November 2022 Newsletter
If you own or operate a business, you’ve probably adapted to a number of changes over the years. As you inch closer to year-end, it’s time to figure out what still needs to be done. One of those potential changes might be an upgrade to your network infrastructure.
When you look at making updates or adjustments to your business, you’re probably doing so in an effort to bring in a greater profit than the previous year. While updating your software or hardware might not provide an obvious benefit to your sales goals, it can help save your business quite a bit of money in the long run. It can even boost your sales and overall productivity when the right updates are put in place.
Here are four major benefits that come with updating your network infrastructure.
Faster Internet Connection
New technological advancements are made every day, and failing to keep up with them can hinder your business operations. This can be seen clearly with Internet connectivity. If your Internet speeds are slow, your employees will work at a slower pace. Client-facing applications will also lag and can be detrimental to your customers’ satisfaction with your business. Investing in a new network will allow you to utilize faster Internet speeds so you and your employees can work quicker with fewer interruptions; this will improve productivity and help more clients in an efficient manner.
Better Network Security
We talk about the importance of cyber security a lot, and it’s because one successful cyber-attack could bring irreparable harm to any business, regardless of reputation or size. Cyberthreats are more complicated than ever before, and cybercriminals can easily navigate old and outdated networks. Newer networks are built with more defences to thwart would-be hackers. Even if you’ve recently upgraded your network, you need to continually update your software. New patches are continually released that help plug the holes cybercriminals are exploiting.
An upgraded network provides business owners with more options than they could ever dream of. You’ll have access to countless applications that will benefit your business and give you a step ahead of your competitors, but your network needs to be as strong as possible to get the most out of them.
Less Time Maintaining Your Network
If you upgrade your network on old infrastructure, you will put more strain on your system, and your IT person or company will have to step in to help out. Investing in modern infrastructure will help fix many problems in your business and will give your employees more time to be productive, including your IT specialists.
Now that you’re aware of the benefits of upgrading your network infrastructure, when should you do it? As your business grows, your network needs to grow with it. You will also need to upgrade if you’re experiencing any issues with your current network. If you work in an industry that deals with sensitive client information, like a law firm, you may be legally required to keep your network up-to-date as much as possible.
Upgrading your network and keeping it up-to date-will come with many benefits and few drawbacks. If it’s been some time since your last upgrade or update, it’s time to reevaluate your needs.
Over 20 years ago, I taught as a volunteer business finance teacher at a low-income/high-crime high school. A junior at that school approached me for mentorship, so my firm bought this aspirational leader a Wall Street Journal subscription and requested that he read it every day. We also invited him to check back with us every six months if he wanted more career advice to become a successful business leader.
This student continued to work hard and earned a scholarship to a highly respected college. After graduating, he worked long hours for two different investment banks and even served a successful stint as a COO of a public company. Recently, he reached out to me and asked, “Geoff, a headhunter says I’m one of two [finalists for my first CEO job], with a decision to be made shortly. Any thoughts on how to close the deal, or should I let it close itself?”
I was excited for my mentee as this was a great opportunity. I didn’t have to ponder his question long to come up with an answer. I told him, “You close it! Here’s how. You reflect your understanding of their goals and wishes, tell them you are fully excited, tell them you look forward to working closely with them, seek their counsel and keep them fully apprised of what’s happening in the business and your intentions.”
Hiring managers and boards want to know their potential candidate is crystal clear about their expectations and long-term goals. By stating your understanding of their specific goals, you’re showing you’re on the same page as them. Boards don’t feel comfortable when they feel that CEOs want to take the company in a direction that does not match their wishes.
You tell the board you are fully excited because sharing enthusiasm and unbridled excitement for the mission is not something your competitors will do. They’ll view it as a sign of vulnerability when, in reality, it’s a sign of confidence. Sharing your love for the opportunity is never a bad idea.
And you tell the board you’re looking forward to working closely with them because one of their greatest fears is that a new CEO will leave them in the dark. Boards want to know what is happening in the business and what the CEO plans to do to reach their goals. When you inform your new bosses you plan to be communicative, you’re reassuring them you will keep them in the know.
Never leave the close to chance. Following this advice will lead to a better chance of landing the dream job you recently interviewed for.
Dr. Geoff Smart is the chairman and founder of ghSMART, a leadership consulting firm that exists to help leaders amplify their positive impact on the world. Dr. Smart and his firm have published multiple New York Times best sellers. He stays active in his community and has advised many government officials.
Over the last few years, we have seen plenty of uncertainty. The pandemic, politics, wars overseas, inflation and a looming recession have done nothing but make these uncertain feelings grow.
It’s left many business owners wondering how they can stay resilient. Here are three ways to stay resilient during these uncertain times.
In order for your business to see success, you must embrace change and work with it. It doesn’t matter if the changes are coming from inside or outside of your business – if you’re well-prepared to embrace them and adapt, you will continue to see success.
Empowering Your Team
Your team should be able to make changes without waiting for approval. As the business owner, you must clearly communicate goals so your team can make decisions the same way you would.
Finding A Mentor
You will not face a situation in your business that is completely new. Someone somewhere has already faced the same obstacles and found a way to overcome them. Find a mentor with vast experience who can offer advice and guidance when you’re unsure about what to do next.
Learning Any Skill Faster With The 85% Rule
Everyone wants to learn new skills as quickly as possible, but each individual has different learning strategies. Some people try to push themselves out of their comfort zone, which a Yale study confirmed does work – but pushing yourself too far can have adverse consequences. Instead, we should try to find our sweet spot.
A recent study conducted by the University of Arizona found that we maximize our learning efficiency when we fail 15% of the time. This means that we learn at our best when we’re succeeding at a given task 85% of the time. It’s okay to fail sometimes, and failing 15% of the time may even be the best way to learn.