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4 Signs It Is Time to Upgrade Your Business Telecom System

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StrategyDriven Managing Your Business Article | 4 Signs It Is Time to Upgrade Your Business Telecoms SystemHaving an outdated phone system in your operation can have lots of repercussions. It limits communication between members of your team, leads to major delays because of shortages, and can also result in lost leads. Having customers not being able to reach you if they need support will also hurt your brand. This is why you must always monitor your system’s performance and see if it’s up to par. Here are some of the signs that your business’s telecom system is due for an upgrade.

You’re Experiencing Shortages

If your customers constantly let you know that they couldn’t get through or that their calls were lost, then it could mean that your system needs an overhaul. These are often caused by network issues. Sometimes, it may be due to poor cabling, like improperly grounded lines, for instance. In this case, you might want to call a professional structured cabling service to come and give your network a close look and propose solutions.

It’s Holding Your Team Back

Whether you like it or not, the future of business will be increasingly mobile and we can’t think of many industries that will not have to embrace remote working at least to some level. And, in this case, your current phone systems might be a huge hurdle in making the switch.

For instance, traditional phone systems do not allow interconnectivity in the same way modern solutions like PBX and VoIP do. These solutions could allow you or your reps to seamlessly answer calls sent to your main office on your mobile from wherever you are. If you’re in a line of business that requires you to move a lot, such as construction, then a legacy phone system will limit you.

Modern technologies also allow things like transcription, for instance. Voice messages can be transcribed and sent to any email or through SMS. Conversations with clients can be transcribed and stored in a CRM for future reference. Legacy systems can’t keep up and you will have to consider making the switch as fast as possible if you are thinking of going remote or hybrid.

You’re Spending Too Much

An outdated phone system will cost you in so many ways. Not only will you end up spending more when scaling or for repairs, but you’ll also be missing out on the savings you could be making with a more recent system. Not only that, but you’ll also be losing money from lower productivity. Just changing to a new, more efficient system will automatically reflect on your bottom line.

It’s Taking too Much Time to Resolve Issues

If it takes days for everything to be back to normal when you’re experiencing issues, then you might also need to upgrade your system. This could, again, be an issue with how your system was cabled. In this case, only an expert team will be able to help.

These are all clear signs that you may need to overhaul your current business phone system. We suggest you speak with a reputable team today if you’re experiencing recurrent issues.

 

3 Types of Merger and Acquisition Transactions

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StrategyDriven Managing Your Finances Article | 3 Types of Merger and Acquisition TransactionsThere are many reasons why one company may merge with or acquire another company. Sometimes it may be out of convenience and other times it is a necessity. When two companies join it leads to more resources, expanded profit share and less competition. As Aristotle said, “The whole is greater than the sum of its parts.” Entrepreneurs, like David Walsh Bronxville, make their living by knowing which mergers and acquisitions are going to profitable and which are not. Often, this comes down to the legal details and what type of transaction takes place.

Asset Purchase

When one business acquires another, it could be done through an asset purchase. In an asset purchase, the target business sells all of its assets to another company, known as the acquirer. These assets may include licenses, customer lists, equipment and patents. The target business retains ownership of the entity. Sometimes the target company also passes some liabilities to the acquiring company, especially if that debt is associated with an asset. Asset purchases favor the acquiring company when it comes to taxes. This is because the newly acquired assets provide tax deductions for depreciation. On the downside, contracts with employees, customers and suppliers may need to be renegotiated.

Stock Purchase

A stock purchase is another type of acquisition. With a stock purchase, the acquirer takes the target company’s assets and liabilities by buying its stock. The target company then dissolves. Contracts typically transfer to the acquiring business without renegotiating, and the assets transfer without having to pay for retitling. This type of acquisition is more straightforward. There is less to negotiate, making the purchase much simpler. The main disadvantage comes with the transferred liabilities. Separate agreements need to be negotiated if the acquirer doesn’t want the liabilities. Also, the acquirer doesn’t receive tax benefits from those assets.

Merger

Mergers are a little more complex than acquisitions. This is when two companies completely combine, along with all the assets and liabilities of both companies. In this case, the stocks for both companies are surrendered. The new business entity is issued its own stocks. A merger is usually thought of as friendly, while an acquisition can be hostile. Although mergers sometimes lead to hostile work environments. The management structure changes and many departments need to be blended, which often leads to layoffs. Restructuring is necessary so that operating costs are not doubled. Successful mergers benefit both contributing companies and are usually done between similar size businesses.

How To Handle Employee Cyber Security Training

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StrategyDriven Risk Management Article | How To Handle Employee Cyber Security Training | Cyber Security, Business, Corporate

If your employees’ financial and personal information is leaked to intruders, your company may lose a lot. Most employees in various companies have fallen victim to phishing scams, causing great losses to the company. Unfortunately, cyber attackers evolve as technology changes and make their attacks even more sophisticated.

To shield your company from attacks, you need to conduct a compromise assessment and assess where it’s more vulnerable. Setting up complicated systems to protect your business is great. But if your employees don’t know how to use the systems, you’ll still be vulnerable. That’s why every organization should give their employees basic cybersecurity training. That way, attacks targeting social engineering and phishing scams will stay out of your business.

Here are some tactics for training your employees in cybersecurity:

StrategyDriven Risk Management Article | How To Handle Employee Cyber Security Training1. Avoid Blame Games

When the news of a data breach gets into the ears of the company’s executive and other people, it’s easy to attach the fault to some employee who clicked the wrong link. Though it might be true that one of your employees may have fallen for an attacker’s trap, it isn’t advisable to blame them if they don’t have the right knowledge about such attacks. In fact, it may seem that the organization is dodging is the responsibility of training employees on how to keep its data and networks secure.

Instead of blaming the employees, you should develop a plan that’ll ensure every worker has the knowledge they require to prevent attacks. You should also encourage them to ask questions and set up a department that can address their concerns.

Training isn’t only about collecting your employees in some class and lecturing them on best practices, but it could also be sharing with them new threats through SMSs and pinning informational notices on their noticeboards and offices. That way, they’ll keep interacting with the information and enhance their knowledge of cybersecurity threats.

2. Have A Budget For Employee Training

While SMSs and notices can help inform your employees about threats, you may need to conduct a training to explain how to handle some complicated threats. Cybersecurity requires constant maintenance because new attacks are created daily and monthly. Therefore, conducting monthly training can be ideal for updating them on such threats.

According to experienced IT experts, people working in your organization are assets that need continual investment. If you don’t patch them regularly, they’ll be vulnerable. That’s why when planning for your yearly budget, you should include employee training. Securing your systems and data is just as essential as marketing your products and services. So it would be best to treat employee training with seriousness as you would treat marketing.

Furthermore, you need to use many approaches to keep your staff on top of the trends. That may need a mindset shift and not viewing an employee who opened a wrong link as a source of failure even after training them but recognizing that your training and security structure needs updating.

3. Prioritize Cyber Security Awareness

Being on top of trends doesn’t prevent your company from experiencing data breaches. According to Cyber Security Hub, companies like Toyota, Walmart, and Dunkin’ Donuts have experienced attacks in the recent past despite having sophisticated security systems.

If you think that your small enterprise is safe, you need to be very worried because a 2018 cybersecurity report by Ponemon Institute revealed that about two-thirds of small businesses were attacked within a year. The only way to keep your systems secure is always to enlighten your employees about cybersecurity news. That way, they’ll understand the frequency and volume of attacks and be alert throughout the day.

Though getting your employees aware of current events is vital, you shouldn’t flood their inboxes with many emails that may be sent directly to the archives. Instead, you can attach cybersecurity information in the emails or reports news section that you can customize. Also, including messages in the links you send to your employees can help them stay updated.

4. Train Them On Password Best Practices

Having password best practices in your organization is one way of developing a robust security plan. The only problem you may face is convincing your workers to implement it.

Strong passwords should have the following qualities:

  • Be Long Enough: Lengthy passwords are difficult to crack. That’s why IT experts recommend that you set passwords with at least eight characters.
  • Have Many Character Sets: Every character set you add enhances the complexity of the password and makes it difficult to penetrate. That’s why your password should have a lower case, upper case, symbols, and numerals.
  • Have Incomplete Words: There’s no doubt that common words are easier to remember. However, they make it very simple for an attacker to crack. So it’s advisable to use incomplete words.
  • Should Be Changed Often: If you keep on using the same password on many devices, it may be compromised. To avoid that, you should change your password after a smaller window. Setting a reminder can help you know when to change your passwords.
  • Shouldn’t Be Shared Across Accounts: Using similar passwords across accounts can make it easy for an enterprising hacker to obtain your information and use it on other websites. Fortunately, there are sites where you can key in your email to know if your password has been compromised.

To ensure that all your employees have complied with password policies, you can use password managing tools. These tools will generate memorable but strong passwords for every account that your workers use. They’ll also simplify the process of sharing passwords and allow the employees to collaborate remotely.

As much as training your employees on password policies is vital, you also need to complement their knowledge with other data protection policies. Don’t assume that they know and understand them, but remind them regularly through refresher courses.

That way, they’ll always be updated on policies and rules that they need to follow. Every time you hire a new employee, you should tell them about data protection regulations and inform them about the company’s cybersecurity policies.

Final Words

You can’t prevent cyber attackers from targeting your company’s systems, but you can try as best as you can to shield them. Training your employees on best practices can help you to minimize the chances of cybercrime immensely. Their knowledge of cybersecurity threats can make your company secure or a vulnerable target.

5 Reasons Your Startup Should Be in Healthcare

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StrategyDriven Starting Your Business Article | 5 Reasons Your Startup Should Be in HealthcareWhen you think of startup companies, you may think of some obvious ones that are now household names. There are social media platforms, mobile video games, banking apps, ride-sharing services and home rental marketplaces. You know them well.

An arena that isn’t as often spoken about in the same breath as these other game-changing companies is the healthcare industry. The Patrick James Trico Group is well aware that startups in the area of medical innovation and data processing are where the biggest and most beneficial progress will be.

1. A Better Patient Experience

With technological advancements, a patient’s healthcare experience should begin long before a visit to the doctor’s office. Artificial Intelligence and wearable tech could collect analytical information for the doctor to evaluate before you even make an appointment.

The appointment itself could be scheduled by an AI-driven system in much the same way that pharmacies use software to send automated calls and texts when a patient needs a refill. There is a wide range of possibilities for improvements in all aspects of a patient’s experience.

2. Automated Data Collection

Robotic automation of data collection is an area in which many hospitals and healthcare facilities could benefit. Human administrative errors are a common occurrence, accounting for countless mistakes, which could cause someone to pay a higher price or, at worst, have the wrong procedure performed.

With data collection performed by robotic automation, many of these errors could be prevented. Other industries already use similar automated data collection and machine learning to streamline their business, creating straightforward, painless engagement and happy customers.

3. Improved Information Storage

Your healthcare information is fragmented across all the different clinics, hospitals, doctor’s offices, and any other health facility you’ve ever been to. Rarely do these entities communicate well and share that information without some complicated process of requesting that such information be sent from point A to point B.

A central ecosystem that houses data easily and safely would allow medical staff to retrieve patient records instantly, avoiding potentially harmful mistakes and allowing for accurate and timely care. An AI-driven functionality could also find and address any anomalies in patient records.

4. Creative Innovation

Medical researchers do a lot to progress healthcare and provide much-needed information by way of well-researched and thorough study. But often the solutions offered by those immersed in the healthcare field are from a calculated, linear and dogmatic approach.

Entrepreneurs are creative innovators willing to think outside the box and attack a problem from a completely new point of view. Their solutions may require some reframing of the way a facility currently does business, and therefore might never occur to a dyed-in-the-wool healthcare professional.

5. Everyone Benefits

Efficiency and progress in the healthcare space will benefit everyone involved: the healthcare providers, the patients and, of course, the startup company that provides the innovation.

Institutions with leadership that understands the need for the most effective quality care will be smart to embrace the technological advancements that startups may provide. The patient will reap the benefits of efficient and smart healthcare and the startup will reap the rewards of the market.

5 Things That Business Leaders Should Not Compromise On

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StrategyDriven Entrepreneurship Article | 5 Things That Business Leaders Should Not Compromise OnAs an entrepreneur, if your business is struggling or your budget is tight, you might be tempted to make some compromises when it comes to your operations and the future of your company. However, there are a few elements of your business that leaders should always avoid compromising on at any cost.

Your Equipment

The equipment and tools that you use within your business can make a huge difference to the efficiency of your operations, as well as the quality of the products that you produce. While doing a better job, high-quality equipment and tools also often last longer, which can save you money in the long run. If you are struggling to juggle the quality of the tools that you are using with their cost, a Northern Tool coupon can help you to get the right equipment that you need without spending a lot of money to do so.

Health and Safety

When you do not have a lot of time or money, it can be easy to let health and safety standards slide. However, not only can you be sued and find yourself facing legal action for doing so, but compromising on health and safety can endanger the lives and health of the employees that you rely on, and can damage your reputation. You should make sure that you always take the right precautions by carrying out health and safety assessments and training regularly.

Quality

The quality of the products that you produce can help you to stand out from other brands and can allow you to get more customers. However, many businesses let the quality of their materials and manufacturing processes dip when they are in financial straits as this can help them to save money on elements such as suppliers and equipment. However, rather than saving money by lowering your standards, you should instead consider cutting your product lines to focus on one or two extremely high-quality and coveted products.

Your Values

When you opened your business, you may have created a mission statement that listed all of your values and which you used to promote your business. Even though it can be easy to forget these during business deals and growth, it is paramount that you constantly reflect on why you started your business and what you hope that it can achieve. This will ensure that you do not lose sight of your end vision and that your business still reflects the ethics, values, and opinions that your customers appreciate when they shop with your company.

Employees

The skills and dedication of your employees can make a huge difference to your business and its ability to be efficient and inspired at all times. So, rather than skimping on the skills of your employees, you should put more effort into training campaigns, consider fixing your recruitment methods, and choose to have a smaller team of highly skilled employees, rather than a large office filled with cheaper workers. You will be amazed at the difference.