This week’s top stories include small business advice covering the following four topics:
- 5 Proactive Measures Companies Can Take Against Malware Attacks
- 2 Keys To Winning New Customers
- The Value Of Saying No—And Who To Turn Down
- 49% of Americans Under Age 35 Now Report Having a ‘Side Hustle’
Each week we scour all the top business-related magazines and newspapers for articles with the best advice for the small business owner, so you do not have to.
5 Proactive Measures Companies Can Take Against Malware Attacks
By: Pratik Dholakiya
Malware — shorthand for malicious software — is a code or program designed and deployed by cybercriminals to infect your computer systems in order to damage, disable, or exploit your company.
Hackers create malware to attack your business and try to:
Steal, encrypt, or delete sensitive information, such as passwords or customer data
Hijack and modify core system functions
Monitor your activity without permission
Blackmail or extort money in the form of ransom
Inject spam or forced advertising
Of all the data breaches, 28% involve malware according to Verizon.
What’s more, stats suggest that 58% of malware attack victims are categorized as small businesses, the average cost of a malware attack on a company is $2.4 million, and 34% of businesses hit with malware took a week or more to regain access to their data.
And with the number of new malware detections increasing every day, it goes without saying that your company must be proactive about preventing malware infections in order to:
Related Post: How to Protect Your Business from Cybercriminals
2 Keys To Winning New Customers
By: Peter S. Cohan
Whether it’s on top of the world or back is against the wall, your company would be better off if it could win new customers — especially ones that pay your invoices on time and communicate with you so you can serve them better over the long-run.
The benefits of winning more loyal customers are profound. They include higher revenue and profitability which create more opportunities for your people to develop, inspiration that gives you more opportunities to out-innovate its rivals, and a boost in the value of your shareholders’ investment in your company.
While these benefits may be pretty obvious, what is notoriously difficult is for business leaders to imagine and execute strategies for winning those new customers. For years, as reflected in my Note on Gaining Market Share, I have been trying — with some success — to teach entrepreneurship students this challenging task.
Here are the two most essential things business leaders must do in order to gain market share.
The Value Of Saying No—And Who To Turn Down
By: Garrett Gunderson
One of my favorite people to study is Warren Buffett. There are many remarkable things about the Oracle of Omaha, but what I believe we can learn from the most are Buffett’s habits. In particular, how he spends his time.
Buffett knows he’s dangerous if he’s doing anything but allocating capital, so he spends eight to nine hours a day reading and takes a few phone calls on an old-school telephone. He famously avoided investing in technology during the dotcom bubble in the late 1990s because he didn’t understand it. He’s so focused on his zone of genius that he’s ignorant of seemingly obvious things—he once brought his wife a colander when she was on the verge of vomiting.
Buffett illustrates the difference between successful people and highly successful people. Successful people are addicted to saying “yes.” They believe the more they do, the more people they’ll meet, money they’ll make, and impact they’ll have. Conversely, highly successful people like Buffett say “no” to anything that isn’t perfectly aligned with their vision and values.
Related Post: Human Networks Contain Four Levels of Connections
49% of Americans Under Age 35 Now Report Having a ‘Side Hustle’
By: Erik Sherman
Nearly half of employed Americans are working a side job in addition to their regular full-time or part-time positions, according to a new survey from Bankrate.com.
On average, 43% percent of full-time employed people said they worked on the side and 51% of part-time employed did so, while 27% percent said that at least half of their total monthly income came from what they did on the side. Even though wages have been growing, 31% of the people needed extra work to make basic ends meet, according to the 2,500 surveyed. Another 36% use additional jobs for disposable income, while 24% are trying to boost their savings.
“The younger you are, the more likely you are to have a side hustle,” said Bankrate.com analyst Amanda Dixon. Of adults age 18 to 35, 49% had side work, compared to 41% of those between 35 and 54 and 27% of respondents 55 or older.
Related Post: What is the Definition of a Side Hustle?
IF YOU LIKE OUR CONTENT PLEASE SUBSCRIBE AND SHARE IT ON YOUR SOCIAL MEDIA CHANNELS. THANK YOU!