Business Adviser No. 18

R I O G R A N D E VA L L E Y E D I T I O N

Issue 18

What to Consider While

DRAFTING A BUSINESS PLAN

HOW ADWORDS WORKS

Simple Techniques

TO STAY POSITIVE

16

Lessons I Learned From

STARTING MY BUSINESS

ALBERT

+

LOPEZ

Smart Ways to Retain Your Employees

Engineering Business Success

Business Law Basics Every Entrepreneur Should Know

CFP®

5 Ways to Secure Your Data

BUSINESS DIRECTORY PAGE List of preferred partners in the Rio Grande Valley area that are recommended by Business Adviser Magazine.

Sarah Hammond Atlas Electrical & Air Conditioning (956) 862-9628 atlasrgv.com

Albert L. Lopez IWC (956) 683-1818 www.iwcteam.com

Edgar Hernandez Primary Residential Mortgage, Inc. (956) 491-1737 www.prmirgv.com

Magic Valley Electric Cooperative 1-866-225-5683 www.magicvalley.coop

Yasidi Gonzalez Mutual of Omaha (956) 460-3017 www.mutualofomaha.com

Rick Benavides Big Realty (956) 283-4082 bigrealtyrgv.com

Oriol Zertuche Codesm (956) 277-1946 www.codesm.com

Carolina Gonzalez Gold's Gym 2520 E Expressway 83 (956) 585-4653 1601 W Dove Ave (956) 630-4653 David Ortiz Gold's Gym 1317 S. Jackson Rd (956) 781-4653 2000 S. Expressway 83 (956) 365-4653

Andrew Yoo Business Payment Systems (956) 277-1944 bpsmerchant.com

Our Team

Editor’s Letter

STAFF

EMPOWERING SMALL BUSINESS

Andrew Yoo Maggie Yoo Oriol Zertuche John Amour Reynaldo Vento Jonny Wilczynski

ADVISORY BOARD MEMBERS Daniel Martinez Mody Diaz Chris Cruz Sarah Hammond Omar Guevara Rick Benevidez Bridgett McAdams Krause Chis'mere Mallard David Armstrong Mario Gutierrez John Amour Oriol Zertuche Maggie Yoo Andrew Yoo

CONTACT US In print, online, and in person, nobody connects the people, issues and ideas within valley business owners like Business Adviser.

Thank you for your continued support as we strive to establish Business Adviser Magazine as the leading resource for business owners in the Rio Grande Valley. Our vision is to create a brand that stands for businesses and provides everything local business owners need to succeed.

This magazine was founded due to an ongoing demand for a reputable, responsible source for business knowledge and advice.

The business world can be challenging, and business owners often have to make difficult decisions. Business Adviser can ease those situations by offering advice that guides you through the process.

Our team consists of experienced, knowledgeable entrepreneurs that eat, breath, and live for business.

With a dedicated team of industry experts and a hands-on approach to answering business-related questions, Business Adviser Magazine empowers business owners and helps them stay ahead of the competition. Our mission is to inspire the entrepreneurial spirit and foster business growth by providing reliable resources for business owners. I would like to take this opportunity to personally invite you to join Business Adviser Magazine. We are sure that your business will benefit greatly from the exposure generated by this publication as you establish your brand and increase your industry authority.

Sincerely,

Andrew Yoo, CEO & President info@businessadviser.co (956) 277-1944

In This Issue

8 10 12 14 18 20 22

What to Consider while Naming a Small Business Simple Techniques to Stay Positive Smart Ways to Retain Your Employees

06

WHY SUCCESSFUL PEOPLE WAKE UP EARLY IN THE MORNING

16

ADVANTAGES OF BOOTSTRAPPING

Making the Most of Adwords Here’s How Things Work What to Consider While Drafting a Business Plan 4 Practical Ways to Prevent a Ransomware Attack

Magic Valley Electric Cooperative: Using Technology to Deliver Better Customer Experiences

24 26 28 30 38 42 44

How Smart Organizational Tools Make Tax Preparation

Easier

32

ALBERT LOPEZ, CFP®: ENGINEERING BUSINESS SUCCESS

5 Ways to Secure Your Data 16Lessons I Learned from Starting My Business Business Law Basics That Every Entrepreneur Should

Know

7 Tips to Create More Productive Offices

How Small Businesses Can Benefit from Cloud Technology

40

THE DOWNSIDES OF WORKING REMOTELY

46

HOW TO ENABLE COURAGE IN YOUR EMPLOYEES

Dedicated to Providing Services to Abused & Neglected Children

LIFESTYLE

WHY SUCCESSFUL PEOPLE ALWAYS WAKE UP EARLY IN THE MORNING

S

uccessful people generally have one habit in common - they all wake up early. Why? Why do successful people wake up at 5 am? Can’t they stay in the bed until 9 am? They can, but they won’t because they want to achieve a lot.

If you are a ‘morning’ person, you will achieve a lot more than your peers who stay in the bed until midday. You can’t be successful just because you get up at 5 o’clock.

You need to leverage this habit. Here are a few ways to become super productive in the morning.

WORK OUT Success and fitness go hand in hand. Physical fitness almost always translates into success at the workplace.

Businessmen lead hectic lives that leave little time for workout. If you wake up at 5 am, you can easily add an hour of workout to your routine. And after sweating it out in the gym, you can work for an hour or two without any interruptions. During that time of the day, you are

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unlikely to receive any phone calls. As a result, you will be able to work uninterruptedly.

Actually, these two hours will be more productive than the rest of the day.

If you are a morning person, consider yourself blessed because you don’t have to work too hard to pull yourself out of bed early in the morning.

If you have trouble rising in the morning, don’t keep the alarm clock or your phone close to the bed. This will defeat the purpose. If the phone is at an arm’s reach, you are unlikely to get up, so keep it a little way.

If you manage to accomplish a lot in the first few hours of the day, you will be able to start the regular working day stress free.

Increase your success by channeling your energy through physical fitness.

THE WINNER’S MINDSET Winners have control over their inner voice. If you can’t beat the inner voice, forget about beating the big guys.

Do you always manage to get up without any hesitation when the alarm clock goes off in the morning? Even if you are a morning person, this can be difficult on certain days. So, don’t listen to your inner voice. It will probably want you to stay in the bed for another five minutes. The winner is the one who controls this inner

voice. They can channel their energy in the right direction.

If you are able to get up early in the morning, it is a sign that you are a winner.

We waste a lot of time sleeping. If you wake up just one hour earlier, you will be able to gain 360 hours in a year.

Can you imagine? That equals 15 days. Sleeping an hour less won’t affect your health or wellbeing in any way, but it will increase your productivity substantially. So, if you want to achieve too much in your life, rise with the lark.

www.businessadvisermagazine.com

STARTUPS

WHAT TO CONSIDER

WHILE NAMING A SMALL BUSINESS Just because someone has a trademark on a name doesn't mean you can't use it.

S

o, you are planning to launch a business. Have you found a name yet?

Most good names are already taken, but if you use a little bit of imagination, it is still possible to come up with a memorable name. So, what are the guidelines for naming a business? Here are some ideas.

DON’T IGNORE INTELLECTUAL PROPERTY RIGHTS Names may be copyrighted.

Before naming your company, you should check domain names and trademarks.

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Trademark applies to various classes, so just because someone has a trademark on a name, it does not mean that you cannot use it. However, this is a bit complicated and you will perhaps have to seek legal help on this.

Run a Google search on the name you want to use for your company and see what results come up. If the name has already acquired a bad reputation, you will be better off not using it. If you want to target an international audience, you need to check international databases.

DON’T CHOOSE A GENERIC NAME The name should be memorable and it should strike a chord with your targeted audience. If you are planning to launch a pre-school, the name Wiz Kids or Smart Tots might a great choice whereas the name Best Preschool sounds like a failure because it is too generic. However, this is a key phrase you should consider while optimizing your site for search engines.

www.businessadvisermagazine.com

STARTUPS

DON’T USE AUTOMATED NAME GENERATORS Yes, such software tools exist, but you can’t expect them to understand linguistics or the rules of branding. They will merely throw up a bunch of names that are unlikely to do your business any good. The name you choose for your business should be easy to remember. It should reflect the values of your business and help with branding.

Don’t ask your employees or the general public to choose a name by voting on it. Tools like SurveyMonkey have made it possible for people to vote on anything and everything. The biggest problem with this arrangement is that the people voting on your names are unlikely to have any understanding of your business or linguistics. They

will most probably choose a name that they like. If that name doesn’t match the values of your company, it is a disaster.

IDENTIFY YOUR POSITIVE ATTRIBUTES Start the naming process by identifying the positive attributes and hallmarks of your business. These are the things you want to be remembered for. Don’t choose a name that doesn’t describe what you are. You should know what you do and what you don’t do. You should know who you are and who you aren’t.

While rating the names, you need to consider two aspects. Can people spell or pronounce the name easily?

Does the name or a part of it contain an obscenity? Good names can be said quickly, and generally speaking, short

Names with multiple meanings are much better than single dimensional names. names are much better than long names. The name has to be evocative. It should conjure up positive ideas. Choose a name that you can use in advertising. Names that have multiple meanings are better than one dimensional names.

Note that a memorable name is sometimes better than a meaningful name. It depends upon the market you target.

If you are targeting young people, choose a name that is cool, modern, and energetic.

WHAT ABOUT UNCREATIVE OR DOWNRIGHT STUPID NAMES? Crappy names sometimes succeed. Some of the most successful businesses in the world have meaningless names. And yet they succeeded. This, however, does not mean that you should also take this route. Some companies succeed in spite of their bad names and some fail in spite of having a great name. By simply choosing a great name, you can’t ensure the success of the business.

You need a great product, great PR, and great customer service to succeed. Still, a great name is an asset for a small company.

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LIFESTYLE

SIMPLE TECHNIQUES TO

STAY POSITIVE

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LIFESTYLE

“Stay positive” You have heard this advice umpteen times. However, it is not easy to maintain positive thoughts when the going gets tough.

O

ur brain is wired to focus on the negative. From our early childhood, we are taught to look for threats and dangers. Consequently, we have a tough time focusing on the positive. This survival mechanism saved cave dwellers from their predators. These threats were real in the past, but now they are gone. The vast majority of us living in civilized societies face no threat to our lives. Nobody is out there to hunt us down. However, our mentality hasn’t changed. We still focus on threats and potential dangers and that makes us pessimistic. When the threats are real, focusing on them will help save your life, but when the threats are imaginary and you are constantly looking for them, you are inviting trouble into your life.

It is not easy to maintain positivity. It is a challenge that requires a great deal of attention and focus. You have to make a conscious effort to stay positive.

Otherwise, you won’t be able to overcome your brain’s tendency to focus on the negative.

There are several benefits of staying positive. Pessimism affects your health. Several studies have proved that pessimists have increased risks for various illnesses. Also, their health deteriorates faster as they age.

By contrast, optimists tend to have longer life spans and lower risks for heart diseases.

Pessimism reduces our immunity and makes us more prone to developing cancer and other life threatening diseases.

POSITIVITY AND PERFORMANCE Positivity also improves your performance at the workplace.

Optimistic salesmen tend to sell more items than pessimistic salesmen. Pessimists are also more likely to quit their job during the first year of their employment.

Nobody is born a pessimist or optimist and it is possible to turn negative thoughts into positive thoughts with some effort. Here are a few ways to stay positive.

Most of our worries and negative thoughts are mere figments of imagination. They aren’t realities. The moment you realize this you will stop ruminating on them. This will help you stop these thoughts in their tracks.

When negative thoughts arise in your mind, take a moment to write them down. Analyze your thoughts to see if they are real. Are you really facing these threats or are you just making them up? If these fears and thoughts aren’t real, what is the point in brooding over them?

If you are convinced that your fears are real, talk to a relative or a friend you can trust. Since they are capable of looking at the problem from a dispassionate point of view, they will be able to find the truth out.

COUNT YOUR BLESSINGS You have to make a conscious effort to focus on positive experiences and thoughts. This requires some practice, but after a while, it will become your second nature. Make a conscious effort to focus on positive things.

This is easy when everything goes according to your plans, but when you hit roadblocks staying positive becomes a challenge. In this situation, think about your day or the week and identify at least one positive thing that happened to you. Or maybe you have something exciting to look forward to – focus on it. Shift your attention to the positive whenever negative thoughts crop up in your mind. Remember: Every cloud has a silver lining. Every one of us has at least a few things going for us.

Focus on them.

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LEADERSHIP

SMART WAYS TO RETAIN YOUR

EMPLOYEES Provide a positive workplace, offer flexible hours, and secure a strong bond.

C

ompanies all over the world are struggling to retain their best employees.

Attrition is the biggest problem that many businesses face these days. This problem is particularly worse in the tech industry.

Attrition affects the efficiency of an organization. After hiring and training employees, you can’t afford to let them go. Here are some reasons that encourage people to quit organizations.

YOU HAVE LITTLE RESPECT FOR THEIR TIME Your employees have a life outside the workplace. Unfortunately, many employers don’t realize this. If you insist that they spend their days and nights at the workplace, you can’t expect them to stay. They will join another company that respects their time. Some companies are so proud of their rigorous hours, they hold staff meetings on Mondays at 7.30 am. They simply don’t realize that not even workaholics will want to attend early bird meetings on Mondays. People need the weekends to themselves.

So, if your organization cares

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for your people, don’t force them to stay at work after 5 pm on Fridays and don’t drag them to work before 9 am on Mondays. Let people decide whether they want to work on weekends or not.

THEY HAVE LOST CONFIDENCE IN YOUR COMPANY This is another reason that forces employees to quit. If they lose faith in the marketability of the products they sell, they will most probably want to find another employer. Employees should have faith in the potential of a company. Smart employers keep themselves aware of these dangerous undercurrents. If they suspect that employees are losing faith in the organization, they will deal with that situation head on.

Employers need to realize that if employees are happy with their jobs, they won’t even look at other jobs. Actually, finding a job is not easy. So if your employees are exploring that possibility, it is a clear sign that they are not happy.

Making them a counter offer will not solve the issue. You might be able to retain them for a few more months, but they will leave eventually.

HOW TO RETAIN YOUR EMPLOYEES The best retention strategy involves cultivating goodwill and happiness at the workplace.

Make the workplace a place they want to return to the next morning. Here are a few ways to make this possible.

BUILD A GREAT COMMUNITY Encourage bonding between your employees. Create the feeling that they are all part of one big family. Create a workplace where people will want to spend a lot of time. If you manage to build great relationships at the workplace, people will not entertain the thought of leaving. Community enhances collaboration and prevents people from leaving.

Hiring the right people is extremely important. Hire people who are excellent

culture fits, even if they have a learning curve ahead. This will ensure bonding and collaboration between employees. If you want to create the right company culture, you will probably have to filter out people who aren’t culture matches even if they possess exceptional skills.

Your company culture is a reflection of the collective personalities of your people.

Every person you employ has an impact on the workplace

Building trust and security with employees will keep them from considering another job. www.businessadvisermagazine.com

INVESTMENTS

IN 2016

Your employees should always feel comfortable talking to HR.

offer that option to everyone.

Otherwise, this will create resentment among the employees. No one wants to be treated unfairly.

BRING IN GOOD HR OFFER THEM FLEXIBLE HOURS

and its culture. You may be tempted to hire brilliant jerks, but if they don’t fit in, you have a problem. It is not easy to remove them because they are more likely to deliver good work. But if they don’t get along with others in the team, they may encourage other people to leave. You don’t want this situation to arise. So, hire only those people who match the culture of your company.

Several companies now allow employees to work flexible hours with the objective of keeping them happy and satisfied with their work.

But when people work from their home, you will find it rather difficult to create bonding among them. There is yet another thing you need to consider if you are toying with this idea. If you want to allow people to work from home, make sure that you

Invest in the personal and professional growth of your employees. Build a good mentorship program. If you feel that the person you have just hired needs to learn some new skills, pair them with people who possess those skills. Ask your employees what skills they would like to learn and how you can help them acquire those skills.

This question shows that you are really interested in their personal and professional growth. This will convince them that they have joined the right organization.

Even if yours is a small organization, it should still have an HR person that people can trust and approach. Your employees should be able to ask the HR person whatever questions they have.

Your HR person should be likeable and empathetic. They should be able to see things from the point of view of another person. People will readily stay at a company where they are comfortable bringing up their problems. So invest in your people. Treat them with respect and care.

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MARKETING INVESTMENTS

MAKING THE MOST OF ADWORDS ADS

HERE’S HOW THINGS WORK

T

he best thing about a Pay Per Click (PPC) campaign is that you pay only when someone clicks on your ads. This reduces your cost and brings in targeted traffic to your website.

PPC programs use several techniques to ensure that the person who clicked on your ad is actually interested in it. If they feel that the user wasn’t really interested in your product, the click will be regarded as invalid and then you don’t have to pay.

The most popular Pay Per Click program is Google’s AdWords.

I’m sure you’ve heard about it. But how does it work? This article will explain that.

AdWords is based on a certain rating called Quality Score.

Google determines your Quality Score (QS) by considering factors such as the quality and relevance of your landing page, keywords, and the click through rate of your ad. Put simply, your Quality Score is a measure of the quality of your ad. If your ad, keywords, and the landing page accurately match what the person was searching for, they are more likely to click on your ad. This will increase your

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Quality Score and you will pay less per click.

HERE IS HOW ADWORDS AUCTIONS WORK Google creates an AdWords auction every time someone types in a query into its search box. Every AdWords advertiser whose keywords match the search query can compete in this auction. Each advertiser has an Ad Rank. This Ad Rank is determined by multiplying their Quality Score by the value of their bid. Ad Rank determines the order in which ads are displayed on a page. The ad with the highest Ad Rank will get the top position and the ad with the lowest Ad Rank will get the last spot on the page.

The actual amount that an advertiser pays is the lowest amount required to beat their nearest competitor in Ad Rank. We have seen that Ad Rank is the product of Quality Score and Bid amount. Your bid is the highest amount you are willing to pay per click. This is not always the amount you pay.

The actual amount you pay per click = Ad Rank of the person below you/Your Quality Score + $0.01

HERE IS AN EXAMPLE TO ILLUSTRATE THIS Consider this situation. Your QS on the keyword in a certain query/key phrase is 5. If the highest amount you are willing to pay for that click is $10, your Ad Rank is $50 (5 x 10). Now if your competitor who has the same QS wants to beat you to the top spot, they have to beat your Ad Rank (50). So the actual amount they have to pay is 50/5+ $0.01 = $10.01 Now if their Quality Score is 10 and your Quality Score is 5, they will pay much less than you.

Actual amount they have to pay = Ad rank to beat/their Quality Score + $0.01 = 50/10 +$0.01 = $5.01.

As you can see, the actual cost per click decreases if your QS is higher than that of your competitor. In this case, even if they bid $10, the actual amount they pay is $5.01 because the QS of their nearest competitor is much lower than theirs. In other words, the person who wins the top position actually pays less than other advertisers below them.

That means you will control the auction if you have QS 10 keyword. Others who show up below you will be paying more than you if their QS is lower. And if an advertiser wants to show up above you, they have to outbid you. This will only increase their cost. Other advertisers who are paying much more than you for the top position will eventually back out of the auction. This will further reduce the competition and you will find yourself paying less and less for a click.

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INVESTMENTS LIFESTYLE

15

FINANCE

ADVANTAGES

OF

BOOTSTRAPPING

Bootstrapping your business may require you to survive on a lean budget, but consider the long-term rewards: building a sustainable business model.

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www.businessadvisermagazine.com

FINANCE

ootstrapping is all about funding your business on your own. Of course, this requires you to have some patience. But if you are willing to wait, self-funding your venture is a better option than finding investors.

There are several benefits to bootstrapping your company.

Startup founders are eager to get quick results. They are desperate to find that next big thing and seek venture capital as soon as they launch

their business. This approach doesn’t always help. In the tech industry, the failure rate is pretty high. When you have investors to pump money into your startup, you will grow faster, but your revenue model may not be able to support this fast paced growth. This increases your chances of becoming another failed venture.

For many startup founders, VC funding is a badge of honor they like to wear.

However, the success or failure of a startup has little to do with the availability of initial funding. A majority of successful businesses in the Silicon Valley are self-funded.

So what are the main advantages of bootstrapping?

GOOD THINGS COME TO THOSE WHO WAIT This adage is truer in the business field than in any other field. If you bootstrap your company during the first few years of its existence, you will have devel-

oped a profitable venture before you turn to funding.

And at that stage, you will be able to raise more capital.

There is yet another aspect to this. If you self-fund your ventures for a few years or even a decade, you will probably not have to seek outside funding. In this case, if you decide to obtain funding at a later stage, you can use it to accelerate growth through acquisitions.

YOU CAN GROW AT A COMFORTABLE PACE The major downside of getting outside funding is that you will be forced to move at a faster rate. VCs will want you to deliver results right away. Worse, if you acquire too much funding, you will have little control over the company you founded. When you bootstrap at the beginning, your focus will be on increasing your revenue. You won’t look for newer opportunities or hire more staff before your revenue increases. This is not always the case with startups funded by VCs. They hire hundreds of employees as soon as they start.

They make acquisitions too soon. However, the success of a business is determined by the amount of revenue it generates.

MORE AUTONOMY AND OWNERSHIP Venture capital reduces autonomy and dilutes ownership. Yes, it brings the much needed cash flow, but it can weaken your resourcefulness and focus, so seek outside funding only at the right time. This might involve surviving on a lean budget for a long time, but if you are willing to do that, you will be able to build a sustainable business model. And if you ever decide to seek funding, it will be easier at that stage.

YOU FOCUS ON REVENUE When you bootstrap, your emphasis is on making money. But when you get funds from outside, you will be exploring ways to spend it. This makes all the difference. There is yet another benefit to bootstrapping. You don’t have to waste time in fund-raising.

Outside funding will permit little control over the company you founded.

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FINANCE INVESTMENTS

CONSIDER

WHAT TO WHILE DRAFTING

A BUSINESS

18

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STRATEGY

When developing your business plan, keep in mind that you need to stay driven, consistent, and committed to your vision.

thoughtfully designed business plan increases the chance that your business will succeed. When you draft a business plan, you are accountable for the proposals and projections it contains. Before drafting the plan, you have to think about what to include and what not to include in it.

While it’s not rocket science, it is not exactly easy to draft a business plan either. It requires you to make a lot of important decisions. For example, you need to figure out what business strategy you will pursue. Here are some tips for drafting a business plan.

FIND OUT WHAT YOUR GOALS ARE While drafting your business plan, you have to think about your goals. Assess your business to measure the chances of it achieving its objectives.

YOUR FUTURE PLANS Ask yourself where you want to be 5 years from now? Do you want your business to significantly increase in size over the years?

You need a thorough understanding of your business objectives. Otherwise, you will not be able to draft a good business plan.

HOW DO YOU PLAN TO FINANCE YOUR BUSINESS? Write down your business goals. Sometimes, while drafting your business plan, you will discover that you are not exactly interested in owning a large business.

Some of us just want to run a small business that provides a steady income.

If you can’t determine what your goals are, ask yourself the following questions.

• Are you determined to make your business a success?

• Are you willing to put in long hours?

• Are you willing to invest your own money?

• If this business does not work out, what will you do? Do you have a plan B? • If the business succeeds, how many people will you hire?

• Are you planning to sell a variety of goods and businesses? Sometimes being a niche marketer may be a better option.

• Do you want to go national or international?

• Are you comfortable with the idea of delegating some tasks to other people? If so, what kind of tasks will you delegate?

• Are you willing to take direction from others?

• Do you want your business to remain privately owned?

• Are you looking to be acquired by another company?

To make money, you have to invest some money. If you want your business to grow rapidly, you need to invest a great deal of money.

You might assume that you will be able to finance your business through sales. But this is hardly the case. Before you can sell your products, you need to build them. That means you have to pay your vendors before your customers pay you. This is the reason may startups seek equity sales or bank financing.

If you are planning to acquire financing, you should know what kind of financing is good for you. Bank financing is the best option if you want total control over your company. Banks will not interfere in the day-to-day activities of your business if you pay the loan EMI on time. By contrast, venture capitalists will have a say in management decisions. Angel investors may or may not get involved in the running of your business.

The amount of funding you need is another thing to consider. If you need only a couple of hundred thousand dollars, angel investors could be your best bet. Venture capitalists may invest 2 to 3 million dollars.

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SPONSORED

4 RANSOMWARE PRACTICAL WAYS TO PREVENT A

ATTACK

20

SPONSORED

Don’t become a victim of a ransomware attack.

Keep your installed applications, operating systems, and antivirus software up-to-date at all times.

R

Ransomware is a type of malicious software that disables your computer and holds it hostage until you pay a fee.

Worldwide cases of ransomware are currently on the rise. In fact, the U.S. and Canada recently issued a joint cyber alert warning about the increase in ransomware attacks.

This problem doesn’t appear to be going away in the near future. Many people and businesses are not aware that they need to take steps to protect their computers. Hackers can easily entice users to open infected email links and attachments, or they can take advantage of unprotected computer systems.

Unfortunately, ransomware has become a very lucrative strategy for cyber criminals. Last year alone, ransomware hackings resulted in more than $24M in losses. That represents 41 percent of the $57.6M in losses reported since the year 2005. For businesses, the total loss is often higher than the paid ransom due to data recovery costs, lost productivity, and legal fees immediately after a ransomware attack.

So, how can you protect your business from ransomware? Here are 4 tips that will reduce your chances of becoming a victim.

USE A SAFE AND SECURE BACKUP SOLUTION Hackers have become proficient at holding important files hostage. They may even target your backup files on an external drive in order to force you to pay the ransom. Once your files are stolen and your backup is corrupted, you are left with very few options. It’s important to have a safe and secure backup solution using both cloud services and physical disk drives. When using physical media, the drive should not be connected to your network.

KEEP YOUR SYSTEM UP-TODATE Hackers frequently take advantage of outdated, vulnerable computer systems.

Be sure to keep your operating system, installed applications, and antivirus software up-to-date at all times. This simple step can help protect you from the most common ransomware threats. Modern antivirus software can scan your entire system to look for known threats and prevent ransomware attacks.

TRAIN AND EDUCATE YOUR STAFF It’s important to educate your staff about cybersecurity and the best ways to prevent ransomware. This will help prevent cases where an employee opens an infected link or attachment. Check your network permissions to ensure that employees don’t have access to unnecessary parts of the system. The right security and permissions can help prevent the spread of a ransomware attack.

ACT QUICKLY WHEN ATTACKED If you’re the victim of a ransomware attack, it’s important to shut down your system immediately. This can prevent the software from spreading throughout your entire system. With immediate action, you may be able to mitigate some of your losses.

Law enforcement and cybersecurity experts do not recommend paying the ransom because it encourages future attacks. Paying the ransom also doesn’t guarantee that your files will be restored. Your best course of action is to use the tips in this article to prevent a ransomware attack from occurring in the first place.

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SPONSORED

MAGIC VALLEY ELECTRIC COOPERATIVE:

USING TECHNOLOGY TO DELIVER

BETTER CUSTOMER EXPERIENCES Incorporating technology to provide new possibilities for our customers.

I

n today’s business environment, companies are doing everything possible to improve customer experiences. Consumers have more choices than ever, which means that the quality of service can make or break a company’s relationship with its customers. Businesses that are responsive to customer questions, needs, and desires can gain a clear competitive advantage in the marketplace.

That is why it is so important for business owners to understand how new technologies can help them deliver better customer experiences.

demand, improve system reliability, and manage energy storage technologies.

For consumers, smart grid technologies can provide new opportunities to manage electricity use, control bills, and sell power back to the grid.

MVEC is taking a holistic approach to the smart grid by gaining control and visibility of its entire distribution system. They are working to achieve this goal through three different projects:

FAULT LOCATION ISOLATION AND SERVICE RESTORATION (FLISR) FLISR combines hardware, software, telecommunications, and grid engineering to decrease the duration and number of customers affected by a specific outage.

“If it detects an outage, the system will determine where the fault is and identify devices that can isolate the problem or limit the outage,”

said Phillip Amaya, Technical Services Division Manager.

“And it all happens within seconds.” This leads to improved reliability and greater customer satisfaction.

VOLT-VAR CONTROL (VVC) This technology is used to manage voltage levels and reactive power throughout the distribution system. VVC helps improve power quality by ensuring that the voltage never fluctuates above or below the U.S. standard of 114V to 126V. With this improved reliability, MVEC will be able to provide better service to customers.

Magic Valley Electric Cooperative (MVEC) is a technology-driven company that is using the latest technology to benefit its members. Here are some examples of how MVEC is using technology to deliver better customer experiences.

HARNESSING THE POWER OF THE SMART GRID Smart grid technologies offer exciting possibilities for businesses and consumers.

For electric utilities, they provide tools to address peak

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SPONSORED

ing at ways to do even more with it.” MVEC is planning to launch several updates in the coming months.

PREPAID METERING PROGRAM MVEC is exploring the possibility of introducing a prepaid metering program to its members in 2017..

Managing energy consumption often means changing behaviors, and that is never easy. With MVEC’s Prepaid Metering Program, members can pay for electric service in advance and avoid one large payment based on the energy they already used. It allows members to manage their budget by choosing when, how, and what they pay each month for electricity.

TWO-WAY AUTOMATIC COMMUNICATION SYSTEM (TWACS)

Manage electricity use, control bills, and sell power back to the grid.

CONSERVATION VOLTAGE REDUCTION (CVR) To meet the demand for energy conservation, MVEC is using CVR to improve energy conservation through voltage reduction. “Members are asking for conservation,” said Amaya. “We listen to our customers and we are taking steps to meet the current demand.”

CVR technology will help MVEC bring down energy costs for its members have a positive impact on the power grid.

AUTOMOTIVE VEHICLE LOCATION AND WORKFORCE MANAGEMENT MVEC’s new automotive vehicle location and workforce management system will help personnel become more

effective and efficient in the field. With the new system, all orders and outages will appear on a visual map that technicians can update in real time.

This benefits members because they can easily gain access to the most current information.

The system also has a reporting feature that will help MVEC identify opportunities for training, security, safety, and productivity improvement. “The reports can flag safety issues, helping workers stay safe.” said Abdiel Leon, Telecommunications Coordinator. “We will also be able to tell if a crew is taking longer to complete a certain type of work, which will allow us to improve their training. It benefits members when we have a safe, well-trained workforce.”

MVEC members will benefit from even better performance with next-generation TWACS technology, which enables utilities to read every single meter on the network at the same time. In the past, field technicians had to physically visit the meters. The new system transmits metering data over existing power lines in a safe manner. “This technology will save time and resources,” said Carlos Herrera, AMS Administrator. “And we can pass those savings along to our members.”

MOBILE APP IMPROVEMENTS Two years ago, MVEC introduced a mobile app for iOS and Android. It allows members to pay their bill, report outages, and receive notifications so that they can stay informed.

Over 15,000 members have downloaded the app. “The app has been very popular,” said Luis Reyes, Communications Coordinator. “Now, we’re look-

For many, it is easier to make four $25 weekly payments than it is to make one $100 monthly payment. “That’s the beauty of this program,” said Reyes. “You simply fund your account and your consumption is billed and deducted daily, based on a breakdown of current rates and fees.” Service is remotely disconnected if the account balance is depleted and reconnected when a payment is received. No more deposits, late charges, or reconnection fees. “All of these technology improvements are designed with members in mind.” said Reyes. “And we will continue to use technology more effectively to enhance the delivery of our services.”

Eastern Division & Corporate Office 1 3/4 Mile West Highway 83 Mercedes, Texas 78570 1-866-225-5683

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INVESTMENTS TAXES & LAW

HOW SMART ORGANIZATIONAL TOOLS MAKE TAX PREPARATION EASIER

T

hey say that death and taxes are the only two things certain in life. Tax preparation is the most difficult part of running an enterprise. This is particularly hard for entrepreneurs who don’t understand tax provisions and laws.

Tax preparation can consume over 80 hours per year. Still errors sometimes occur and result in more headaches.

Getting organized is the first step to saving time while preparing your tax returns.

Whether you file your tax returns yourself or get an accountant to do it, good bookkeeping practices will save you a lot of time and trouble. Thanks to the availability of new technologies, small businesses can now save all important receipts in a single place and retrieve them easily.

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TOP REASONS TO USE SMART ORGANIZATIONAL TOOLS Many enterprises still do not use organizational tools, although there are several reasons to use them. They just put the receipts in various places.

And when it is time to prepare tax, gathering these receipts is the biggest problem they face.

If you use technology, you can organize these financial records more conveniently. A smart scanning system can help with this. With the help of technology, any employee can add information to a central virtual location by emailing files or scanning papers. Smart identification software tools can extract vital information such as dates, vendor names, and amounts from scanned copies.

This makes tax preparation easier. Some tools even allow you to tag items with the same

tax categories used by the IRS. Cloud based systems also make it easy to integrate information with other tools.

NO HUMAN ERRORS When you digitize important records, you can alleviate some of the stress associated with tax preparation. Smart organizational software tools eliminate human errors. Even the most focused accountants can sometimes make a typo.

When you extract vital data from documents using automatic tools, you don’t have to depend on manual data entry.

YOU WILL GET ALL THE DEDUCTIONS YOU DESERVE

YOU DON’T HAVE TO WORRY ABOUT AUDITS Having to justify every deductible expense you claim can be a real headache.

But if you have all the data available in one place, this is not all that hard. You can search cloud based systems by vendors, amounts, dates, or other keywords. Manually searching through papers can take a lot of time. This is another benefit of using organizational tools.

Tax day is around the corner.

Getting organized is the easiest way to save yourself from the stress associated with tax preparation.

Tax deductions are a great way to recoup a part of your investments. The habit of scanning receipts into organizational software will ensure that all of your deductible expenses are accounted for.

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TECHNOLOGY

5

WAYS TO SECURE YOUR DATA

Numerous companies provide cloud services.

Make sure that the one that you choose has a certification from a trusted third party.

D

ata breaches are on the rise. Small businesses are more vulnerable to data hacks than big corporations because their investment in data security is low.

Data security is of utmost importance to both small and large businesses. After all, you don’t want sensitive personal and financial information to reach the wrong hands.

Switching to cloud computing is one way of protecting your data. Services offered by companies like Google, Dropbox, and Amazon are quite reliable and affordable.

You may have concerns about storing your precious data on remote internet servers.

Rest assured. The cloud service provider takes every precaution to protect your data; otherwise, they will lose your business. That said, don’t leave everything to the service provider. You need to take some precautions too. For example, you have to keep your devices free of malware. Here are some tips for protecting your data.

1

CHOOSE A TRUSTED CLOUD SERVICE PROVIDER. Numerous companies provide cloud services. Make sure that the one that you choose has a certification from a trusted third party. ISO 27001 is one such certification conferred by the International Organization for Standardization.

2

CHANGE YOUR PASSWORDS FREQUENTLY

Some people use the same password for logging into multiple accounts. This is a mistake. Don’t use the same password for accessing multiple services. If a hacker gains access to it, they will be able to log into all of your accounts.

Use a trusted password managing tool. It can not only generate random passwords, but also remember them all.

Also, change your passwords frequently.

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3

USE TWO-FACTOR AUTHENTICATION

The two-factor authentication is an extra layer of security. It will ask your workers to input more information when they try to log in from a computer or phone they do not normally use.

When you enable two-factor authentication, the system will send a password to the user’s mobile phone. They need to enter that password to gain access.

4

EMPLOY MORE THAN ONE PERSON TO MANAGE CLOUD SECURITY. You should have at least two people responsible for cloud security. So, when one person leaves, you will have another person to manage the network. Make sure that employees who leave do not have access to your cloud data and network. A data hack can have disastrous consequences for small businesses.

5

INSTALL SOFTWARE UPDATES

Download and install security updates as soon as they arrive. If you use outdated software, you can become more vulnerable to security attacks. You also need to use security updates like anti-virus software and encryption facilities. Good anti-virus software will protect your computer from malware and viruses. The encryption software protects sensitive information by altering the data using algorithms. You will need a password to decrypt the data.

Use the latest versions of the software programs installed on your device. Older versions may have critical flaws.

So when developers release newer versions, install them promptly.

If you use outdated software, you can become more vulnerable to security attacks. www.businessadvisermagazine.com

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STARTUPS

Go into your venture with a mindset of success. Having doubts is normal, but don't focus on them or they could affect your startup's outcome.

course of a decade, I think I know a thing or two about entrepreneurship. Here are some lessons I learned along the way.

1 aunching your own business is one of the most exciting things you will do in your life. It is also one of the scariest. When you take yourself out on that entrepreneurship journey, you don’t know what lies up ahead until it is upon you. It is a bit like driving through thick fog. If you stop, you will reach nowhere.

But if you keep going, the fog will eventually clear out.

As someone who launched several enterprises over the

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STATISTICS CAN LIE

About 95 percent of all businesses fail. This statistic may or may not be true. However, it serves one purpose. It makes you comfortable about failing. If only 5 percent of enterprises succeed, you don’t have to feel all that bad about failing, right? If you launch a business with this mindset, you are more likely to quit. When you launch your business, you don’t need to know how many ventures succeed or fail. Commit yourself to it.

2

DO SOMETHING THAT YOU ENJOY DOING.

If you don’t like what you do, it is impossible to stay motivated and committed to it. Make sure you enter something that you like. If you don’t like fish, don’t start a fishing business – simple as that.

3

YOU DON’T HAVE TO BE A MR. KNOW ALL

When you start a business, it is not necessary for you to know everything about it. Start anyway. You

will figure it out as you go. If you wait until you learn everything, you will never start.

4

FINISH WHAT YOU START

It is easy to start. A lot of us start businesses on a whim. However, very few of us manage to stay committed to them. So, instead of finishing what we started, we will move to another venture and then we will leave that unfinished too.

This is a mistake. So, if you like an idea, work on it until it reaches its full potential.

It's important to remember that your family is more important than your business. www.businessadvisermagazine.com

STARTUPS

If you like an idea, work on it until it reaches its full potential.

5

CHOOSE YOUR PARTNER WISELY

The partnership should make you stronger and wiser. The wrong partner will cause problems, but the right partner will stick with you in troubled times. It’s just like relationships. If you’re starting a partnership, make sure you get the right one.

6

STOP OBSESSING ABOUT SOCIAL MEDIA

A lot of people have benefited from social media, but building a commendable presence on Facebook or LinkedIn takes a lot of time and effort. When you start out, you will probably not be able to devote that much time to social networks.

7

DON’T WASTE TIME DESIGNING LOGOS OR BUSINESS CARDS When your business is new, none of these things really matter. Right now your focus must be on building a company.

8

BE OBSESSED WITH YOUR BUSINESS

If you are obsessed with an idea, you will eat, drink and sleep it. So, don’t listen to what people are saying.

If you enjoy working 18 hours a day on your startup, do it.

9

DON’T QUIT YOUR JOB AS SOON AS YOU LAUNCH YOUR COMPANY If you quit your job to be an entrepreneur, you will have more time to work on

your enterprise. However, this is a mistake. Startups take a while to generate a decent income. So if you quit your job, you will most probably land in financial trouble. Most of us work only 40 hours a week. If you are willing to turn off Netflix or Facebook for a few hours a day, you will have time to work on your startup. But if you are financially stable, there is no harm in quitting your job.

10

DON’T NEGLECT YOUR FAMILY

Your partner and your children are more important than your business. No matter how much you love your company, it will not love you back. Your family is your support system.

Never neglect them.

11

READ A LOT

Reading broadens your horizon. Read all sorts of books.

If you do not have time to read, listen to audiobooks.

Just listen to audiobooks before sleeping and they’ll help you out.

12

GET UP EARLY IN THE MORNING

All of us can be morning persons if we really want to.

Successful people are all early risers. You can accomplish a lot more during the early morning hours than during the rest of the day.

13

DON’T GET UPSET ABOUT THE DOWNTIME

Every business goes through certain phases of slow periods. You will probably have to wait days before you know your client’s decision.

No one will pay you to wait. There is no point in getting upset about the downtime. Think of it as an opportunity to reinvest in your business.

14

DON’T GET OBSESSED WITH THE IDEA OF GROWING YOUR NETWORK Agreed, networking is a great way to build connections with potential clients and customers. But don’t spend too much time on it.

15

YOU NEED MUCH MORE THAN A WEBSITE Launching a website is the first step to starting your business, but don’t stop there. Just because you now have an address on the World Wide Web, it does not mean that you have become an entrepreneur.

You need to work on that.

16

STAY HUMBLE

Humility is a great virtue. Don’t let success make you arrogant.

Confidence and humility should go hand in hand.

Always remember your roots and respect other people – it will help you stay successful.

29

TAXES & LAW INVESTMENTS

BUSINESS LAW BASICS THAT EVERY ENTREPRENEUR SHOULD KNOW As an entrepreneur, you're not expected to know everything.

However, there are a few things that everyone needs to know.

VICARIOUS LIABILITY

“LEGAL ISSUES! HELP!” Most small businesses cannot afford to have a team of attorneys to help them with every decision they take.

Costly litigation can result in the failure of your business.

An entrepreneur needs to understand the basics of marketing, accounting, and business law because they have to take many decisions with legal implications.

Most entrepreneurs lack legal knowledge or experience.

Consequently, they feel lost when they have to make big decisions with legal ramifications. This, however, does not mean that entrepreneurs should have degrees in law.

They just need to be aware of the basics.

Here are important things you should know.

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Employers are responsible when their workers cause injury to themselves or others while using company tools or while they are on company premises. And in some cases, the employee does not even have to be on company premises. Any harm that they cause within the scope and course of their job duties anywhere and at any time can also have major implications for your business.

Consider this situation. You asked an employee to take a parcel to the post office on his way back home. If he caused an accident on the way, your company would be held liable for damages. It does not matter whether he was driving his personal ve-

Misunderstanding vicarious liability can have major implications.

hicle or company vehicle. To avoid these situations from rising, you need to define the job descriptions of your employees clearly. You should also buy a commercial general liability insurance policy which covers your workers at the workplace and in their personal vehicles.

OVERTIME RULES At most startups, employees work long hours for a meagre salary. If your employees put in over 40 hours/week, they are working overtime.

It should be remembered that certain salaried workers are eligible for overtime pay. Some businesses try to avoid overtime by classifying their employees as contractors. This is illegal and may result in legal action against your business. Classify your workers properly to avoid this situation.

If your non-exempt employees work overtime, pay them for the extra hours they put in.

This might seem expensive

right now, but it will save your startup from costly litigation down the lane.

INTELLECTUAL PROPERTY RIGHTS If your website logo, company logo, product name, or company name infringes upon the intellectual property rights of another person or organization, you will run into trouble if you use them without permission.

Patents, trademarks, and copyrights – all come within the purview of intellectual property law. Infringing upon intellectual property rights will result in hefty financial penalties that will kill your startup.

Most startups can’t retain a lawyer because it is quite costly. But if you can afford one, a good lawyer will save you hundreds of thousands of dollars in litigation costs.

If that is not possible, you should at least learn the basics of business laws.

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INVESTMENTS COVER STORY

ALBERT LOPEZ, CFP®:

ENGINEERING BUSINESS SUCCESS Gaining the upper hand in business isn’t something that happens on accident; with efficient analytics and dynamic strategies, Lopez propelled himself to the head of the race and continues to do so by applying time-honored methods to his work. s a successful local entrepreneur, Albert Lopez knows what it takes to excel in the business world.

Originally from the Valley, he graduated from PSJA before attending Texas A&M University, where he joined the Corps of Cadets. While he always had a keen interest in business, Lopez decided to major in nuclear engineering, then changed his major to radiological health engineering. He soon discovered that his experiences in the Corps of Cadets and engineering would give him all the tools he would need to find success as an entrepreneur. “I became more disciplined, detail-oriented, and analytical,” recalled Lopez. “Had I gone straight into business, I wouldn’t have perfected those skills to the same extent.”

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Lopez regularly applies what he learned in engineering to his current work as a CERTIFIED FINANCIAL PLANNER™ professional and President of Independent Wealth Consultants (IWC). He uses the scientific method to uncover important facts, identify relevant variables, and ask the most pertinent questions. “I look at all the facts,” he said. “Then, I look at the desired result and determine how we can work towards it.” Lopez also knows that you need more than just a great plan to manage your goals. “You develop a plan based on the facts, but then you have to implement it and bring it to life,” he said.

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INVESTMENTS COVER STORY

“Good or bad, it’s important to know the how and the why,” he said. “That understanding will allow you to make better decisions in the future.”

33

COVER STORY

According to Lopez, part of his success stems from his ability to learn from the past while focusing on future outcomes.

He believes that it’s incredibly important to constantly evaluate your decisions.

“Good or bad, it’s important to know the how and the why,” he said. “That understanding will allow you to make better decisions in the future.”

After graduating from Texas A&M, Lopez entered the supplemental insurance business. He also worked at a pneumatics company. While he quickly moved up the corporate ladder, he knew that he wasn’t following his passion. That knowledge encouraged him to work even harder to achieve his goals. He had taken some courses in finance and accounting and discovered that he truly enjoyed the work. That experience prompted him to take a new opportunity at Merrill Lynch.

For Lopez, it’s all about learning from his experiences - and the experiences of others. His interest in learning from everyone around him has been one of the keys to his success. He never misses an opportunity to ask someone, “What would you do differently?” Lopez believes that

“When clients feel comfortable with us, we can give them the best possible advice.

Ultimately, that’s how we get more clients.”

34

he has gained years of experience from others. “I take advantage of every opportunity to learn from anyone,” Lopez said. “Janitors, teachers, parents, CEOs… There’s always something to learn.”

However, he also says that it’s important to know the difference between opinions and advice. “Listen to the people who have experience,” he said. “That will help you get to the next level.”

In 2005, Lopez became a CERTIFIED FINANCIAL PLANNER™ professional.

Two years later, he left Merrill Lynch to pursue the entrepreneurial lifestyle full time. He established IWC, where he enjoys having the ability to give clients comprehensive financial advice without any constraints. In the beginning, it was just Lopez in a small executive suite.

He worked hard to build his business by making calls and interacting with customers. “Our business has always been based on relationships,” said Lopez.

“When clients feel comfortable with us, we can give them informed advice. Ultimately, that’s how we get more clients.”

IWC has expanded to include three different areas: financial planning, asset management, and risk management.

Lopez prides himself on his ability to provide personalized strategies to every client. “The great thing is that our software is interactive,” he said. “Clients can be more hands-on or hands-off, depending on their preferences.” Lopez also takes client confidentiality very seriously. “When you come to us, no one will know that you’re a client unless you tell them,” he said. Yet, satisfied customers seem to be happy to spread the news. Lopez does very little advertising and most of his clients come in based on referrals.

As Lopez continues to engineer his own success, the future looks bright for IWC. “We’re in a very dynamic environment and our business is always changing with technology,” he said. “The best part is that we can offer all these services to our clients while still delivering that personal relationship experience. Technology enhances our relationships and helps our business grow.”

Securities and financial planning offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC

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INVESTMENTS

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INVESTMENTS

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MANAGEMENT

7 TIPS TO CREATE MORE PRODUCTIVE OFFICES Enhanced productivity doesn't have a magic formula that works for every company. However, here are some great methods to try for yourself.

P

roductivity determines the eventual failure or success of a business. If your workers and your processes are more productive, you will be able to achieve more in less time. Enhanced productivity will also increase employee satisfaction and reduce your attrition rate.

Unfortunately, there is no magic formula for increasing productivity. There are, nonetheless, some tips and tricks worth trying.

According to some estimates, an average American worker is truly productive for only 3 hours per day. By making some specific changes to your office, you will be able to increase the productivity of your workers.

it is used sparingly, it could increase productivity. Try using different colors in different parts of your office and see what impact they have on the productivity of your employees.

2. PLAY MUSIC Silent offices are a little boring. When music plays in the background, it may increase employee productivity. If you are planning to play music, make sure that it is neither too loud nor too quiet.

Moderate volume is known to have the best effect. When it comes to music, people tend to have their own preferences. See if you can create a playlist that everyone likes. If that is not possible, you could perhaps allow your employees to listen to their favorite music through headphones.

Here are a few ways to do this.

1. EXPERIMENT WITH COLORS Colors have a psychological effect on your workers. Pink, for example, has a tranquilizing effect on your workers and consequently it might make them less productive.

Red increases heart rate. If

38

Regular breaks can increase productivity. More hours doesn't always equate to more done.

3. TAKE REGULAR BREAKS Encourage your employees to take short breaks every now and then. This will improve their concentration. If you take short breaks while performing long tasks, you will be able to maintain your productivity at the same level. On the other hand, if you work continuously, your productivity will begin to fall after a while.

If you find a task that you can do in two-minutes do it immediately. This takes less time.

If you go back to it at a later time, it will take more time.

4. LIGHT UP YOUR OFFICE Good lighting creates a healthy and productive environment in the office.

Keep the windows open and let natural light in. If natural light is not available, make sure that there is plenty of fluorescent lighting. Ample lighting will prevent eyestrain and keep your employees focused on their work.

Poor lighting may also cause depression.

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MANAGEMENT

6. MAKE CHANGES Well-designed offices may improve productivity by up to 20%. Every now and then make minor changes to the office space. Add a new element or a new piece of decoration here and there.

Paint the walls a different color. Small changes like these can sometimes have big impacts.

7. TRY DIFFERENT SCENTS Scents can affect factors like focus and attention. Peppermint, for example, improves mood, whereas cinnamon increases focus. Don't use the same scent every day, even if you see an improvement in productivity. Your workers will eventually get accustomed to it so change the scent every few days.

Ambient noise can be a great way to enhance productivity.

5. CREATE PRIVATE SPACES Open-space offices may facilitate better communication between employees, but such offices are less productive than closed-off spaces. So give your workers more private spaces to do their jobs.

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INVESTMENTS LIFESTYLE

DOWNSIDES OF

WORKING R

E

40

LY

THE

MOTE

www.businessadvisermagazine.com

LIFESTYLE

LACK OF A FIXED ROUTINE

Working remotely has greatly increased in popularity. So make sure you know the advantages and disadvantages.

W

ith the advancement of technology, people from anywhere can work in your office. And this really works – they can sit at home and yet be at your location. While this sounds pretty awesome, there are some downsides to remote working. Remote workplaces do not always have the tools that employees need to work efficiently.

Most people who work remotely encounter problems that affect their productivity.

This could be a lack of motivation or limited internet access that prevents them from connecting to their company’s servers.

Over the last few years, there has been a dramatic increase in the number of employees who work from their home.

Its popularity clearly shows that it benefits people. However, remote working has its fair share of disadvantages.

Here are the major downsides of remote working.

THE LACK OF WORKPLACE SOCIAL LIFE When you work remotely, you will miss the workplace social life. You will get to interact with your clients and colleagues virtually, but it isn’t the same as having a conversation with a colleague over a meal. This is the reason many freelancers prefer to come into the workplace at least a couple of times a week.

YOU MAY FIND IT DIFFICULT TO BALANCE WORK AND LIFE Remote working certainly allows you to spend more time with your family. There is one problem, though. When you don’t have specific work hours, you will keep thinking about the pending jobs. So, even when you are playing with your kids in the park, you will find yourself worrying about the assignments you need to complete. This dilutes the quality of time spent with your family.

Flexible hours are the biggest benefit of working remotely.

It can also be a disadvantage.

Remote working is a boon for freelancers. They can work when they feel like it. They don’t have to attend meetings. It sounds like a dream.

Some freelancers, however, struggle to stay motivated. They need someone to supervise their work. In the absence of a supervisor, they find it difficult to get out of bed in the morning. Remote working is for self-motivated people.

YOU HAVE TO DEAL WITH A LOT OF DISTRACTIONS While the motivated find it difficult to ‘switch off ’ from work, the less motivated find it difficult to ‘switch on’.

When you work from your home, you will have to deal with all sorts of distractions.

This is particularly hard for people who have young children.

YOU ARE TOTALLY DEPENDENT ON TECHNOLOGY As you can’t come face-toface with your colleagues or clients, you have to be reachable by email or phone. If there is a network problem or delay, you may miss important notifications.

Working remotely has many benefits.

However, it's important to be aware of the potential downfalls.

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TECHNOLOGY

HOW SMALL

BUSINESSES CAN

CLOUD TECHNOLOGY BENEFIT FROM

42

www.businessadvisermagazine.com

TECHNOLOGY

Cloud technology has enabled small businesses to use the same technology used by large businesses. This is great news, as large companies have lost the technology advantages they used to enjoy over small businesses.

C

loud computing has become a mainstream productivity tool for businesses.

It is used by both small and large businesses. The popularity of the cloud will only increase in the coming years. And yet, some people are confused about it.

WHAT IS CLOUD COMPUTING? Cloud computing is the practice of storing data on remote servers hosted on the internet. Since the data is stored on the internet, it can be accessed from anywhere with the help of an internet connection.

Cloud services have become crucial to the success of IT companies. Until a few years ago, small businesses didn’t have access to technology used by larger companies. As a result, larger corporations had a huge advantage over small businesses employing

fewer than 50 people.

Now the cloud technology has enabled small businesses to use the same technology used by large businesses. Consequently, large companies have lost the technology advantages they used to enjoy over small businesses. This has created a level playing field and benefited both businesses and consumers.

There are several advantages to using cloud technology.

COST REDUCTION When small businesses use cloud technology, they don’t have to invest in expensive hardware. They can ‘rent’ the needed hardware for a small monthly fee. They can choose a service plan that suits their business. Many small businesses can’t invest in expensive hardware, but now the cloud technology gives them access to high-end technology for a lower price.

For a small company, getting more services for less money is a great opportunity.

Cloud technology reduces the initial investment and the operating costs.

ACCESS YOUR DATA FROM ANYWHERE

Cloud technology reduces the initial investment and the operating costs. Access to high-technology also increases the productivity of workers. When they can access data on the go, they can stay productive irrespective of their physical location.

INCREASED DATA SECURITY When the cloud technology was in its nascent stage, data security was a major concern.

The situation has changed considerably over the last few years. Now thanks to the development in cloud technology, data security has also increased. Today, even large companies like Google, Amazon, IBM, and Microsoft use cloud based systems. The development of security certificates and encryption has made cloud computing safer.

This is another advantage of using cloud technology.

When you use the cloud, you can access your data from anywhere. This allows you to work remotely. You can also share your files with your clients or partners on the go.

This saves time and improves efficiency and productivity.

Since the encryption technology used on all devices is the same, you can access your data on any device from anywhere without having to worry about its security.

Cloud computing systems allow small and medium businesses to have an IT infrastructure equal in size to large companies. Because of these reasons cloud based systems have become really popular with businesses of all sizes.

Small businesses often don’t have an IT staff. They don’t have in-house technical expertise either. When they use a cloud-based service, they can benefit from the technical expertise of the service provider.

CLOUD SERVICES ARE SCALABLE When your requirements are low, you can choose a basic plan that does not cost much.

And when your requirements increase, you can upgrade to a higher plan.

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ABUSED & NEGLECTED CHILDREN EMERGENCY SHELTER

A

ngels of Love was founded with the purpose of developing a full array of services for children and families who are victims of abuse. It is our intention to fill the service gaps left by underfunded and understaffed governmental services to children and their families. Our mission is “To provide abused and neglected women and children of the Rio Grande Valley, and their families with individualized services in a safe and loving environment in order to provide them with the tools necessary to restore each woman and child to a healthy self-worth and healthy family setting”.

We attempt to accomplish this through the following:

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It is the intent of Angels of Love to create a shelter for women and children who are victims of abuse. We are currently working to raise awareness about the issue, and seeking resources to make this shelter a reality.

Women and children who have experienced abuse deserve to feel safe, and protected. The shelter will provide professionals trained in trauma-informed care, to ensure a consistent and supportive approach to victims in crisis situations. While in the shelter they will receive basic needs such as food and clean clothes, as well as Individual and group therapy, and Medical care.

ANNUAL CHRISTMAS PARTY ADVOCACY Advocacy is speaking on behalf of others to get something done. Angels of Love serves as a catalyst for advocating for women and child victims of abuse and neglect in the Rio Grande Valley. We do this by speaking on behalf of women and children and families to local officials, state-level officials, and federal policy-makers. We work with fellow advocates and partner with other organizations that share common goals in order to increase our overall power and influence. Angels of Love provides community-based prevention activities, public awareness, and educational programs and initiatives.

FAMILY SUPPORT Family support services are community-based services that assist and support parents in their role as caregivers. Such services can take many different forms depending on the strengths and needs of the family. In 2012, Angels of Love began offering the “Empowerment for Victims and Families” a domestic violence and abuse course. In 2015, Angels of Love began offering a teen dating violence prevention course to school districts and the community.

For the past 5 years, Angels of Love has organized a Toy Drive and Christmas party for the children under the care of the Family Based Services Division of CPS. We rely on help from the community and schools to coordinate the toy drives. We work with CPS and other community partners to organize the party, provide, entertainment and food for the children.

These are the children that are placed with relatives or family friends while their parents undergo treatment or receive services. These family members do not receive a check to help care for these children and thus they are in most need of help during the holidays.

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MANAGEMENT INVESTMENTS

HOW TO ENABLE

COURAGE IN YOUR

EMPLOYEES 46

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MANAGEMENT INVESTMENTS

Effective communication will ensure that the management and the employees are on the same page. ach entrepreneur has their unique way of leading their teams. There are several attributes of leadership. The best leaders are the ones who inspire courage and conviction in their employees.

As your business grows, you will hire new people. If you haven’t managed people before, this can be a challenge. It is important that you think about the leadership model you want to follow.

Here are some proven leadership models.

YOU FOLLOW TRANSPARENT PROCESSES You will probably want to keep a few details secret, but everyone appreciates the transparency in dealings.

Courageous leaders share everything - both good and bad - with their employees and seek their feedback.

Courageous leaders share everything both good and bad - with their employees

YOU CAN COMMUNICATE WELL Every leader should have good communication skills. Your employees should be able to understand your vision for the company.

Effective communication will ensure that the management and the employees are on the same page. You can use several different tools to achieve this goal – emails, phones, professional chat apps. No matter what medium you choose, you should be available for communication.

YOU ARE ABLE TO DELEGATE Some managers are control freaks. They find it rather difficult to delegate. However, an ability to relinquish control will help your business in numerous ways. Have faith in your employees’ capabilities and pass control to them. It boosts their confidence too.

In the world of business, only a few things are predictable. It requires courage and focus to adapt to changing situations.

YOU ARE ACCOUNTABLE Make it clear that each and every employee is accountable for their promises and actions. Encourage accountability by making yourself accountable for your actions.

This again requires you to show courage.

YOU ARE OPTIMISTIC You have to stay optimistic. Don’t forget that you are the main cheerleader of your team. You should keep others motivated and focused. This wouldn’t be possible if you harbor negative thoughts for yourself.

YOU ARE FOCUSED If your business is a startup, you have to take hundreds of decisions. You should be able to keep your employees focused on the tasks assigned to them.

When your business is young, you have to use the available human resources wisely.

These leadership qualities will benefit your startup in numerous ways. When you are a young organization, what makes all the difference between a success and a failure is your ability to use the available resources to the best of your capacity.

YOU ARE COURAGEOUS Courage is an important trait you need to inspire in your colleagues. Courage is your ability to stay positive or strong in the face of adversity. Running a startup is a painful process. Only the courageous can sail this boat in the right direction. As an employer, you should be able to enable your employees to face the truth with courage.

You should instill in them the courage to speak their mind, the courage to admit their mistakes and the courage to change their mind. In the world of business, only a few things are predictable. It requires courage and focus to adapt to changing situations.

And for these reasons, these are the qualities you need to inspire in your people.

You can’t instill courage in your employees if you’re not courageous.

So take some bold steps and show them that you have what it takes to lead.

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INVESTMENTS

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INVESTMENTS

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