Author: Pamela Swift

Categories
Operations

What Every Entrepreneur Needs to Know About Cybersecurity in 2018

Article Contributed by Andrew Heikkila

As 2017 comes to an end and 2018 begins, our world can be sure of one thing: cybersecurity is a serious issue. The last couple of years have proven that our connected world is in peril, and that almost nothing is secure anymore. Attacks on governments, business organizations, and private individuals have reached historic levels and they’re only going to increase in volume and severity.

Businesses in 2018 and beyond are always going to be in the crosshairs of cyber criminals because data nowadays has become just as valuable as money. Entrepreneurs need to be aware of the risks that they are taking simply by operating in the digital age, as well as how to best mitigate said risk.

Ransomware Woes

Ransomware has become a thorn in the side of many businesses around the world. After the WannaCry virus infected over 220,000 computers in May 2017, it became apparent that everybody — business, government, and private citizen alike — is at risk of being held digitally hostage.

One of the big problems is that ransomware has become a hot commodity on the dark web, selling for cheap and designed specifically to be easy for criminals to deploy. Cybersecurity professionals are calling this Malware as a Service (MaaS). The rise of this model means that, while before you had to be computer literate to try your hand at cybercrime, nowadays, any Joe Schmoe with a computer and internet connection can pop on to the dark web, purchase a ransomware program, and run wild.

The Skill Gap Widens

Unfortunately, at the same time that cybercrime becomes easier to commit, finding professionals to protect against that crime becomes much more difficult. Maryville University reports via its online cybersec resources section that businesses are indeed seeing cyber security staff shortages. They write:

“A deficiency in the number of dedicated professionals trained and experienced in preventing some cyberattacks and mitigating the damage from those they can’t prevent stands out as a major factor behind the various cybersecurity problems that companies all over the world currently face.”

Jeff Kauflin, writing for Forbes, points out that there will be a predicted global shortage of two million cyber security professionals by 2019.

“Every year in the U.S., 40,000 jobs for information security analysts go unfilled, and employers are struggling to fill 200,000 other cyber-security related roles, according to cyber security data tool CyberSeek,” he writes. “And for every ten cyber security job ads that appear on careers site Indeed, only seven people even click on one of the ads, let alone apply.”

AI on the Rise

The cybersec skills shortage would seem damning in a world as dependant on connected technology as ours is. Fortunately, it seems that we may be able to use that same connected technology, in conjunction with AI, to protect ourselves adequately. You see, AI is no longer a science fiction term — machine learning is a real technique that’s being developed and sharpened to help humans accomplish extraordinary achievements in Big Data and analytics alike.

“In a cybersecurity context, AI is software that perceives its environment well enough to identify events and take action against a predefined purpose,” writes Marla Korolov for CSO Online. “AI is particularly good at recognizing patterns and anomalies within them, which makes it an excellent tool to detect threats.”

The use of AI represents a shift away from the “fortress mentality” of keeping intruders out and responding to breaches in the past tense, and instead toward the “immune system” mentality whereby intruders are detected in real time. Though still emerging, AI’s success in recognizing attacks represents the future of cybersecurity.

Prevention Planning, Cyber Insurance is a Necessity

At this point in time, the best way to deal with the prolific rise in cybercrime around the world is to prepare as if you and your business would be hit tomorrow. To protect against ransomware, for example, you’ll want to make sure that you’re backing up your essential data regularly so that if you do get hit, you’ll have a recent image to revert to. Protecting against identity theft and other data breaches means following a process that includes creating a document management plan and electronic document management system, as well as a disaster recovery plan. Record Nations has an extensive guide on those processes here.

Additionally, cyber insurance can be a good idea for those who want to protect themselves against the damages that cyberattacks cause. This can be a fantastic idea for small businesses, which oftentimes may not have the funds to adequately bounce back from a major breach.

The biggest thing to remember is that prevention and preparation are the only ways you can protect yourself. Businesses can’t predict if they’ll be hit or not. Knowing this, they should operate not with “if” in mind, but with “when” in mind. By preparing for what seems to be the inevitable, businesses will be protecting both themselves and customer data the best way that they can.

To sum it all up…

Entrepreneurs in 2018 need to understand that cybersecurity is a major issue. Strains of malware such as ransomware are easy to come by and deploy, while qualified professionals to defend against breaches are more difficult to come by. In lieu of these professionals, AI is being relied upon to defend against attacks — but prevention and preparation are still key to cybersecurity.

Entrepreneurs that take cybersecurity seriously in the coming years will likely end up alright. Those who don’t, on the other hand, risk losing everything. Which will you be?

Categories
Sales & Marketing

Trade Up To A Better Trade Show Display

Article Contributed by Tim Eunice 

You’ve got that big trade show coming up, and it’s a must-win for your business.

Everybody who’s anybody will be there: clients, prospects, and (of course) Brand X, hoping to woo away all the business before you get a chance.

You have to stand out!  You have to “win” the trade show.

After all, it’s a once-a-year opportunity.  Fumble it now, and it’s a long wait until next year.

You probably know that the businesses with the best trade-show displays get the most traffic… and that means they have the greatest opportunity to grow their business and create new relationships with the most sought-after customers.

How is your trade show display?  Is it time to trade up, to get a better response at this year’s show?

Have You Considered These Cool Options? 

You’ll have a table, and maybe some “swag” to hand out, and (hopefully) a nice brochure or two to describe your business’ unique offerings.

What about these display choices?

  • A table-top “throw.”  You could have any image, from a logo to a photo to a business card, reproduced by a quality large-format printer onto fabric or vinyl to throw on top of that table and catch the eye of passers-by.
  • A retractable banner or two.  Whether it springs up from a floor or table-top stand, or hangs from your display, a retractable banner can really make a statement.  And there’s a wide variety of materials, including nearly-transparent stuff Brand X never heard of.
  • An impressive island.  Remember those super-cool “island” displays you’ve seen at previous shows?  Creating something like that can be more affordable than you might think.
  • Lights and TVs.  Nothing grabs attention faster than a unique lighting display, and nothing sells your message with more impact than a sharp video playing on the screen at your display.  If you’ve invested in video marketing, you’d be wise to take it with you to the show.

These are just some of the things people are using these days to win their trade shows.

Believe it or not, your large-format printer is probably on the leading edge of these options… and if he doesn’t provide all these solutions, he likely knows who does.

Choose A Display That’s Easy To Work With 

The best trade show displays are light in weight, but pack a heavyweight marketing punch.

When you’re choosing your display, make sure you get something that’s easy to pack, easy to ship, and easy to set up.  Nothing’s more frustrating than finding out there’s some little part missing, or some other reason you can’t use your new trade show display to its full potential.

The whole rig needs to be relatively easy to take down, too.  You don’t want to miss your flight because your trade show display is too hard to break down and pack for its own flight!

Again, your printer will be able to point you in the direction of a trade show display that’s going to be easy to work with, in addition to supremely effective.

Make those guys at Brand X green with envy.  Trade up to a great trade show display.  If your display gets you the most traffic at the show for the lowest investment, well, there’s a word for people like you: “winner!”

This is a guest post by Tim Eunice the owner of The Visual Edge Signs & Designs Inc

Categories
Starting Up

Women Veterans Are Joining the Startup Game

Article Contributed by Noah Rue

Women have been steadily breaking glass ceilings for the past century. From the right to vote, to the right to serve in the US armed military, women are increasingly showing their prowess and ability to make change happen. Women have skills and talents, and they are ready to show the world everything they’ve got.

Luckily — although progress has been slow — many women are finding their future lies within the armed forces. The potential to not only receive an education but also develop essential career skills while serving the nation is a worthy trajectory for many women. However, just as it is for men, rejoining civilian life after serving in the military can be extremely difficult.

In the States, an interesting phenomenon is happening. Women-owned businesses — predominantly created by women of color — are steadily becoming dominant in the startup field. More interesting than that is the massive boom that women veteran owned business have seen: a 296 percent increase from 2007-2012.

How are women veterans making their presence known on the military front as well as in the small business sector? By becoming small business owners, women are able to put their skills to the test in the civilian world. Let’s look at the details behind this promising trend.

By the Numbers

According to the National Women’s Business Council (NWBC), as of 2012 there were 383,302 women veteran-owned businesses in the United States. Since then, there hasn’t been any more recent studies on the numbers, as it is dependent on the Economic Census (performed every five years. This year they will be the next Economic Census, but resulted won’t be ready until early 2018. However, considering the continual rise of women in the startup world, it would be safe to assume that this number has since increased. It is estimated that in 2016, 11.3 million businesses were owned by women, contributing $1.3 trillion dollars in revenue and employing over 9 million people; according to an American Express “State of Women-Owned Businesses Report.”

Many of the businesses owned by women veterans only consist of the owner (96.7 percent according to the 2012 numbers), but the remaining 3.3 percent employ approximately 102,662 people. Overall, women veteran owned businesses make an average revenue of about $18 billion dollars annually.

Comparatively, male veteran-owned businesses actually decreased from 2007 to 2012 by 7 percent. Women veterans are really beginning to take over the small business front, but what sector are they settling into? According to the 2012 NWBC report, the majority of these businesses are in the healthcare and social assistance, administrative support, scientific and technical fields, retail, and in other services. Most businesses are situated in the states of California, Texas, and Florida.

But why are so many women, especially veteran women, taking the entrepreneurial plunge? Much of this could be due to the increasing presence of women in the military. One study found that 2.2 million veterans were women in 2013, compared to 1.5 million in 2009. Is the transition into civilian life proving more difficult for them, or easier?

Why Own a Business?

For many veterans, finding a job that meets their needs after serving in the military can be a difficult task. This is even more difficult for single parents, disabled veterans, or veterans who suffer from PTSD. There are simply too many factors that can disrupt the success of a veteran’s career post-deployment.

Although the unemployment rate for veterans is low — 5.1 percent in 2016 — women of the 20-24 year age range have had a particular difficult run in transitioning to the public sector. According to a Syracuse University study highlighted in Inc., “In 2011, female veterans who were 20 to 24 years old had an unemployment rate of 35.4 percent.” Luckily, that number has since decreased to about 5.6 percent in 2016, but it could account for the dramatic rise in women veteran owned businesses.

Veteran women have found a way to work around some of the more challenging roadblocks when transitioning by taking the entrepreneurial plunge. For some women, they may be busy starting a family or caring for their children while their husbands are still deployed. Having the ability to choose their own schedule, as well as what they can do, is certainly an alluring aspect to entrepreneurship.

Additionally, many women may find that their dream jobs aren’t in existence yet or are hard to find, so they start their own business instead. Serving in the military opens up many doors and opportunities, but sometimes it can fuel the very innovation that leads to a new product, business, or industry. Especially after working on the front lines and seeing where certain gaps exist, many military veterans may find that their future lies in contracted work that can help the military make better equipment or technology for future generations on the ground.

There are many industries that are not only looking for qualified and experienced professionals, but are also eager for innovative thinkers. For example, with many women veteran’s working within the healthcare field (62.4k firms according to the NWBC data from 2012), they’ve found that their job is not only rewarding but secure. The constant growth of the population is leading to a national nursing and doctor shortage, and those working within healthcare in any capacity will find that entrepreneurship is encouraged among nurses and other qualified individuals. Having a secure job post-serving — and one where you can choose your own hours and location, even — is essential for many veterans to remain successful in their career path.

Lastly, as welcoming as the job market may be for entrepreneurship, it isn’t the only reason why women veterans are seeking out their own startups. There are also plenty of safety nets created within the past decade just for women who run their own business, and there are additional resources for veterans. This includes government grants, small business loans that are catered just for women and just for veterans, and a plethora of online (and free) resources for small business owners.

The business world is eager to accept entrepreneurs, and is willing to give everyone a chance to pave their way to success. Luckily many women veterans are doing just that.

Women Veterans Making an Impact

As more and more women enter the military, we may see an even greater increase of women veterans opening business once they’ve finished their service. The disciplined training and experience they have gained while serving in the armed forces is no doubt a coveted trait to have in your career. Additionally, our current economy in the United States is fully embracing the startup world.

Many women veterans may find that their future lies in joining the small business world. Luckily for them, the business world is ready and willing to give them a hand in making their dream become a reality.

Categories
Success Attitude

Three Skills That Are Essential to the Success of Your Startup

Article Contributed by Finnegan Pierson

While there are many factors that can help you to make your startup a success, some of these factors directly relate to the entrepreneur or business owner. Two very similar businesses could potentially be launched in similar markets, and the primary factor that may make one venture more successful and profitable may relate to the skills that the entrepreneur possesses. Not everyone is cut out to be an entrepreneur. However, when you know which skills are most important for a successful entrepreneur to possess, you can take steps to refine these skills before launching your new business.

Marketing Skills

Ecommerce email marketing is a veritable necessity for most business that have an online sales component or that are entirely based on online sales. While there are many ecommerce email marketing strategies that you can apply to your efforts, understanding the importance of personalization with email marketing efforts is critical. More than that, you need to understand how to collect and use big data to achieve better results when personalizing your marketing materials. Ecommerce email marketing best practices indicate that personalization through the use of big data may help you to generate better open and conversion rates. Essentially, your understanding of this unique marketing skill could drive sales because it helps to create interest in email marketing and makes them seem less like spam. This is just one of many examples of how your marketing skills could affect your company’s overall success in the months and years to come.

Communication Skills

When you launch a startup, you may need to be a very effective communicator in many areas. For example, you may be your company’s primary or only salesperson, so you may need to effectively communicate with your customers to clinch sales. You may also need to communicate with vendors, contractors, potential new hires and others. Your communication skills remain important throughout your time as a business owner even when you hire professionals to tackle some of the tasks that you may initially handle. Remember that communication is essential to properly guide and lead your team. Verbal and written communication and even communication to big groups, such as through speeches, may be critical.

Leadership Skills

It may seem like communication and leadership go hand in hand, but leadership extends beyond communication. Leadership skills are verbal, but they are also based on many other factors. For example, a leader is usually an excellent listener, a mentor and a critical part of collaborative team projects. A leader is often empathetic and visionary. This type of person is also supportive and excellent at planning. A leader sees how to turn a seemingly negative situation into a fabulous opportunity. He or she can turn things around and guide the company through rough patches. Through effective leadership, you can solve problems, bring your team together, align their efforts and goals for the betterment of the company and more. You can take leadership seminars, ready books and more in an effort to improve your leadership skills. This may be an area of personal development that you want to continue to work on over the years. With many aspects of leadership to focus on, there is plenty of room for most entrepreneurs to improve in this area.

If you plan to launch a startup soon or if you have recently started a new business, you should take an honest assessment of your skills as well as your weaknesses. When you understand what your unique weaknesses are, you can then take proper steps to improve your skills. The efforts that you make at personal development and improvement may be exactly what it takes to help you achieve incredible success with your new venture. If you need help with assessing your own strengths and weaknesses, consider asking a trusted partner or employee from a previous work environment for feedback that you can use as a stepping stone for personal development.

Categories
Operations

6 Reasons to Invest in a Flexible Manufacturing System

One of the most disruptive technologies in the world of manufacturing has been the development of flexible manufacturing systems. Initially developed as a means for manufacturers to gain a competitive advantage, it’s become a standard for manufacturers that wish to be as agile as possible, with the ability to bring new and innovative ideas to market more efficiently and inexpensively than ever before.

Still, despite the benefits of a flexible manufacturing system, not all companies have opted to invest in this technology. While it is true that the costs of developing and acquiring the necessary machinery are initially higher than traditional manufacturing equipment, in time, the advantages of flexible manufacturing more than make up for that expense. Not convinced? Here are six good reasons to invest in flexible manufacturing.

1. Improved Productivity

A flexible manufacturing system can significantly improve the productivity of your manufacturing environment. Your system can accommodate changes in volume and work flow, while also switching from one product line to another with little downtime. Producing different parts and products does not require a significant amount of retooling or reconfiguration, ensuring that the productivity isn’t lost. In addition, because flexible manufacturing systems can generally adapt and keep working if one machine breaks down or needs maintenance, you don’t lose as much time to mechanical issues as you might with traditional manufacturing environments.

2. Reduced Costs

Again, developing and implementing a flexible manufacturing system does cost more up front. However, in the long term, such a system will reduce overall manufacturing costs. The fact that flexible manufacturing systems reduce waste and the time spent on manufacturing means that the overall cost per unit decreases, for example, and the ability to quickly adjust according to market changes and demand increases revenues. Flexible manufacturing systems also require fewer workers to operate, meaning that your labor costs will decrease as well. You can easily cross-train employees to handle multiple tasks, and will only need to increase staff for busy periods.

3. Compatibility With Multiple Materials and Systems

The key word in flexible manufacturing system is “flexible,” and that extends to material and system compatibility as well. Developing new products won’t require investing in new equipment, as the existing system can be modified to accommodate different 3M materials or designs. In fact, most flexible manufacturing systems work with CAD/CAM, creating new options for product design and room for innovation within product development.

4. Reduced Storage Costs

Traditional manufacturing technologies typically require companies to maintain significant inventory in order to meet fluctuating demand. With a flexible system, the need for storage decreases considerably, as the system can adapt to changing needs quickly and efficiently. With reduced storage requirements comes reduced costs, as well as reduced waste from overstock.

5. Faster Production

Flexible manufacturing allows for faster production because the materials handling is almost entirely automated. This is just one way that it helps reduce the bottlenecks that often occur in traditional manufacturing and slow down production. If parts need to be modified, a flexible system is easier to reprogram to handle that modification, which speeds production time and gets products to market faster.

6. Improved Customer Service

All the advantages of a flexible manufacturing system taken together point to the inescapable conclusion that using a flexible system will improve customer service and satisfaction. Not only will you be able to offer a wider variety of products to your customers, you will be able to provide products more quickly and at lower cost.

There are some disadvantages to implementing a flexible manufacturing system, related mainly to cost and staffing. Changing to this method of manufacturing represents a significant cultural shift for many companies and that always brings with it some challenges and push back. In addition, operating these machines requires a more skilled labor force, with a more advanced level of technological skill and knowledge to manage the interconnected network of hardware and software. For many companies, this represents a profound shift in hiring and training, and a different approach to management.

Still, the advantages of flexible manufacturing far outweigh the drawbacks, and can advance your company toward its goals and bring you to the forefront of your industry. There are plenty of good reasons to make the shift, so the time is now to start looking at your options.