BUSINESS TIPS FROM THE EDITOR
March 2024
Richard T. Hendee, Editor
The Silver Fox Advisor
One of the most valuable things any business owns is often overlooked and may not be considered an asset. It probably isn’t protected or secured, is most likely not covered by insurance and is generally taken for granted. Have you figured out what that item is? Well, I will tell you – It’s your business’s IT, which includes all your accounting, accounts receivable and payables, itemized inventory listing, payroll, billings, banking data, customer database, and much much more.
Can you even imagine walking into your business one morning to discover all your hardware and electric devices (computers, phones, and printers) are gone? Or, you log on to your system(s) and all the data is being held for ransom, or worse yet, missing. Some of your data may be backed up on another server or in the cloud. But what do you do next? Do you have a plan? Do you have an in-house IT department or an outside IT provider? How long will it be before your business can be back up and running? Who do I notify? Do I have to inform my clients, vendors, supplies, my bank? These are questions, if you have not thought about or planned for will age you very fast, if (or should I say when) it happens to you and your business.
Every day we read or hear about hacks or data breaches at some major corporation, and we think ‘well that can never happen to me’ here on Main Street, USA. However, hacks and data breaches like the ones described above are happening to small businesses every day, even though they just don’t make the 5 o’clock news.
‘What can I do to protect this valuable IT piece of my business’ you are probably asking yourself. Well, it is always better to plan ahead before something happens, having procedures in place so your recovery time and capital loss is minimized. But even better, don’t go it alone. Contact a good IT provider, if you don’t already have one, and seek advice and counsel on how to protect your business data. In most businesses capital is always tight, and most small business owners do not want to spend cash unless it can produce something, or they can see immediate results. However, IT is one area that is the life blood for your business, and without access to the data that is critical to operate your business, you don’t have a business to operate!
If you need help or assistance with what is needed to be done to protect and secure your business’ IT in 2024, we encourage you to visit our Web-site at www.silverfox.org and learn more about the Silver Fox Advisors, and how they can assist you with your business needs, as well as discover more about our great programs and community outreach endeavors.
BUSINESS TIPS FROM THE EDITOR February 2024
Richard T. Hendee, Editor
The Silver Fox Advisor
,
The Wall Street Journal recently released its findings of trends (see list below) looking to shape small businesses in 2024.
- Artificial intelligence is here to stay. There’s no denying that artificial intelligence (AI) is a hot button issue with implications that go well beyond the tech space. AI is at the forefront of many sectors, including business
- But don’t forget about the human touch.
- Customer experience is everything.
- Sustainability is important to customers.
- Cybersecurity is a must in a data-driven economy.
I recently asked some members of a Silver Fox Advisor’s CEO Roundtable if any of these trends listed above were on their respective list of trends that were shaping their businesses in 2024. The two trends that were on almost all Roundtable Members’ lists were:
- Artificial intelligence is here to stay. There’s no denying that artificial intelligence (AI) is a hot button issue with implications that go well beyond the tech space. AI is at the forefront of many sectors, including business.
AND
- Cybersecurity is a must in a data-driven economy.
I was somewhat surprised that the human touch and customer related items were not something that was shaping the businesses of the owners on the Roundtable. But with that being said, both the AI and Cybersecurity issues are getting so much attention in the press and business-related publications that they are in fact front and center issues of the small business owners I asked.
My hope is that these hot topics do not absorb so much of small business owner’s focus and time that they don’t pay attention to the other trends on that list. In today’s world of technological advances, I think the human touch is almost nowhere to be found in businesses. Calls to businesses are mostly handled by voice and touch activation. In-store or on-line orders are placed on touch screens. Trying to schedule someone to come to your home to repair anything can easily take over a half hour, and that is if what you need is one of the touch options on the predetermined list!
Further, I think many business owners do not realize how many options customers have for their services or products that they offer, and they neglect what the customer experience is like in their respective business. Something that many businesses did in the past was contracting with a mystery shopper company that would shop a business and submit the business owner a report on their experience. Today customer surveys have replaced the mystery shopper. Also, all the rating services like Yelp are where customers go to report on their customer experience. However, many time if someone experiences great customer service, they do not take the time to report that.
If you need help or assistance in what maybe shaping trends in your business in 2024, we encourage you to visit our Web-site at www.silverfox.org and learn more about the Silver Fox Advisors, and how they can assist you with your business needs, as well as discover more about our great programs and community outreach endeavors.
