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7 Tips for Managing Your Business Data

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StrategyDriven Organisational Performance Measures Article |Business Data|7 Tips for Managing Your Business DataNo matter what industry your business is involved in, it’s likely that you work with significant volumes of data. Customer contacts, payment details, marketing data, product inventories, supplier information, and more. All this data is essential for maintaining your business operations and keeping customers happy, and it has become an integral asset for companies, big and small, all over the world.

But without proper data management practices, you are putting your business at great risk. There is the possibility you could lose data due to mismanagement or improper cybersecurity protocols. You could leak sensitive client information and damage your company’s reputation. In the worst instances, you could disrupt business operations, lose profits, and potentially face legal action from unhappy customers.

To avoid these unpleasant scenarios, any business owner needs to know how to manage their data. The following guide will outline some of the top tips for looking after your information and making the best use of your data to grow your business.

Create a plan

For any business to succeed in any endeavor, it is essential to have a plan. Come up with a comprehensive strategy outlining exactly what you want to achieve from your business data and how you are going to reach your goals. This will keep you focused along the way and will inform all important decisions you make. This plan should feature a data management policy that will help you and your employees follow the same consistent practices at all times.

Be compliant

Data is a sensitive subject in the modern world, and more and more consumers are becoming aware of their need for privacy. As a result, there are rules and regulations when it comes to collecting and storing people’s private information. Make sure you brush up on the compliance laws in your industry and incorporate these into your data management policy.

Collect and use data sensitively

One of the most effective tools in any business’s arsenal is digital marketing. Promoting your products, services, and brand to your ideal consumers through a variety of online platforms including social media, email, organic search, paid advertising, and written content. But to get your digital marketing campaigns seen by the people you want to see them, you need to gather their data. There are many different ways to collect this information. You could ask them to fill in form fields on your website, you can use cookies that track their online activity, or employ surveys and social media monitoring. However you choose to gather data, you must do it in an ethical, sensitive fashion. As we’ve already established, you need to be compliant with industry regulations. But it’s also important that you take the customer experience into account. If a consumer lands on your website and is immediately bombarded with cookie requests, form fields, and other intrusive methods, there is a good chance they will become frustrated and switch off.

To avoid racking up a high bounce rate, be more discreet about your data collection. Offer your web visitors great content or a chance to enter a contest in return for a few significant pieces of information like their email address and demographics.

Once you have collected their data, you can contact them and expose them to advertising and messaging related to their brand. But once again, you should take care not to overdo it. Rather than filling their inboxes with generic sales emails, instead, roll out a carefully crafted email campaign tailored to their specific buyer personas. This will help to maximize engagement and ensure you optimize your business data.

Boost your security

For any business, there are so many potential dangers that could befall your data. You could become the target of malicious cybercriminals who are out to steal your private information, or your computer system could be ravaged by bugs and viruses. Thieves could break into your premises and make off with your hard drives and computers, or a disgruntled employee could attempt to steal sensitive data and take it to a new employer.

As a business owner, you need to take steps to protect yourself against these eventualities. One of the most important things you should do is to install the best possible cybersecurity software across your computers. This will protect your systems and data from cyberattacks and viruses and give you peace of mind that your information is safe.

To keep your business premises safe from break-ins, it’s not enough to lock the doors each night. Most criminals are smart enough to get around a simple padlock or deadbolt, so it’s a good idea to invest in a more advanced business security system. These can vary in scale and cost, but the best solutions will include alarms, motion sensors, closed-circuit television cameras, and digital key codes. Although it will set you back financially, you can’t put a price on security and peace of mind.

Be careful about which people within your workforce have access to certain data, and ensure sensitive files are securely password-protected. It’s a good idea to use password management software for maximum security and change all passwords immediately whenever someone leaves the company.

Train your team

One of the biggest risks to your data is the people within your company. Someone could accidentally misplace a business device with customer data stored on it, or forward a sensitive email to the wrong person. These mistakes happen all the time in business, and although they are usually not malicious, they can be incredibly damaging. The best way to avoid them is to train your team up in proper data management protocol.

Creating a data security policy that everyone must adhere to will instruct your workforce in best practices for compliance. This should outline the proper use of devices, correct storage, and the processes to follow in the event of something going wrong. Provide regular training to keep your team’s knowledge fresh, as well as to update staff on changes around data compliance.

Back up data

If your business was subjected to a disaster and your data was lost, would you have a plan to get up and running again? What would you do if a fire or flood wipes out your computer system, or a virus wipes your hard drive? These scenarios could realistically befall any company, so it’s a good idea to have a plan B in place. If you are not backing up your business data each day, you should start immediately. This way, if something happens, you can recover it quickly and ensure as little disruption as possible. Backup your entire system onto an external hard drive every single day. Rotate between two or three different hard drives and always ensure at least one of these is stored outside of your business premises at all times.

Invest in database management software

For business owners strapped for time and resources, one of the most convenient and efficient solutions to adopt data management software. This could be a customer database tool like Salesforce or a marketing platform that allows you to integrate advertising data to a database, such as Amazon Redshift (https://improvado.io/integrations/amazon-redshift). These tools will allow you to keep all your data in one place and provide a much more efficient and secure business practice.

In conclusion, there are lots of things you can do to improve your business data management, and you don’t need to be a specialist to get started. By following these seven tips, you will improve your security and reap a wider range of benefits from your data.

Will Passwords Soon Be A Thing Of The Past?

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StrategyDriven Risk Management Article |Passwords|Will Passwords Soon Be A Thing Of The Past?Is it only a matter of time until we see the death of passwords as a security measure? In fact, many believe passwords offer very little security at all. A mere word, with a few unique characters or numbers, is supposed to protect all of your personal details and payment information. Is this really enough?

The landscape of digital security is changing all of the time. Hackers are becoming more and more sophisticated with every day that passes, which means that we simply cannot afford to remain stagnant. We need to make a conscious effort to patch all possible security vulnerabilities, and many believe that passwords are a major problem!

To ensure that your business is up to date with all of the latest security efforts, you need to team up with an experienced IT company, such as Haycor IT support. Businesses like this can help to make sure that you’re using the latest methods and approaches, giving your business the best possible protection. Plus, all businesses are different, and this is why a bespoke approach is a must. Security is not a one-off thing; it is something that needs to be addressed all of the time and the security approach must be layered, meaning a range of different tactics are used to ensure the highest possible level of protection.

With that being said, let’s take a look at the use of passwords in further detail so that we can understand the concerns and what steps may be taken to move forward in this area.

Choose your password

Nowadays, it’s constantly drummed into us that we need to protect ourselves online and choose our passwords wisely. Most companies offer a feature telling you how weak or strong your password is as you compose it. Yet, did you know that 8.5 per cent of people use either the word ‘password’ or ‘123456’ as their password? In fact, 40 per cent of people have a password that features in the list of the Top 100 Passwords, with ‘iloveyou’ and ‘abc123’ being some of the most popular.

So, whilst the tech-savvy user may construct their password using a random sequence of numbers, unique characters and letters, it appears that most people are doing very little to make their password not guessable. Even so, with intelligent hackers ready to pounce, even those with complex passwords can suffer.

What’s the alternative?

It seems digital profiles may be the way forward. We have long toyed with the idea of using biometrics, such as a fingerprint reader or some method of voice identification. The problem with this is that such technology is buggy and expensive. Because of this, no one uses them, and consequently, they are never improved nor do they become cheaper. So, it’s unlikely that this will be the immediate solution – although we shouldn’t rule out biometrics being used in the future.

Instead, online identity verification will likely be a natural transition. This may well include the use of passwords, but passwords will only make up a very small portion of the identification system. The multifaceted process will be based on everything from where we go, to when we go there, to who we are, to what we do, to what we have with us and how we act when we are there. We already see this on a small scale with the security measures that are in place to identify an unusual pattern in an individual’s shopping behaviour, such as excessive spending.

  • Protect yourself now
  • But for now…
  • Never use the same password twice
  • Use long passwords
  • Use all authentication methods offered
  • Don’t use a dictionary word
  • For password recoveries, use a secure and unique email address
  • Give bogus answers to security questions

So there you have it: an insight into some of the worries and concerns regarding passwords. When you consider this, it is not hard to understand why we may end up embracing different solutions, such as a digital profile. We have already seen the move to two-factor authentication so that people have to do more than input a password to gain access to a system. However, we should not expect this to be the final change when it comes to enhancing security. More still needs to be done. For now, though, make sure you’re using strong passwords and you are changing them on a regular basis too. Plus, consult with an IT expert to ensure that your business is protected.

How To Backup Your Business Data

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StrategyDriven Organizational Performance Measures Article |Backup Business Data|How To Backup Your Business Data

Data backup is a crucial part of protecting your business’s continuity. If your only backup is kept on a single computer or a mobile, and this is then lost or stolen, then your business data will be lost completely. If you have paper copies of your business data, this isn’t adequate data protection. If your business premises were to burn down, or suffer from severe flooding, then the data that you need to carry on your business would be irretrievably lost. Data backup is an important part of any crisis preparedness plan for businesses large and small.

Data Loss

There are lots of ways to potentially lose your business data, and protecting it should be a top concern for your IT. You could lose data due to:

  • A desktop or laptop hard drive crash, or damage to your mobile device, which could render your data unrecoverable
  • Your computer or phone being stolen. Break-ins at businesses are common, and most stolen laptops or desktops are never recovered.
  • Data being accidentally deleted or deliberately deleted by an employee who has been let go.
  • Your computer being hacked by malware
  • Your only storage accounts being hacked
  • A ransomware attack could make your files inaccessible to you until you pay a substantial fee to get back in.

A Data Backup Regime Is An Essential

For proper data protection for your business, you must establish an effective data backup system. These systems should follow these three steps:

  • Backup your business data on a regular basis
  • Create backups on reliable media, such as through Media Duplication Services, or in the cloud
  • If you use media for backups, you must store the devices in a secure, off-site location

A good, simple rule to follow for business data protection is that if losing the data would prevent you from doing business effectively, you need to back it up. Desktop software programs can be reinstalled if they’re lost, but recovering the details of things like transactions or business correspondence is usually impossible if these files are lost in any way, or damaged beyond repair.

Data Archive Vs Data Backup

Most backups are done periodically and are short-term images of data for disaster recovery purposes. Archiving is different, and usually refers to the long-term storage of data that is no longer being regularly used by your business, but can be restored if somebody needs it, for example, data about a former client or a completed project.

Backup Critical Business Data

There are two important steps to successfully backup your business data.

  • Identify the critical data in your business that needs to be backed up
  • Implement backups of this key data on a regular schedule

Your data backup should include all of the files that you have created or modified, so they can be regularly backed up. For a lot of business, this will include everything from accounting files to emails.

To make backing up easier, more and more business applications are now available through the cloud, where you can run automatic backups. However, if you are using desktop (non-browser) applications, then these can be reinstalled from media or downloaded, so you don’t need to back these up.

Cloud Storage

One of the best ways to make your data backup easy is to use online backup services. This is just one of the reasons why cloud computing can be enormously beneficial to small businesses. However, you should keep in mind that cloud services can still be vulnerable to losing your data to problems like hacking or employee sabotage, such as password changes or deletion. To counteract this risk, it is a good idea to take occasional local backups of any data that you store in the cloud.

Local Data Backups

If you choose to save your data locally and are not using cloud storage then you can make the backup process a little more simple by keeping all of the files that you know will need to be archived on a single drive on your computer.

For example, perhaps you need to back up files from accounting, word-processing documents, spreadsheets, emails, and photos. Putting your account program, Microsoft Office, Outlook, and Paintshop Pro all onto a separate drive will make it much easier to achieve all the files that you have created or modified with these programs. All you will then need to do is backup that one drive or folder. Once you have identified the critical data that needs to be archived, all you have to do is install and use a backup software program in order to safely archive your business data on a regular schedule.

It’s a smart idea to backup your data every night. There are lots of different backup software programs on the market that will allow you to set a backup schedule to suit you that will automatically backup all your data for you, without you needing to get involved after the initial setup. Backup software that also zips and encrypts the backup data will help to save on disk space and will increase the security of the data.

You should only keep your data backups on-site if you are able to keep them in a fire-proof, waterproof, indestructible sage. Investing in backup solutions like a tape drive or an external hard drive and religiously sticking to your planned backup schedule won’t help you at all if your data backup copies are then stored in one place, and that place is struck by a disaster like a flood or a fire. To really be secure, you must store your backups off-site. Cloud backup doesn’t completely eliminate this worry but is definitely better than most physical locations for storage.

Some businesses choose to keep their data backups in security boxes at banks. The fee for a security box, if you decide to do this, is usually tax-deductible, which is a bonus to choosing to store your data in this way. Other small business owners choose to keep multiple copies of the backed-up records at the homes of different friends or family members. It doesn’t matter where you choose to store your backups, as long as the place that you choose for storing your business data off-site is secure, and that you have regular access to it.

Online Backup Services

For the ultimate in security, you need to make sure that you always use strong passwords for these online backup services, change those passwords on a regular basis, and ensure that your backed up files have been encrypted. As cloud storage is shared, cloud providers will normally encrypt user data automatically.

USB (Thumb) Drives

USB drives are always being improved and increasing in available capacity, making them ideal for quick data backups. They still don’t have the capacity that external hard drives do, but they do have a fast data transfer rate and are easily portable. You can backup data to a USB drive very easily and take it offsite to a secure location. As they don’t have any moving parts, USB drives also have the advantage of being very reliable.

External Hard Drives

For small businesses, buying and using an external hard drive for data backups is one of the most commonly recommended methods. External hard drives are usually pretty inexpensive compared to tape drive systems. They are also very easy to use. All you need to do is plug in the hard drive into your computer’s USB port. Most external hard drives come with backup software ready to go to help you.

Local Area Network (LAN) Storage

If you have a local area network (LAN), you could choose to also backup your files to another computer or server. However, if the backup machine is kept in the same location, then be aware that it could be vulnerable to being stolen or being damaged by a flood or a fire. To prevent theft from being a risk, you could install the server in a locked cage, cabinet, or closet, and be careful about who has access to it.

Tape Storage

If you have large amounts of data that need to be backed up, or want to make and store regular complete data archives to be stored on a long-term basis, then tape backups are the best option for you. They are very reliable and can store a massive amount of data.

Back It Up Or Risk Losing It

No business should ever run the risk of losing your business data. The best defense against a disaster like this happening to your business is by using a proper data protection plan. If you create a proper backup system that includes regular archiving and backing up your business data on a regular basis and backing it up properly, you will be able to make sure that your business will be able to stand up to whatever problems might come your way, and keep on working and trading successfully. Remember that you can never have too many data backups!

Spend some time identifying what data you need to backup, choose how you want to back it up and how often, and decide where to store your data.

4 Considerations Before Starting a Business

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StrategyDriven Starting Your Business Article |Starting a business|4 Considerations Before Starting a BusinessBeing the boss is a fantasy a lot of people have because it’s nice to feel in control and like you’re in a position of importance. The idea of developing a business is also very impressive and satisfying, knowing that your hard work paid off and has given you that independence, allowing you to break free from working under someone else. However, although starting a business is an incredible feat and very rewarding, it is also very challenging and can be risky. If you have been contemplating whether or not you should start a business, here are four considerations you need to make before you do it.

1. Is Your Idea Any Good?

Firstly, is your idea any good? To answer this question properly, you will need to do some market research to get a better idea of how your business will meet consumers’ demands and how it will stand out from other companies offering the same as you. Your idea might be reasonably good, but if the market is already saturated with businesses doing the same thing, you might not have much luck getting noticed unless you have excellent branding and a plan to bring something new to the table. Additionally, if your idea is not that common, are you sure this is something consumers want? Research! Research! Research! That is the only way you’ll know whether your idea is bankable.

2. How Much Help Do You Need?

Running a business is a lot of work, and although you might think you can do everything yourself, the reality is that you are going to need a bit of help somewhere along the way. How much help you need will depend on your business’s nature, but it’s important to think this through and whether you have someone who is willing to help you out voluntarily, like a friend or relative, or if you need to hire some staff. The latter is better if you can afford this, as you’ll get more out of people if you can pay them for their time.

3. How Will You Keep Your Business Safe?

It’s easy to get carried away with your idea and start thinking about marketing strategies, branding, renting office or retail space, designing a website – all of which is important. However, one of the most essential things you need to worry about is how you will keep your business safe? You must get business insurance as soon as you incorporate your company to make sure you have the right cover to protect you from accidents, lawsuits, damage, etc. You should also make sure your Cyber Security is impeccable, as protecting your company’s data and customer data is a top priority.

4. Why Are You Doing it?

Finally, why do you want to start this business? As this venture will demand your attention and commitment, you need to be doing it for the right reasons. Are you passionate about your business idea? Is this something you have always wanted to do? Don’t try and start a business just because you’re bored with your current job or think it will be an easier way to make money. You will need to have the passion and ambition to drive your motivation and get you through the tough times.
Starting a business can be very exciting, but before you do, ask yourself these questions to make sure you’re thinking it through.

3 Key Strategies To Enhance Small Business Success

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StrategyDriven Entrepreneurship Article |Small business success|3 Key Strategies To Enhance Small Business SuccessThe truth is most small businesses are currently fighting to establish themselves after facing a heavy blow from the Coronavirus pandemic. The virus saw many ventures close down while others sold out after failing to withstand challenges ranging from lack of finances, stiff competition, unskilled staff, and lack of disaster preparedness mechanism.

As the world moves towards the post-COVID-19 recovery phase, it is essential to take necessary measures to uplift this sector as it plays significant roles in the economy, such as helping tap and utilize local resources and employment creation.

The first step towards enhancing your small business success is realizing that your venture competes with other well-established businesses and serves the same customers. Moreover, don’t forget to implement these three key strategies that are crucial to your business success.

Be a Risk-Taker

It generally requires a risk taker to make it in life and more so in business. As a business person, you must be willing to get out of the comfort zone and make risky decisions. For instance, you will require making a substantial financial investment such as taking a loan to sustain your business.

Additionally, you will need to expand your customer base by reaching new markets and retaining your existing customers. All this requires hard work and taking risky actions in the unforeseen future.

Maintain Your Business Privacy

Stiff competition is one of the main challenges facing many small businesses in the 21st century. To counter this, keep your business rivals from knowing what is happening within your organization.

Most times, your competitors will use what is not working for you to their benefit. They will occasionally spy to identify your strengths and weaknesses and do their best to beat you at your lowest.

Therefore do everything possible to prevent information leakage by doing away with employees likely to betray you to your rivals and improve your venture’s cyber security service.

Additionally, you should also avoid gossip within the organization by developing and sticking to a formal communication model.

Have a Well Laid Out Business Plan

Knowing where you need to go and what is needed to get there is vital for the success of your business. Having a well thought out plan in your business makes this possible.

Moreover, a business plan helps you track progress and take necessary steps early to change the situation when things get out of hand. Through a business plan, one can also identify possible risks that may harm the business and prepare for them beforehand.

A plan will enable you to minimize the wastage of resources in the business. This is because a plan helps you stick to what is essential and devise effective ways of getting things done faster and in a more efficient way.

It requires hard work, commitment, self-confidence, and sacrifice to grow a small business to remarkable heights. The truth is many small ventures do not cross the third-month mark.
Despite this, you can succeed and build a name in the small business world by following the above vital recommendations.