3 Deadly Mistakes You’re Making By
Being Cheap With Technology
Today’s small and medium-sized enterprises (SMEs) have an uneasy relationship with technology – even if they don’t realize it yet. As the marketplace reaches new heights of complexity and speed, and consumers migrate to cyberspace en masse to make their buying decisions, SMEs are responding in turn. Today’s savvy business owners utilize ever-evolving technologies to capture their customers’ interest and imagination, make conversions and manage their day-today operations, all with unprecedented ease and clarity. Certainly, the Internet age is a thrilling time to be in business. Each business is equipped with wildly powerful tech that has transformed the landscape of commerce forever.
But there’s an uncomfortable truth that goes hand in hand with this increased dependence on technology. At its best, IT allows us to do incredible things we never would have imagined were possible even 10 years ago. At its worst, IT is an unreliable, finicky and potentially hazardous scaffolding upon which we have built our loftiest hopes and dreams. Even the best IT requires wrangling to shape it to our needs, keep it on track and safe from intruders.
Despite this reliance on technology, the majority of business owners consider it an extra expense rather than a foundational element of their company. As a result, they skimp on technology spending. But being cheap comes with a cost – one much bigger and more dangerous than you probably realize. Here are three mistakes that you’re making in your business by underspending on this key area, to help you better understand the pitfalls:
- You’re spending on technology based on an unrealistic, poorly planned budget rather than building your technology budget around your actual needs.
When you’re an SME with limited resources, it’s easy to see any money saved on software and hardware as a success, leading businesses to opt for cheap, clunky and outdated solutions. But in a world where the lion’s share of your day-to-day operations is dictated by the digital equipment you and your team use, where you exist under constant threat of cyber-attack and data is a precious commodity that could disappear at the speed of a failed backup, cutting corners is unwise. When you invest in the latest technology, you’re investing in the long-term productivity and security of your business.
- You’re opening yourself up to disaster.
It’s one thing to have an employee’s computer unexpectedly fail or for an Internet connection to have a momentary hiccup. But if you’re skimping on technology, you’re leaving your business vulnerable to catastrophes that could cost you thousands. One of the most prominent and overlooked of these threats is cybercrime. The highest-ranking cyber attack against businesses is ransomware, in which entire systems are locked out of vital data and forced to shell out thousands of pounds to recover it. Even if you assume you’re secure (and you probably aren’t), there are other risks to contend with. Server failures, backup loss and system downtime can shutter businesses just as easily as a vicious hacker.
- You’re letting the competition get ahead.
Outsmarting your competitors takes more than just mimicking whatever latest strategy the thought leaders of your industry are currently championing. It requires anticipating future trends and acting on them. In business, there’s one universal truth you can count on: The future of your industry lies in technology. Cloud services, new and constantly updating software, CRMs and a staggering array of productivity-enhancing tools are just a few of the advances your competitors are considering (if they haven’t snatched them up already). If you neglect the future, your company is destined to become a thing of the past.
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SHINY NEW GADGET OF THE MONTH: Watch What You Eat With LinkSquare
Everywhere we go, most of us use vision to navigate our world. Whether our mouth begins to water at the sight of a tasty dish or our brow furrows at the sight of a dodgy-looking twenty pound note, our eyes are one of our primary means of connection to the world around us.
But, just by looking, can you tell whether that delicious-looking food is as high quality as it seems? Or be absolutely sure that the note is real?
Enter LinkSquare, the pocketsized spectrometer that enables us to gaze deeper into the objects around us. After you scan an object with the device, it uses machine learning to analyse the properties of all sorts of items, including the freshness of food, the authenticity of money or gold, the identification of stray medications and a huge variety of other potential applications.
If you’re interested in purchasing this wildly futuristic technology, it’ll cost about £300. Learn more at: www.LinkSquare.io/order/spect rometer
3 Questions No Leader Should Ever Ask
By Geoff Smart - Chairman and Founder of ghSMART
At ghSMART, we advise business leaders on their most important leadership issues. High on the list is making sure that they are consulting on the ‘right questions’.
I think of a “right” question as one that matters - produce an answer on which the leader can act and provide the highest value to the leader in terms of results.
“What are the wrong questions?” - so you can avoid these…
There are three categories of “wrong” questions. Merely asking these questions can lead you down the wrong path when you’re seeking to achieve your career’s full potential.
1. If you have to ask an ethical question, just don’t do the thing you were considering.
“If you have to ask, then don’t.” In other words, if there is something you’re considering that’s in a moral grey area or might be misinterpreted as unethical, then just don’t do it. We call this “having 110% integrity.” We do things that are not only 100% ethical, but we give an extra 10% safety margin to avoid things that could be misinterpreted.
2. If you have to question whether someone is underperforming in their job, they are.
There’s a common cycle of “facing reality” that I often see my clients go through. They have a bold vision and a goal to achieve something great. When they realize that they don’t have the team to make it happen, they start to fantasize and think, “I wonder if Fred or Amy is going to rise to the occasion and display strengths we’ve not yet seen to achieve these results.” Great leaders know who they can count on. They don’t expect a subordinate to suddenly start performing well in a role that does not appear to fit their talents and interests.
3. If you wonder whether you can trust your boss, you can’t.
There is a saying: “People don’t quit companies; they quit bad bosses.” If you find yourself wondering whether you can trust your boss or not, you likely can’t. Instead, go and find a boss that you can trust. Find a boss who will hold your interests in high regard and care about your career goals as much as you do, giving you coaching and feedback to help accelerate your learning. Rarely do you see great leaders who wonder about the trustworthiness of their boss staying at that particular job for very long.
How To Quickly And Easily Make Your Business
Early in any business, it’s extremely difficult to make a profit. Even after you gain a little traction, it’s easy to get caught up in the never-ending details. This means you have no time left for the things that will actually increase your revenue. But there are a few things you can do right now to raise your bottom line.
Perhaps the most important action item on your list should be to calculate the exact costs of your business. In order to know where you’re starting, you need to look beyond general expenses and pinpoint just how much your activities are worth to the company. Then you can start cutting out tasks that are measurably low in their value, automating them wherever possible. If you can do that for both you and your team, you have a great place from which to start.
SmallBizTrends.com, March 26, 2018.
Top Ways To Stay Secure In The Social-Media World
Social media allows millions of people to reconnect and stay upto- date with family members, friends, acquaintances and even former in-laws. But as social media reshapes the way we communicate with one another, it’s important to keep a couple of things in mind to protect yourself and your valuable data.
Remember that there’s no “delete” button on the Internet. Even if something seems temporary - a simple image uploaded, comment or check in can be permanent. Even if you keep your social media completely private, relationships change, and what was private yesterday may suddenly become public record. The question you need to ask is if you’ll be comfortable in 10 years’ time with what you’re posting today.
In the same vein, if you participate in online forums or message boards, consider using a pseudonym. Never share names of real businesses, clients, friends or family. If a bank manager wouldn’t allow a picture of all the money in the safe to be shared on the web, you shouldn’t allow a picture containing any confidential, financial, legal or other protected documents and items to be shared either. A good social-media policy now can save headaches down the road.
What have we been up to?
Cyber Crime Prevention Event - 17th May at
‘The Pod’, Southampton Solent University
As part of our on-going education programme for local business leaders, over 50 people attended a recent cyber crime prevention event that we held at a very unique location! The feedback received was fantastic. ‘Fun, informative, with many actionable steps to take away to help keep safe online’.
For additional resources such as white papers on many subjects, to sign up for our weekly cyber security tips or to register for any of our events please visit: www.vermont.co.uk
Dedicated to helping you stay safe online.
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