Managing a start-up involves skill, dedication and an ability to multi-task. When you are getting your young business up and running, you will likely have to prioritize. When your funding is limited, it can be all too easy to neglect invisible threats like cyber-attacks, however, doing so can signal disaster for the future of your company.
Your Small Business Is Not Immune
Many entrepreneurs, start-up founders and small business owners believe that their company is small so that it can, essentially, get away with flying under the radar, when it comes to cyber-attacks. This point of view is very detached from reality.
One study found that nearly 45% of small and medium-sized businesses report having fallen victim to a cyber-attack in the past. A further 50% of those surveyed reported that they suffered from a data breach that targeted both employee and customer information.
There are a few reasons why a cyber-attacker might choose to target a start-up like yours. Firstly, cybercriminals are aware that small and young businesses tend to have fewer cybersecurity measures in place. For this reason, cyber-criminals might choose to target your business simply because it is easier for them to target you than a more secure company.
Secondly, it is common for cybercriminals to target small businesses as a means of gaining access to larger businesses. One example of this is the 2013 Target cyber-attack. The cybercriminals gained access to Target by first hacking a small partner company, the local heating, ventilation and air conditioning company. This cyber-attack resulted in a huge customer data breach that was eventually settled for a sum of $18.5 million.
The Effects of a Cyber-Attack Can Be Devastating
You might not be going to suffer consequences quite on the same level as Target’s historic settlement, but even a low-level cyber-attack can be devastating for a young start-up. A cyber-attack can affect the long-term health of your business in a variety of different ways, such as:
Reputational Damage
Reputation is everything in business, especially for young start-ups that have so much to prove. A successful cyber-attack can ruin your reputation, a consequence that can forever tarnish the name of your business.
Financial Damages
There are many reasons why a cyber-attack might result in financial damages for your start-up. A cybercriminal might gain access to your data and products to hold them for ransom, or you might be liable to legal consequences as a result of a data loss.
Loss of Productivity
Downtime caused by a cyber-attack could result in a huge loss of productivity that could last for hours or weeks on end.
How Start-Ups Should Protect Against a Cyber-Attack
As USWired outlines, the most effective way of protecting your start-up against the threat of a cyber-attack is to outsource your IT services to experts. With the help of an expert, you will be able to gain access to a customized security solution that meets the needs of your business. This solution can be both proactive and reactive to reduce the threats of a cyber-attack.
In addition to employing the help of a cybersecurity expert, you should also train your staff. Educating your staff about possible cybersecurity threats, and the best ways to stay safe will help you to further reduce potential threats. Since some forms of cyber-attacks, like phishing attacks, target uneducated people, training your staff can be a very effective line of defense.
https://www.strategydriven.com/wp-content/uploads/pexels-cottonbro-5473951.jpg8001200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2021-06-01 07:00:592021-06-01 02:13:24Everything Start-Ups Need to Know about Cybersecurity
When we are talking about the value of something in an economy and all over the world then the main factors which determine the value of something are the demand and supply. Here when the demand rises for something, it also leads to the rise in price for the same. And if the supply increases for something then it eventually results in the decline in the price for the same.
Now the main aspect which we all need to consider here is that when the central bank is going to increase the money supply then it will obviously be going to result in a fall in the actual value of money. So, the exchange value of money will decline, which simply leads to inflation.
About Issuance of Bitcoins:
If we relate the above given demand and supply scenario with bitcoins, then we already know the fact that bitcoins can only be issued upto certain limit that is 21 millions. This means there will be no more bitcoins after it reaches its issue limit of 21 million bitcoins.
Now the supply of 21 million has not been fulfilled yet. So, the more bitcoins can certainly be issued at this point of time. Hence, the more supply can absolutely lead to fall in prices.
But this fact doesn’t prove that the value of bitcoins is going to decline in the near future. Because the value of something can also be determined with the demand and supply of relative goods where the value of one such good usually goes down as it sees the increase in supply of the same. Here the relative goods which we are talking about are the bitcoins and the money currency as well. And the fact of affecting the value of one good with another has been proved in the lockdown situation.
Issuance of Currency in Pandemic:
During the pandemic conditions all over the world, almost every country has issued huge amounts of funds in the form of its currency in its respective economy to meet the requirements of the people. This means the money supply actually increases during the Covid-19 pandemic situation. And the increase in supply eventually decreases the actual value of money that results in inflation.
Further, this overflow of money currency in every economy makes people dependent on it for the purpose of exchange. So, the focus of people during this pandemic shifted towards monetary currency from bitcoins. And the fall in the demand of bitcoins for exchange leads to decline in the price of bitcoins as well. That is why it has been mentioned that the inflation all over the world is the true reason for the declines in the bitcoin price.
Bitcoins: The Hedge Against The Inflation:
Now it has already been proved that the reason for the rise in inflation is generally the increase of money supply in an economy in the long run. Further, Bitcoin is the relative good for money which defines the demand for one good will decrease with the increase in supply of another good which actually has been proved during the pandemic.
But there are many economists who literally ask investors to hold the bitcoins as hedge against the inflation and they are absolutely not so stupid to do that. And this is absolutely because of the limited number of bitcoins that is 21 millions and which cannot be issued more than this value. So, this can be termed as an exception in the theory of relative goods.
This also defines that you can actually start accepting bitcoin in your business. Because the number of bitcoins is going to be limited in future. And when the supply is going to be stopped then demand is certainly going to rise as compared to the available supply of bitcoins in the cryptocurrencies market. This fact clearly defines that the more demand for bitcoins in future will result in higher value of bitcoins which you are going to hold with you in future. Hence, this is the real time when you can actually start accepting bitcoins for your business in exchange for your goods and services.
Conclusion:
From the above discussion, it has been clear that people generally react to the news, facts and rumours as well related to some particular markets which eventually affects and decides the demand and supply level of that commodity whether its financial or not. And this is the same scenario with the money currencies whose value declines with the overflow of funds in a particular economy which creates the situation of inflation. But you still have the choice to deal with this long run inflation by hedging the bitcoins against it. So, start accepting bitcoins now and reap the benefits in future.
https://www.strategydriven.com/wp-content/uploads/bitcoin-prices.jpg8001200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2021-05-31 16:00:222021-06-06 15:46:00Why is Inflation All over the World the True Reason for the Decline in the Bitcoin Price?
Individuals looking to purchase a branch of an existing business might find they must sign a franchise agreement. This binding contract outlines the terms and conditions for the franchise as dictated by the franchisor. Each franchise must adhere to all terms and conditions or risk losing its license. The power dynamic between the two parties differs from that seen with most contracting relationships, and the franchisee must understand this. This agreement governs every aspect of the franchisee’s business and the role of the franchisor.
The franchisee has little room, if any, for negotiation, which is why they must understand the components of the contract before signing any documents. This helps in preventing the parties from becoming involved in a lawsuit over a failure of either party to live up to these terms and conditions. However, individuals must know what a franchise is, the terms of a standard franchise agreement, and any requirements before signing the agreement. This helps to ensure there is no question the franchisee is making the right choice.
What Constitutes a Franchise Agreement?
Individuals must understand what makes up a franchise agreement to ensure the document they are signing legally qualifies as this type of contract. The Federal Trade Commission (FTC) has established a definition of a franchise, referred to as the FTC Franchise Rule, to clear up any confusion about which businesses fall into the category. According to this rule, a business must meet three general requirements to be considered an official franchise.
A franchisor brand and franchisee’s business must be substantially associated and share a common brand. The franchisor maintains control over how franchisees use its brand in business operations or provides meaningful help in this area.
Each franchisee remains an independent contractor rather than a joint employer. As a result, the franchisor controls brand standards but doesn’t receive say in the franchisee’s human resources or daily business operations. As long as they adhere to the brand standards requirements, these areas fall under the control of the franchisee.
The franchisee pays a fee for the right to operate a franchise under the franchisor’s trademark. This fee may be a one-time payment when the relationship is established or an ongoing fee, although there are certain exemptions both parties must know of.
States may also establish laws regarding the definition of a franchise. The agreement serves as a license that dictates the rights and obligations of each party and protects the intellectual property of the franchisor. Furthermore, it ensures consistency among the franchises. However, the agreement allows for some flexibility to ensure the franchisor can adapt to changing times and remain competitive. Nevertheless, the agreement allows each franchisee to manage its independently owned business daily while adhering to the brand standards. This remains a key component of a franchise agreement.
Standard Franchise Agreement Terms
Franchisees agree to adhere to certain requirements and regulations in exchange for benefiting from a provider business model. The franchise agreement outlines each provision the franchisee agrees to, and a thorough understanding of the provisions ensures a smooth partnership between the franchisee and franchisor. What are some things a person might expect to see in a franchise agreement?
Grant
When a person or entity enters a franchise agreement, they receive limited use of the brand’s trademark images. This includes slogans, logos, images, and more. Furthermore, the franchisee receives the right to use the franchisor’s operating procedures as outlined in the agreement. This permission is referred to as a grant but does not allow the franchisee to use these items freely. The agreement must clearly state any expectations and limitations. For instance, a tire company operating as a franchisee may be given permission to advertise on social networks using the brand logo and images, but cannot create custom hats and sell them to advertise their specific location.
Fees
When the two parties enter a franchise agreement, the franchisee typically pays an initial fee. A continuing fee is then remitted on a predetermined schedule to maintain the agreement. In addition, the agreement often includes multiple side fees. For instance, each franchisee contributes to an advertising or brand fund the franchisor uses for brand marketing purposes and other purposes defined in the contract. Potential franchisees need to review this information carefully to ensure they understand what they are responsible for when it comes to additional fees.
Territory
If the franchisee will open a brick-and-mortar location, they need to know their territory within a specified geographical area. Multiple locations of the same franchise in proximity to one another could hurt the revenue for each location. The franchisor should prevent this by clearly defining territory limits for each franchisee. Some franchise agreements lack this information, as the franchise agreement contains no information concerning exclusive or protected territories. However, the territory specifics need to be defined. Furthermore, franchisors must deal with the reservation of their rights inside each franchisee’s territory. This includes internet sales and alternative distribution sites.
Signage plays a role in territory rights. For example, certain restaurants today have a location inside a shopping mall and another in the parking lot. They cater to different clientele, as the location inside the mall hopes to lure hungry shoppers. The exterior location hopes to attract those driving by and individuals who wish to pick up food without leaving their car. The franchise agreement should outline where each location can place signs.
Time Limit
Most franchise agreements come with an end date and information about renewal rights. Not only will the document list the length of the relationship, but the agreement should include information about the rights of a franchisee successor to enter a new agreement and location upgrade requirements. Detailed information such as this helps to minimize disputes in the future, as both parties know what they are agreeing to before they sign the document.
Training and Support
Franchisors usually provide new franchisees with training and support, from site selection to quality control. They do so to ensure the brand remains properly represented at all times during the agreement. The level of support varies by the franchisor and the documents should outline this.
Proprietary Data
Intellectual property and proprietary data remain the most valuable assets of a company. Franchisees receive access to this information temporarily. However, the franchise agreement should outline exactly how the franchisee may disseminate confidential data and trade secrets. Furthermore, this information must be state specific to avoid any issues.
For example, a franchisee may not share customer information, standard operating procedures, or other sensitive data with people outside of the franchise. Doing so violates the franchise agreement and may lead to the franchisee losing their license without reimbursement.
Criticism
A franchisee might find they are unhappy with certain portions of the franchise agreement. However, under many agreements, the franchisee remains prohibited from sharing these criticisms. In addition, the agreement should outline what happens in the event of a breach. In certain cases, the franchisor receives the right to end the agreement without reimbursing the franchisee.
Times have changed and many companies now take a political stance. This could lead to criticism of this stance rather than the brand. To avoid this, a franchise agreement might state franchisees cannot make major investments or campaign donations without receiving permission from the franchisor. This information appears in the franchise agreement.
Indemnification
Most franchise agreements contain an indemnification covenant. If the franchisee acts negligently or commits some wrongdoing that harms the franchisor, the franchisee becomes responsible for any losses related to their actions. The franchisee must know of all expectations and ensure they remain in adherence with all safety regulations regarding the operation of their business.
For instance, a franchisee may sell food that has passed its expiration date. Doing so leads to customers becoming ill and suing the company for damages. The franchisee must reimburse the franchisor for any losses experienced because of this behavior. A franchise owner might wish to invest in indemnity insurance to protect themselves in the event of a problem.
Right to First Refusal
A franchisee might find they wish to sell or transfer the business. Before doing so, they must alert the franchisor. At this time, the franchisor may exercise their right of first refusal. If the franchisor declines to do so, the franchise owner may sell or transfer their interest.
Termination of the Agreement
All franchise agreements come with a termination clause that details how either party can end the contractual relationship. This clause shares key terms regarding the timing of the notice, procedures each party must follow, and how they will handle damages from an early termination.
Non-Compete Clause
Franchise agreements often come with a non-compete clause. This clause prohibits the franchisee from opening a similar business for a specified period after dissolving the franchise agreement. In addition, it may state a distance the franchisee may open a new business upon dissolution of the franchise agreement. Each state establishes the level of restriction permitted in a non-compete clause.
As with any legal document, each person must carefully review a franchise agreement before either party signs. Consult with a business attorney to review the documents, as this added step ensures they answer any questions before the franchisee enters the agreement. The cost of the consultation is minimal compared to the legal fees each party will accumulate if a problem arises. Working with an attorney to review the agreement reduces the risk of this happening.
https://www.strategydriven.com/wp-content/uploads/pexels-engin-akyurt-1437318.jpg8001200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2021-05-31 08:00:202021-05-31 05:51:31The Power Dynamic Between Two Parties: Everything You Ever Wanted to Know About Franchise Agreements
Your business must change, and it must grow alongside your customers, marketplace, and industry. Suppose your business does not evolve and change over time. In that case, it will struggle to maintain its place within the industry and within customers’ and clients’ hearts, which could be detrimental to the future success of your business. To ensure that your business does not slide down the slippery slope into oblivion, it is important that you focus on change and growth and that you embrace and nurture it wherever possible.
Why Your Business Needs Change
If your business is to compete and grow, then change is required. You cannot expect to keep going the way you are, not changing a thing and in return, expect to reach new target markets and audiences. You have to be flexible and adaptable to your new target audiences and customers; you have to change to meet new growing market concerns. If you do not adopt change, then you will stay stagnant.
Seeking Adequate Funding
You can go down the route of organic growth, but this can be quite slow and unpredictable, and is this really what you want? Organic growth can be cheap, but cheap isn’t always the best route to take. To get the best results, you will need to seek adequate funding. Having funding in place will allow you to plan your business growth and change and be in control of whatever gets thrown your way. Having adequate funding and finance behind you can ensure that you can reach the new target markets and audiences you want to and, most importantly, need.
Adapting and Moving Forwards
Having a plan for growth and a plan for development is necessary no matter how much funding you are seeking. Understanding where your new markets are and how much cash it will take to reach them is essential for growth success. Having a plan in place also acts as a blueprint to which you can refer in periods of change. Change within business is not always welcome or appreciated, but change happens for a reason, and if you plan to welcome it, then you can be prepared to adopt it no matter how it changes your business.
Why Accurate Reporting is Essential
When you put together a plan for development, it is important that your report contains accurate data. Having all of your information together and collated in one place makes planning and execution a lot easier. Utilizing business intelligence and getting a provider on board to focus on training and consulting is essential if you want to achieve success. Inaccurate, difficult to read, or just downright messy data can put you off growth and change, which is not what you need in an everchanging world.
Staying Focused and Motivated
Driving your business through a period of change and through growth can take a lot out of you as a business owner, so it is important to remain motivated and focused. Keeping in mind what you want to achieve and why will help keep you on the track to success.
https://www.strategydriven.com/wp-content/uploads/pexels-lukas-590022-2-1.jpg7951200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2021-05-31 07:00:502021-05-31 05:40:13Pushing Your Business Through a Period of Growth and Change
If you have a website and you want to make it work for you, then you’ll be glad to know that this is now easier than ever to do. In fact, if you follow this guide, then you will soon find that you can generate a side-source of income with ease.
Affiliate Marketing
Affiliate marketing is quite possibly one of the most popular ways for you to make money from your website. Start by finding a product that you genuinely like and would be happy to recommend. You then need to put it on your website, so you can endorse it. If your product or service resonates with the audience you have, you’ll get a portion of the profit when they buy through your affiliate link. The commission may be 30% but at the same time, it can be as high as 70%. If you want to make this work for your business site, then advertise products that relate to your service. If you sell fish tanks for example, having links to tank cleaning products would be a good bridge.
Sell Advertisement Space
Incorporating AdSense on your website is just one of the many ways that you can make money by using advertisements. Another way would be for you to sell your advertisement space. You can sponsor different blogs and you can also come up with a price for each space. You will get paid depending on how many website visitors you get. The great thing about this approach is that if you get a lot of traffic from different sources, you can easily use this to your advantage and charge a much higher price.
PPC
AdWords are the ads that appear on the Google search result page. AdSense on the other hand gives publishers the chance to tap into the advertisement market network so that other advertisers are able to run ads on the website. The great thing about this is how simple it is. When you sign up, Google will put a simple code on your site that identifies the content. Relevant advertisements will then be shown. Remember, you can always look into private marketplace advertising as well, if you want to explore ads even further.
Sell a Digital Product
Another way for you to make money through your site would be for you to try and sell a digital product. The great thing about doing this is that there is no middleman between the buyer and you. You will also be able to use the money earnt, to invest in new products. This approach is relatively straightforward because you can sell through your site and everything will be available for immediate sale. On top of this, there is no inventory management required. You can set up as many downloads as required and you won’t have to worry about storing them or having a stock count. It’s a great way for you to make your blog or website work for you as well if you want to generate some side income for your business.
https://www.strategydriven.com/wp-content/uploads/pexels-pixabay-261662.jpg8001200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2021-05-30 07:00:202021-05-30 00:20:42How to Monetize your Website and Blog
A VETERAN OWNED SMALL BUSINESS | Call or text now for a FREE consultation: +1 (770) 765-3692 | 
Managing a start-up involves skill, dedication and an ability to multi-task. When you are getting your young business up and running, you will likely have to prioritize. When your funding is limited, it can be all too easy to neglect invisible threats like cyber-attacks, however, doing so can signal disaster for the future of your company.
Business Programs