37 minute read
Money Matters
Life line loans
Advertisement
THE BOTTOM LINE ON LINES OF CREDIT
BY LESLIE T. SNADOWSKY
Let’s say a small business has an L immediate opportunity to buy a new retail space in a perfect location, or it needs additional inventory in a pinch, or it can’t cover payroll during a disappointing month. Instead of repeatedly applying for small business loans to handle problems as they arise, establishing a line of credit can immediately finance the unforeseen and come in handy when a business is short of funds and needs working capital to keep it going or help it grow. ■
■ FRONT LINES Ideal for growing businesses that face unexpected expenses, this financing solution tends to be a low-risk revenue vehicle that offers a predetermined amount and can be paid back over time.
And the best time to apply for a line of credit is when you don’t necessarily need it.
Financial institutions can smell blood in the water, so lines of credit are more attractive to give to companies that don’t look like they are drowning.
■ THROW A LINE
You can apply for a line of credit at a bank, which usually offers the best rates and terms but takes the longest to apply and qualify for; a credit union, where you have to be a member, or a; fintech lender, which are generally easier to apply for (online) and qualify for.
They’ll look at your business’s credit score and debt repayment history and its monthly and annual revenue and cash flow. You’ll also have to show how long you’ve been in business and what collateral you have, including real estate, equipment and any valued assets, if you seek a secured business line of credit.
And ask about the term of your loan, payment schedule, interest rates and fees including draw fees for every time you withdraw, payment processing fees, late fees and prepayment fees. ■ DROP A LINE
Lines of credit are flexible in that you can use them for any business-related purpose including inventory, supplies and operating expenses.
They can optimize cash flow and allow businesses to act on strategic investment opportunities they didn’t budget or plan for.
Plus, you only have to pay interest on what you owe, not for the total amount of the line of credit. Unlike term loans, with revolving lines of credit once you pay back a balance, that money is available to borrow again.
Responsible repayment also can lead to an improved credit score. ■ TOE THE LINE
While lines of credit could prove crucial for pushing your business to the next level and offer cost-effective solutions, there are some drawbacks. The application and credit evaluation process can take some time. Fees also can mount up, and you may feel forced to negotiate costly withdrawal and maintenance fees.
Plus, unsecured lines of credit with no collateral behind them can be more expensive than traditional loans.
DNA E-GUIDE TO WEALTH
Choice Solutions, LLC offers a wide range of consulting services using the most advanced technology systems and advanced product designs in the Financial Industries. Our 90-day Financial Course created by The Debt Network Academy provides the necessary software, expertise and mentoring. You will be awakened about old MYTHS you may be using or doing, which are depriving you, of building greater wealth and in a faster timeframe.
Top Ten Financial Myths
1. AMORTIZATION MATH 2. REFINANCING PENALTIES 3. RENTING vs OWNING Truths 4. REVERSE MORTGAGE Secrets 5. MORTGAGE DUE DATES – Facts 6. CREDIT SCORES 700+ Misleading 7. H-CARE costs rising, stop the bleeding 8. RETIREMENT PLANS are Costly 9. CASH VALUE LIFE INSURANCE
The Myth, the Facts, the Math. 10. WILLS & TRUSTS – Can you do it yourself? How and Why?
FOR MORE INFO, AND A FREE CASH FLOW ANALYSIS, send your email and contact info to: sjr@dnachoicesolutions.com no social security numbers needed, no commitment to buy anything. Just the facts, the math not magic. All inquiries are highly confidential.
Investing in relationships
BUILDING A BOND WITH YOUR BANKER
BY LESLIE T. SNADOWSKY
B
Banking has become more anonymous with online options and fintech vehicles. But a virtual agent won’t listen to you about your goals for growing your business, help you secure funds to start a venture, talk to you about lines of credit and cash flow or recommend financial products and services.
Investing in building a solid relationship with a reallife banker is still an asset and a valuable resource, especially when navigating troubled or challenging times when striving to attain business growth.
Like any relationship, one with your banker takes time and trust and the willingness to get to know them and have them get to know your business. ■ CASH IN ON COMMUNICATION
If you want your banker to become an advocate, you have to become a personal contact and not just an account. That means making quarterly phone calls, at least, to tell them about your business, share your business plan, review financial documents and send progress reports. Make them feel like a champion for your company, and ask for recommendations and guidance. Bankers are privy to the successes and failures of other businesses and may introduce you to new customers, vendors and merchant services that can benefit yours. Always ask for suggestions on how to grow. But beware of bankers who try to pitch a service or sell a product too soon, before they get to know your business. An experienced banking professional should only do that after they get to know who you are, what your business is about and what it truly needs.
■ EARLY BIRD ENDORSEMENTS
The best time to ask for a loan is when you don’t need one. And applying for a loan can take a long time, so have your banker get you through the process during stress-free times as opposed to waiting until the last minute when you’re desperate. Bankers appreciate it when clients think longterm because it shows positivity and reduces the appearance of risk. Plus, you don’t want to miss out on opportunities when they arise. Having a banker help you secure funding ahead of time will help your business be proactive and be in a better position to succeed. ■ JOINT EFFORT
One of the best ways to get a banker on your side is to invite them to your business. Give them a tour, have them sample your products, and let them meet your crew. A walkthrough brings all your plans and financials to life and can get your banker enthusiastic about helping you achieve your goals. By seeing your brand in action, they’ll also be better equipped to suggest comprehensive ways to hit your targets and steer you towards growth opportunities, from payroll to short-term financing, to insurance to commercial real estate financing that could help expand your business. ■ MATURITY
One or two phone calls does not make a relationship. Be consistent, be patient, and be honest. Being generous with your time also means being generous with your data. A good banker wants to protect you, your business and your assets. They can best do that if they are armed with your updated financials and documentation, even if it’s not all rosy.
Sharing negative news can set up an opportunity for an experienced banker to step in and help. Remember, banks play a huge part in local economies and have valuable connections they could share with you to ensure your longevity in your community and beyond. ■
Protect your family legacy and move forward with confidence.
Allow us to help you navigate this di cult path.
Dealing with sorrow is overwhelming. Atlantic Investment Advisory Group can help new widows and widowers demystify their finances during this most fragile time in their life.
WEALTH MANAGEMENT. RETIREMENT PLANNING. RISK STRATEGIES.
2 Park Lane, Suite 203 Hilton Head Island, SC 843.341.3300 AtlanticInvestorsHHI.com
“It’s hard to ignore the tax benefits when contributing to a local nonprofit organization.” Turning purpose into profits
CHARITABLE GIVING A WIN-WIN FOR BUSINESSES
BY LESLIE T. SNADOWSKY
Philanthropic footwear P company, Toms, used to give free shoes to those in need with every purchase and now gives one-third of its profits to grassroots organizations.
Bombas, an altruistic apparel company, donates with every purchase and has given 3,500 community organizations more than 40 million socks and T-shirts for the homeless.
When someone buys a pair of Warby Parker eyeglasses, the warmhearted company donates a pair to someone in need.
And points from Marriott’s Bonvoy rewards program can be turned into donations to social action organizations. Magnanimous Marriott then matches donated points and converts them into cash for charity.
According to the National Philanthropic Trust, corporate giving in 2021 increased 23.8 percent to $21 billion. And Forbes finds 71 percent of consumers will purchase from a purpose-driven company over the alternative. Eighty percent of consumers are more likely to remember a company with a strong purpose and are almost five times more likely to recommend it to friends and family.
But big corporations don’t corner the market in benevolence. Any small business can support a charity, turn purpose into profits and build a customer base around its generosity.
■ PICK A PASSION
Choose a local cause that aligns with your business’s brand and mission statement and boosts morale among employees. You can ask your team what charities are important to them and see what they are passionate about. Psychologically your team should feel good about working to make a difference or a contribution and feel a sense of camaraderie that they are all building something together, especially if you let employees take a few days off a year to volunteer. Plus, a commitment to a cause can be very attractive to prospective employees who are looking to work for a business that cares about its community. ■ ENGENDERING GOODWILL
Whether you sponsor or donate or fundraise, attaching your business’s name to a respected local cause builds name recognition and good PR. And when customers are faced with choices, they tend to support and become loyal to charitable businesses. They feel their dollars are being spent wisely for them and the greater good. When efforts focus around helping schools or local nonprofits, the effects can be tangible and be seen and felt throughout the community. Charity also can be a great way to network, as many political, civic and business leaders are aligned with causes. Getting involved would allow you to introduce your company to new audiences, influencers and decision-makers.
■ TAX BREAKS
When endeavoring to donate, your prime focus should be helping a cause and not getting a tax break, but it’s hard to ignore the tax benefits when contributing to a local nonprofit organization. A tax professional can help navigate the tricky landscape, especially if you choose to use donor-advised funds. Generally, your business can receive deductions on cash, property, equipment and travel expenses when used to help public charities, private operating foundations and private foundations.
Regardless of to whom or what you donate, and for how much, keep written records and receipts of every donation for your tax return. ■ Elizabeth Loda, MBA
CERTIFIED FINANCIAL PLANNER ™ Gigi Maxfield
FINANCIAL ADVISOR
Women encounter distinct financial challenges and life experiences, and they do extraordinary works that often go overlooked, even by themselves. This is why embracing a woman’s worth is at the core of what we do. Through our eye-opening Key Approach, we work with women to demystify personal finances, build wealth, and plan for a life of fulfillment.
Women’s Worth Advisors is a registered investment advisor.
Recession-proof your business
PLANNING FOR STORMY WEATHER
BY LESLIE T. SNADOWSKY
Depending on the political winds you adjust your sails to, we’re either in a recession or circling the drain. Small businesses have to anticipate stormy weather, and a volatile economic climate is just one possible forecast. Scott Beebe, founder and head business coach at Business on Purpose in Bluffton, says despite recent interest rate changes, fuel price increases, supply chain disruptions and historic personnel shifts, you can use his “four Ps” to batten down your hatches.
“We can be naive and try to stop the storm, or we can diligently prepare for a potential hit and greatly increase the likelihood that we navigate tough conditions by focusing on your purpose, people, process and profit,” Beebe said. “For the majority of people, trauma leads to growth.” ■ PURPOSE
Does your small business have a purpose that can keep you afloat during hard times? If so, what is it and, more importantly, do you have it written down? According to Beebe, the three primary elements of a business’s purpose are its vision story, its succinct mission statement that can be easily memorized and its three to five unique core values.
A vision story should be a detailed snapshot of the future of your business, and your mission statement should be less than 10 “power-packed” words that explain why you are doing what you are doing.
“Stay away from cliché values like ‘excellence,’ ‘integrity,’ ‘respect,’ et cetera, when identifying your business’s unique core values,” said Beebe, author of Let Your Business Burn: Stop Putting Out Fires, Discover Purpose, And Build A Business That Matters. “Those values are standard. Focus on the decision-filtering values that are unique to you.” ■ PEOPLE
Beebe said a small business should have employees who believe in the business’s culture that compels them to remain committed to its mission even when business is bad.
“To ready your business for the threat of a recession is to take the written purpose you have committed to publishing and sharing and to ensure there is a recurring mechanism tilling that purpose into the soil or the people of your business,” Beebe said. “At Business on Purpose we read through our five-page vision story together as an entire team once every two months. We review our mission and values during our weekly team meetings and our weekly one-on-one check-ins with team members. We are obsessive about them and constantly revise them so we are ensuring the soil of our business is properly hydrated, fertilized and tilled.”
■ PROCESS
One of the most important ways small businesses can weather a recession is to perfect their processes in case there is a sudden disruption. Beebe said that means no matter the economic conditions or drastic personnel changes, a business has its processes documented, communicated, trained and deployed to ensure the company can continue to deliver on its mission and to its customers.
Studies show that during a downturn, customer loyalty is either won or lost. With customers and clients analyzing where to cut their own costs, many businesses benefit by investing more into their customer engagement processes to maintain their existing customers and go after prospective ones. ■ PROFIT
For Beebe, retained cash earnings will give a business options and opportunities even in the worst of circumstances.
“If you do not have cash, you will struggle,” Beebe said. “And if you do not know how much cash you have, you will struggle. Know your numbers by knowing your cash runway.”
A healthy cash reserve usually encompasses six to 12 months of operating expenses and can be boosted by offering customers early payment discounts and providing good collections practices.
Beebe said the true measure of your business's profit is the actual cash it has sitting in a separate, designated account on your online bank portal that you can withdraw from if and when you have to. ■
Running a small business?
We’re in the business of helping you.
Free up your time. Our small business certified tax pros have an average of 10 years’ experience and are specially trained to handle your small business needs year-round. We’ve helped millions of small business owners do more of what they love by doing what we do best.
Taxes | Bookkeeping | Payroll
843 William Hilton Parkway | Hilton Head | 843-842-3838
SCOTT BEEBE’S Business on Purpose offers business coaching courses, videos, templates, roadmaps, forums and priority support. mybusinessonpurpose.com.
Finding a work-life balance when you work from home
BY HANNAH MASSEN
When you’re working from home, workW life balance is a bit of a blurred line. Your home is your office, and your office is your home, so while never technically leaving work basically makes you the perfect employee, keeping your inbox open until 8 p.m. isn’t doing you (or your sleep quality) any favors. And worse, your team might feel pressured to respond to those late-night emails that could easily wait until morning, causing a net drop in employee productivity when they’re half asleep the next day.
Being constantly on-call from your home office is almost guaranteed to end in burnout, which is why it’s critical to set clear boundaries between couch-time and – er, productive couch time. Here’s how.
PUT ON REAL PANTS
Or anything else that doesn’t have an elastic waistband. If you’re staring at unread emails through blurry eyes first thing in the morning, this crushes your sense of work-life balance from the get-go. Try your best to avoid the siren’s call of Slack notifications until you’re dressed and properly caffeinated. There’s no need for your “9 to 5” to start at 7 a.m., so keep your morning routine sacred. You’ll be sharper (and a whole lot less stressed) if you’re not trying to drop the kids off and join a group call at the same time.
FAKE A COMMUTE
While most office workers dread the rush hour traffic, their morning commute signals to their brain that it’s time to switch from “home mode” to “work mode.” Take a quick walk or drive around the block to give your brain time to gear up for the day ahead. Do the same thing at the end of your work day for the cue that it’s time to log off both literally and mentally.
PHYSICALLY SEPARATE WORK FROM PLAY
Not everyone has a proper home office, but having separate spaces for work and play makes it easier to focus when you have to and relax when you want to. Over time you’ll start to associate your kitchen table or patio with productivity and your living room or bedroom with downtime. And if you do have a home office, treat it like you would a corporate cubicle: while you wouldn’t watch random YouTube videos at equally random points throughout the day, those spreadsheets also are more likely to stay right where they belong.
SCHEDULE BREAKS (AND LOTS OF THEM)
One of the many benefits of working from home is that (kids and pets aside) you can make your space mostly distractionfree: no chatty coworkers, no landlines ringing off the hook and no one slurping every last drop of an iced latte. But having your low-fi beats or white-noise machine turned on in your cool and private office can cause the hours to rush by. While this is great news for work-from-homers looking to up their productivity (or simply make it to happy hour), before you know it, it’s almost E.O.D., and you haven’t stood up since breakfast. Going from item to item with no time to reflect and regroup doesn’t allow your body or brain to work optimally. Set reminders to take stretch breaks, eat a snack and let your brain cool off before tackling the next item on your list.
USE YOUR PTO
Many work-from-homers feel guilty for taking time off when they can already work from anywhere (did you know that most of the beaches on Hilton Head have Wi-Fi?). But getting out of the office is not always the same thing as stepping away from work. Take advantage of your time off to truly disconnect, and once you’ve set your automated O.O.O. email reply, no cheating! ■
Post-covid pivot
END-OF-YEAR CHECKLIST GETS A MAKEOVER
BY LESLIE T. SNADOWSKY
From short-term disruptions to supply-chain issues to accommodating hybrid workforces, businesses needed to continually reinvent themselves to stay in business during the height of the Covid-19 pandemic. Now, as they ready for the new normal, the end-of-year checklists most companies had used in the past will evolve too and offer new ways to capitalize on the future.
“It’s a totally different world,” said Robert Mora, CPA and managing partner at Pedelahore & Co. Certified Public Accountants in New Orleans. “Businesses are not facing the same problems they had two to three years ago. The key is being able to recognize an opportunity versus a problem in this changing world. It’s the only way you’re going to survive.”
REVENUE REVIEW/RUN FINANCIAL REPORTS
When assessing revenue and establishing goals, many companies run financial reports that offer a big-picture prognosis. By reviewing profit and loss statements (P&L), balance sheets and detailed cash flow reports, managers can step away from the day-to-day to evaluate the overall health of the business.
“This is the time to also review your income taxes and identify any actions that may have tax consequences,” said Mora, who’s been in practice for more than 40 years. “Should I buy new equipment to reduce taxes? Should I defer income? Accelerate expenses? We should do all of these things based on what the bottom line looks like today.”
UPDATE EMPLOYEE PAYROLL/EVALUATE STAFFING
Conducting an audit of employee information is an end-of-year tool that can update contact and payroll information and evaluate which employees have access to computer systems and company financial data.
“Updating your current employee list is also a way to get the information you need for W2s and 1099s, because your employees are all going to be eager for that information at the end of the year so they can file their returns,” Mora said. “That’s if you’re lucky enough to have a workforce because most businesses just can’t find or get employees. Post-Covid the workforce has changed, and so has the availability of good hires and ways to find them. Now is also a good time to rethink where you get your employees. Do you turn to social media? Do you turn to the people you have for referrals?” UPDATE VENDOR FILES/ ADJUST PRICING
When reviewing vendor and supplier information, keep an eye out for opportunities when renegotiating agreements and contracts.
“There are probably discounts you can get for next year,” Mora said. “If you tell a vendor how much you’re going to buy, they could give you a discount on price based on that projection. It’s an opportunity to beat them down a little bit on price. Looking at buying agreements also allows you to see where your supplies are coming from and the most reliable and quickest ways to get them.
“In this inflationary time, we have all reassessed what we’re spending and on what,” he said. “A lot of businesses are missing out by using last year’s prices. You have to go to your vendors and see what they are charging you and what you’re selling products for. If you bought something six months ago, are you still selling it for what it was worth six months ago? Adjust your prices based on what it would cost you today to buy it, not what you paid for it six months ago.”
COMPUTER BACK-UP/WEBSITE AUDIT
If it’s where you keep your accounting records, point-of-sale systems and records about your employees, computers should be backed up frequently and annually.
If you do most of your business via a website, it’s also the time to update and make changes, especially if your business changed a lot last year.
“A lot of places have changed their hours because of Covid-19, and they don’t have as many people working for them as they used to have,” Mora said. “They may have scaled back a six-day workweek to five days. Your website should be updated to show when you’re open for business.”
“Businesses are struggling in the post-Covid world, and they have to change,” Mora said. “They probably had to change their hours, and now they have to change their mindsets too.” ■
BOB MORA, CPA, is a managing partner at Pedelahore & Co. Certified Public Accountants in New Orleans. The firm offers tax services, management consulting services, accounting and auditing, estate planning and administration.
What is your retirement balancing act?
BY KAREN A. CASEY
KAREN A. CASEY, CPA, CFP, is a certified SCORE business mentor.
We have heard of work life balance. I am sure W you have tried, during your working life, to make each piece of your life make sense. But have you considered the balancing act you need to do in retirement? You look forward to that magical day that you can say goodbye to your employer or you have finally sold your business and no longer need to put in 10- to 12hour days. Now what? Your golf, pickleball or tennis game awaits? You start booking those travel plans? After a few months you begin to wonder, is this what retirement means? You may miss the camaraderie of the office or you want to keep yourself sharp and use that knowledge you have accumulated over the years.
What do you like to do? What do you miss from your career? Do you want to be employed, even part time, or do you not want or need to answer to an employer? Have you considered volunteering? SCORE is one of the over 1,600 nonprofits in Beaufort and Jasper counties alone.
Every one of them has a mission and a need. Each one is looking for volunteers to help. In many cases you set your own hours and commitments. Look for a nonprofit that supports what is important to you. There are various websites and organizations devoted to volunteer roles: www.VolunteerMatch.org or the Community Foundation of the Lowcountry. Take a look to see what interests you. There also are numerous articles on this subject, and here is an example: https://retirefabulously. com/4-essential-ingredients-of-a-balanced-life-inretirement-and-now/.
Just like any other task, be aware of over committing your time. Make sure you understand the time required for the volunteer role so you keep the balance in your life to do the things you want to do. So what is your passion, and how can you support this beautiful community we live in? Balance your retirement by giving back. The satisfaction you will receive is immeasurable. ■
6 ways to avoid stress when you retire
BY R.V WINKLE
Retirement may not be as easy as it sounds. Here are a few tips to help you enjoy the Golden Years.
1. MONEY MATTERS
Your spending may fluctuate as you begin retirement, so keep a tracking sheet to make it easier to adjust. If you are not sure you have enough saved, check with a professional advisor before it’s too late.
2. HOME SWEET HOME
One of the joys of retirement is that you can live anywhere. Consider what’s important to you, such as affordability, community, culture, climate or proximity to family. The Lowcountry offers many choices, and if your family isn’t close, you can encourage them to move here.
3. PURPOSE AND PASSION
Often people don’t realize how much of their time and identity were defined by work. With more time in your day you can volunteer, take courses or find a new hobby. Another great option is to use your useful skills to mentor, guide and help people or small businesses.
4. KEEP MOVING
Fitness isn’t all about pumping iron or running miles. As we age, flexibility, strength and balance are more important than ever. Walking is as healthy as running and can be done at the same time you spent getting ready for work – that will keep your routine, which is another healthy aging best practice.
5. EAT WELL
Our nutritional needs change as our bodies change. Retirement is a great time to learn to prepare healthy meals and to take the time to enjoy them. Many local restaurants offer cooking classes that are educational and entertaining.
6. STAY SOCIAL
Social stimulation is good for the mind and spirit. Often, work friendships are an important part of our lives, but once work is over, those friendships can be forgotten. Make time to see former colleagues or rekindle friendships that faded over time.
Congratulations
to the finalists in the
presented by AlphaGraphics
One of these lucky finalists will win a $10,000 business makeover to be unveiled in the January Q1 issue of LOCAL Biz: SPROUT MOMMA GOOD AURA HIDDEN TREASURES THE G-FREE SPOT CASSANDRA’S KITCHEN
Thank you to everyone who entered into our expert judging panel:
• Barry & Rita Wilson, Alpha Graphics • Susan Fogelman, Bluffton, Chamber Of Commerce • Charlie Clark, Hilton Head / Bluffton, Chamber Of Commerce • Lucy Rosen, Smart Marketing Communications • Karen Casey, Score • The LOCAL Biz Team
Is your technology a help or hindrance to your employees?
DOWNTIME MAY BE COSTING YOU MORE THAN YOU THINK.
BY MARK ROSSI
How much does IT downtime cost your company?
To calculate the total cost of IT downtime, you have to add the losses to both productivity and revenue, as well as your recovery costs and intangible costs.
COST OF DOWNTIME
LOST REVENUE + LOST PRODUCTIVITY + RECOVERY COSTS + INTANGIBLE COSTS
Mark Rossi is president of KML Computer Services. Since 1996 he has been immersed in the technology field, working in various positions, from hardware technician and network manager to network engineer and IT consultant.
T
There are three primary causes of network downtime, and all of them are avoidable. To avoid or fix the amount of downtime in your company, you must understand the root cause. Is it one of The Big Three? 1. Human error 2. Software or hardware issues 3. Security issues
1. Human error
The most common errors include failing to update software, installing the incorrect software or unplugging the equipment. Yes, this happens and is the first question we ask our clients when we do a remote troubleshooting call. Most employees never mean to cause harm, but in their haste to do their job or lack of understanding of the technology they are using, mistakes happen. With the move to more remote working, this is becoming a bigger issue for many companies.
2. Equipment failure
There are so many software programs that send frequent updates, often an update in one program can render it incompatible with another program if the updates are not aligned. Another issue is that hardware can literally melt down, usually caused by outdated technology or older equipment. Equipment should be placed in a cooler area with ventilation, and power sources should be surgeprotected to avoid interruptions.
3. Lack of cybersecurity
Yes, you should be afraid of the word cybersecurity as it poses issues bigger than just downtime. If you do not have the proper cybersecurity in place, you are at risk of phishing, viruses, malware and ransomware. Employees unknowingly can download and spread viruses that are not detected until it is too late. If you are not carefully monitoring your network and systems, a hacker could remain in your network undetected for days, and the longer criminals spend in your network, the more damage they can cause.
Yes, you should be afraid of the word cybersecurity as it poses issues bigger than just downtime. If you do not have the proper cybersecurity in place, you are at risk of phishing, viruses, malware and ransomware. Employees unknowingly can download and spread viruses that are not detected until it is too late. If you are not carefully monitoring your network and systems, a hacker could remain in your network undetected for days, and the longer criminals spend in your network, the more damage they can cause.
WHAT CAN YOU DO TO REDUCE NETWORK DOWNTIME?
1. Professional equipment maintenance and lifecycle management
Technology is like a car – maintenance and prevention can extend the life and make it run smoother. The best way to prevent equipment failure is to take extra care when selecting, handling and replacing your hardware and software. Purchase quality equipment, and keep it well-maintained so it will perform its best and your organization can operate efficiently. At the same time, regularly review your inventory of equipment, and replace older tech before it slows down your operations or breaks, resulting in unplanned downtime. Before purchasing new equipment, check with an IT professional to make sure it is suitable for your business today and in the future. Not all equipment is created equal, just like cars – investing in quality and professional advice can avoid issues down the road.
2. Enhance your cybersecurity
Anti-virus and anti-malware software is just the starting point. Choose a quality protection product, and be sure that you have a protocol to ensure the software is up-to-date and running smoothly.
Consider data encryption to guard against hackers gaining access to your information. Networks require continuous monitoring to proactively identify potential problems before they cause damage. Finally, frequent data backups and implementing redundancy will help to ensure you do not lose critical information.
3. Employee training
Everyone at your organization should know how to operate the technology they use in their jobs. Not only will this reduce equipment failures, but also it should improve productivity and efficiency. They should also understand cybersecurity basics, including creating strong passwords, keeping antivirus and anti-malware software up to date and knowing how to spot phishing, ransomware or other cyberattacks.
If you’re concerned about the cost of network downtime, seek assistance from an IT professional. KML does not charge for a no-obligation consultation and security risk assessment. As business owners ourselves, we understand the costs of downtime and how to reduce it. ■
For ideas and inspo, follow us on:
Facebook @localbizsc Instagram @localbizsc Linked In @localbiz-b2b-media-group
Stop and smell the roses
TIME MANAGEMENT POWER TIPS
BY DONNA PETERS-IMBROGNO
R
Running a business is far from easy. Combining the demands of managing staff, payroll and your daily interaction with family can be overwhelming. Even if you don’t own a company or manage a business, your job combined with children of any age, parents and or our four-legged friends can be exhausting.
It is time to up your game to get everything done so that you can “stop and smell” the roses. In other words, it’s time to enjoy your life. This is “stop and smell” advice from a mom, employee, wife, sister, aunt, daughter of aging parents, friend and dog mom who manages to enjoy more than the occasional glass of wine while smelling the roses.
Donna Peters studied Finance and Economics at Western University and later obtained her CFA. She joined the fixed-income Portfolio Management team at a prominent Canadian life insurance company following her graduation from university and has remained there since. She currently lives in Toronto with a loving husband, two teenage sons and an adorable poodle.
S – SIMPLIFY
Streamline and simplify your life wherever possible. Little things make a difference, like signing up for automatic bill payments to reduce the hassle of constantly paying bills. Or take financial management to the next level and try Quicken (a personal and business finance management application) that allows you to see all your bills in one place. With either system you never will miss a due date and never have to look for stamps again. Don’t underestimate how automation and technology can help you save time.
T – TRUST
Part of simplifying your busy life comes down to trust. Most people can delegate many more tasks than they realize, and some opportunities might be right under your nose. For example, if a grandparent offers to pick up a child, or a friend offers to run an errand for you, say yes. If your budget can afford it, combine “simplify” and “trust” and hire extra help, whether in the form of a nanny, elderly caregiver or dog walker. Pro tip: Virtual assistants can take care of many tasks at a reasonable cost.
O – ORGANIZE
Getting and staying organized is vital for a busy life. A digital or paper calendar system is a must, especially if you have been late to meetings or have left your children at the ballpark because you forgot to pick them up. A shared calendar with your spouse or significant other is also helpful so they can never claim to not know plans, and it will prevent doublebooking. (Sound familiar?)
P – PREPARE
Preparation = planning. This can be as simple as making meals in bulk on a Sunday and freezing them for when they are needed or cutting veggies in bulk to have healthy snacks on hand to grab when time is short. Being prepared does not stop with meals and snacks. Using that calendar helps you to plan logistically and sequentially. For example, if the grocery store is on the way home from the retirement home and you need to pick up tomorrow’s lunch and visit your 90-year-old father, planning helps you combine the two tasks into one trip. Bonus: You will save time and gas.
S – STRATEGIZE
Strategizing will use time to your best advantage and help you to plan your course of action. For example, strategies include not procrastinating or wasting time worrying about things you can’t control. Strategic thinking will help you break a problem down into small parts so that you are not overwhelmed by the enormity of something you have to do. It is how you eat an elephant – one bite at a time.
M – MULTITASK
When possible, multitask when doing things or chores that do not require that high level of focus. Some easy multi-tasking ideas: Walk your dog briskly while listening to an audiobook or podcast. Drop the kids at their sporting event and then run an errand, work out while waiting for them, or return five emails from the bleachers. It helps you get things done and saves the calories you’d consume eating while watching the game.
E – EFFICIENT
Efficiency can take many forms, and the lowest hanging fruit to simplifying your life is shopping online when possible. Grocery delivery services are time savers, and meal delivery services can save prepping and shopping time. Efficiency Pro Tip: Touch something once then follow the TRAF rule of "Trash, Read, Action or File." I keep a box in the corner of my den where I put objects that I want to lend, return or give away.
L – LISTS
Do not underestimate the power of lists. They help organize your thoughts, keep track of needed items and prioritize things for that action plan. You can enter them on your phone so they are always in hand’s reach and not easily lost or a paper version can be helpful. It is surprisingly rewarding to check off a task when complete. I even keep a list of shows that I want to watch or books I want to read. This saves hours of scrolling time on Netflix.
L – LIVE LIFE
Time is precious, so we have to get things done fast to enjoy life. We also have to take care of ourselves, as getting ill or being too tired will not help us get things done or help us create time for enjoyment. Book that manicure over the lunch hour at the same time as your friend to catch up. Exercise or run errands with a friend to make both more enjoyable. Keep an eye out for creative time-saving opportunities – like my friend who has their car detailed at their golf course.
I hope these tips allow you to stop and smell the roses and carve out that much-needed time for date night or to simply chill (a glass of wine is optional). ■
