network, make sure that every device you use at work for connecting to the internet is secure. This includes routers, smartphones, laptops, and tablets.
Install an antivirus
Antivirus software can help prevent data breaches and protect your computer systems from getting hacked. Many antivirus programs come with free plans, which offer some level of security for your data. It would be advisable to pay for a premium plan, as it includes advanced security features that keep your data and systems safe.
Control access to systems
You need to control who has access to your data and information. If you are a large company, you need to limit access by department. You cannot have employees from different departments accessing all the company data, as this can lead to data breaches.
If you are a small company, you can limit access to specific individuals. It is also important to make sure that if someone no longer works for you that you disable their access to all your electronic systems.
Takeaway Point
Securing your IT systems ensures that all your company data is safe. If you cannot afford a high-tech security system, take other steps to ensure that your systems are protected from outside attacks.
Coming Up With an Alternative Business Model
/in Strategic Planning/by StrategyDrivenConsider What You’d Really Enjoy Doing
All too many people simply look where the money is when starting a business. But this isn’t all you should consider when choosing what you want to do and sell. Sure, it’s important to provide something that has demand. But you also need to make sure that your business is based around something that you’re genuinely interested and invested in. This will make each and every working day easier and will see you put more effort into the venture. Commitment and positivity are more likely to drive success.
Remember You Don’t Have to Do the Same as Everyone Else
You also need to remember that you don’t have to stick to the flow when it comes to setting up your own business. There are some business models that are more popular than others, but this doesn’t necessarily mean that they are better. For example, selling products often proves to be more common than selling services. But you could find that during times like these, where people are looking for support, setting up a coaching business and using services that can revamp your coaching business for the current times could prove pretty successful!
Make Things Easier for Yourself
You should also make things as easy as possible for yourself. Chances are you aren’t going to be committing to hiring full or part time staff straight away. These are unprecedented times and many business owners don’t want to commit to paying out salaries at the minute. But that doesn’t mean you have to bear the weight of every aspect of your business’ operations on your own shoulders. Remember you can outsource.
Running your own business right now is going to be a challenge. But it is possible! Hopefully, some of the steps outlined above will help you along the way!