Category: Business

Many entrepreneurs are in a hurry to get away from corporate life to start their own small business, but Inc. Magazine uses two ex-Goldman Sachs employees to explain that many of these same people will benefit greatly from their time at a large company. Rather than starting a business right out of college, or even during school, the exposure to a successful company’s people and processes will help provide a benchmark for solo success. Having a name that people recognize on a resume, meanwhile, might mean the difference between being funded or failing to launch in the future.

Large companies were once small businesses themselves, and the culture that formed the backbone of the initial startup was likely a significant reason for their success. Innovation and work ethic can all be a direct result of the culture of a business, and even if a potential entrepreneur doesn’t agree with the current state of affairs, it will be a point of reference from which to deviate.

Part of that company’s culture will have had something to do with performance, and it is likely that there are many incredibly talented people working in a large business that have accomplished great things during their careers. Not everyone wants to make it on their own, and these kinds of companies also draw bright young talent each year after college. Having these individuals as peers and mentors should not be discounted and provides a healthy dose of competitive spirit for the young up and comers.

A great culture of performance, armed with talented people, will drive systems to help secure the success of a large business well into the future and these processes are found within training programs, logistics, human resources, and every other part of running a vast enterprise. Having systems and processes are crucial if a business is going to scale past the initial stages and it is easy to lack appreciation and knowledge of this without seeing it firsthand.

A recent uptick in hackers using ransomware to take their victims’ data hostage means that organizations should aggressively move to back up data — and teach employees how hackers work.

According to PC Magazine, in a ransomware attack criminals deploy malicious code through email or websites. The code then encrypts computer data so that the company can no longer access it.

Criminals then demand payment for unlocking it.

The technique has been very successful. Ransomware reports rose 35-fold from the last quarter of 2015 to the first quarter of 2016. Some extremely high profile cases have made big news, such as the U.K.’s National Health Service data that cost the organization $100,000 in ransom and an estimated $1 billion in damages.

However, small businesses are just as likely — or more likely — to have a ransomware attack. In fact, according to PC magazine, some criminals exclusively target small businesses, which rarely have the IT resources in place to prevent such attacks. One attack on a small business can not only disrupt commerce, but likely poison relationships with larger companies.

Employees themselves are often responsible for letting the hackers in by downloading malicious files through email. These email attachments can masquerade as innocuous pdfs, but, in fact, they are executable programs. No one should ever click on an attachment in email if they do not recognize the sender.

Even legitimate websites can often host malicious programs and one visit to such a website can mean ransomware infection. Malicious links are one way these programs take over. Users should never click links or popups to update extensions, for example.

Preparation is key. Constantly update all computers. Updates might be a pain, but they are critical since updates often address security issues. Cybercriminals love old operating systems. They know how they work. They may not know yet how to compromise the newest and best systems.

Experts recommend deploying so-called hosted endpoint security to manage computers, networks and mobile devices. These inexpensive programs are provided by companies such as F-secure, Webroot Secure, and Avast.

Finally, a great step to take in avoiding ransomware involves finding a backup solution to fall back on in case the defenses fail and the data is already being held for ransom. Sophisticated solutions exist that allow a company to maintain several layers of backups that can be rolled back to a time before hackers compromised the data just like nothing ever happened.

If you are attacked, should you pay? Experts say no — easy to say but not easy to do if you are facing catastrophic data loss. But remember, these are criminals. There is no guarantee they will restore your systems after you pay and every chance they won’t.

Selling tech door to door Best Buy and Amazon plan to find business that is percolating just under the surface by doing what brush salesmen used to do: Go house to house.

With thousands of gadgets and add-ons available for communication and tasks inside the home, consumers may not even know what they need or what’s available.

But suppose you could get a high tech person to come to your house, and review your needs?

Best Buy’s in-home salespeople hope to do just that. The new program is aimed at ‘unlocking latent demand,’ Best Buy CEO Hubert Joly told The Wall Street Journal.

It’s different than showing up to a store with an item in mind. In that case, the salespeople sell that item. They might have an upsell, too. But it’s probably not what the consumer needs.

The house-to-house program will let consumers know what they could have and how it would help them. Plus, salespeople can schedule installation.

Amazon’s program sends employees to homes to provide free ‘smart home consultations’ that let people test out voice controlled devices and other gadgets like smart switches.

Unlike the traveling salespeople of yore, these consultants aren’t paid on commission and don’t press for an immediate sale. They just tell you what you could have.

The two-year-old Amazon program is currently offered in six cities.

When the weather outside is frightful, selling your house is not so delightful.

That’s what folks say, anyway. But is it always true?

Real estate agents say not necessarily. As with most things in life, it all depends.

Weather is, in fact, a factor and when frightful weather means a lot of snow, showings could slow down. But, on the other hand, a warm winter can be a boon for sellers as home buyers get an early start on the season.

The strength of the local real estate market also comes into play. A strong market can be good even in December. There are always buyers who, for many personal and business reasons, must find a home during the holidays. Those kinds of buyers are motivated.

Here are some considerations for selling during the fall/winter holidays:

– You don’t have to keep your house dark during the season of lights. Decorate, but do so modestly. A Christmas tree can make a home look warm during the cold winter season. Display just a few gifts under the tree. Too many begin to resemble clutter and buyers need to be able to look past decorations.

– Avoid flashing lights inside and out. Stick to simple, classic decorations.

– Limit decorations to the main living area. Although some families go all out decorating every room, as a seller you want to keep decorations of all kinds to a minimum.

– Most agents say that sellers should avoid religious displays, but in some areas of the country this would be acceptable, especially if done modestly. The key is not to overwhelm the house. Make it easy for the buyer to see the rooms.

– Make the most of the season by enhancing curb appeal. Although the trees might not have leaves, the garden won’t have weeds either. Some decorations are seen as welcoming, no matter what the season: A wreath on the door or outdoor lights that emphasize the walkway or special parts of the property.

– If your property looks especially glorious in Spring and Summer, consider leaving out a photo album.

– Play muted classical music to add to the overall ambience, according to HGTV.

– Use light holiday fragrance. Avoid heavy floral scents that make some people cough or sneeze. Don’t overdo it. One scented candle is probably enough.

– Light the fire. Winter is also a great time to show off your fireplace. So spread the warmth!

In economic parlance, many describe today’s housing market this way: demand is high and supply is low. In practical terms, this means there are more buyers than homes for sale. While this isn’t true in all areas of the country, it is true in many areas.

According to USA Today, there was a 4.3 month supply of homes nationally in August of 2017. That means it would take a little more than four months to run out of homes for sale if no other homes came on the market. This number was down from earlier in the summer when there was a 4.6-month supply. The normal number of homes for sale is a 6-month supply.

Why is supply of homes for sale so low? Baby Boomers don’t want to sell, according to USA Today. A recent realtor.com survey showed that 85 percent of Baby Boomers aren’t selling but 60 percent of millennials are.

In this market, sellers may easily get the price they want, but buyers must have all their shingles in a row these days.

Here’s how you have the best chance of snagging the house you want:

*Get your financing ready
First get pre-qualified for a loan. This is an informal process where you visit with various lenders, giving them an overview of your financial situation. The lenders can then give you an idea of how much you can borrow and an idea of interest rates. But, beware, this is not a promise to loan you the money. It merely gives you working numbers.

*Shop around
The good thing about pre-qualification is that you can start shopping around before you are ready to buy. You can get an idea of what you can afford and what you want in a house. Even if this isn’t your first time in the market, don’t skip the growing period, according to USNews. If you have been out of the market for more than a year, then you don’t know what is out there.

*Get pre-approved
When you know you want to take the plunge, get pre-approved for a loan. At this point, you should have an idea of which lender you might want to use. The lender checks your credit, verifies employment, and confirms your ability to qualify for a mortgage. With a pre-approval in hand, you are ready to make a credible offer when you find the home you want.

Money talks to small business and one credit card company is speaking loudly.

Earlier this year Visa unveiled a campaign to encourage small business food service owners to stop taking cash as payment. The effort highlighted the continued move by merchants to make it easier for customers to pay with credit cards, and now even digital currency, like Bitcoin.

For Visa’s campaign, small business food service owners who committed to join its 100 percent Cashless Quest could be awarded up to $500,000.
According to Visa, 70 percent of the world’s people, or about five billion, will have a connected mobile device by 2020.

That is an “incredible opportunity to educate merchants and consumers alike on the effectiveness of going cashless,” Visa noted.

The card company’s campaign was a call-to-action for small business restaurants, cafes, and food truck owners to describe what cashless meant for them, their employees, and customers. It also highlighted the opportunities for small business merchants.

Visa found that if businesses in 100 cities switched from cash to digital, their cities stood to gain $312 billion of savings, largely in the form of labor costs.

Small food service businesses already have been making the move away from cash with the explosion of easy ways to accept with credit cards. Now that tide is even turning as people take advantage of digital currency, like Bitcoin, to make their purchases. The number of ways for merchants to accept digital currency is growing, as Bitcoin, and other types of cryptocurrencies, shed their negative reputations.

Key to any successful business is being staffed with the field’s top talent. Small business owners understand this, but their small budgets may limit their efforts.

However, there are steps that small business owners can take to attract top tier talent, and be just as competitive as their larger counterparts.

Your brand

Monster highlights building a strong brand as key to attracting the best talent.

“For example, when describing your company or writing job ads, avoid generic language, such as ‘lots of opportunity, great place to work,'” Susan Strayer LaMotte, founder of Exaqueo, told Monster. She added:

“You have to focus on what’s yours — what makes your company great that’s different from everyone else.”

Local help

Your local chamber of commerce is a good start for listing your job opening. They may list your opportunity in their periodic communications, like emails and newsletters, to members. They may be willing to list it for free. Also, if you are a member of any professional organizations, reach out to them. These groups often have the best access to top talent that could be great fits for your business.

Sell your strengths

Considering many top-talented workers are drawn to large, established companies, you must make sure you stress any standouts for your business. For example, if you have a patent on a product you sell, which shows it’s unique to just your business, point that out.

Logistics

Many top-level professionals have become accustomed to being able to telecommute. While this option may give you pause if you want to keep tabs on your new employee, you should consider it. Telecommuting continues to be one of the things workers rank high on their list of desired perks.