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Todd Zeng

Cyber Criminals are Coming – Protect Your Business Now

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cyberWith data breaches becoming more and more common, it’s important to be proactive in protecting your business against cybercrimes. Here are some thoughts on preventing cybercrimes in the first place and having a plan to protect your customers’ information and your reputation should you become a victim.

Test your protection systems. It’s better to have a friend (such as a cybersecurity firm) uncover your weaknesses than a hacker. It’s especially important to run tests after you upgrade software or implement a new technology.

Check your apps. If you’ve created a mobile app for your customers, work with the app’s developers to ensure it’s secure before you release it.

Eliminate third-party risks. You could be exposed to risks via your vendors. Make sure they take security as seriously as you do.

Implement a response plan. Create a step-by-step response to cyber emergencies (e.g., a denial-of-service attack, the loss of a critical laptop, etc.). Hold “drills” to ensure that your plan is effective and that everyone knows what to do.

For more tips on how to keep business best practices front and center for your company, give us a call today.

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A Quick Guide to What Paper You Need to Keep and What You can Toss

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calculator2If you’re like most people, you’ve got lots of paper. Some of it you need to keep, and some of it you don’t. Here’s a look at what to hang on to and the best place to store it.

It’s in the Box

A safe deposit box at your bank or a fireproof box in your home should hold birth ­certificates for you and other family members, marriage and divorce documents, naturalization papers, adoption papers, and death certificates. You may also want to keep property deeds and vehicle titles there as well. And you may want to include stock certificates and bonds that aren’t held by your broker.

Let Your Lawyer Hold It

Your will, power of attorney, health care proxy, trust documents, and other legal papers should be on file with your lawyer. You’ll probably want to keep copies of these documents in your home files and give copies to your personal representative or executor.

On Your Own

Keep records of stock purchases used for determining cost basis, income-tax returns and supporting documents, insurance policies, warranties, and receipts for home improvements in your home filing cabinet where they’re easy to access if you need them.

What To Toss

Credit card statements, receipts, and similar items can be tossed quarterly if you won’t need them for tax purposes. Consider shredding these and other sensitive records before putting them in the trash.

Whether you need individual or business tax advice, give us a call. We’ve got the answers you’re looking for, so don’t wait. Call us today.

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Beware the Social Media Swamp – Learn How to Deal with Unhappy Customers

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TabletComputerThanks to social media, grandparents are posting photos on their grandkids’ Facebook pages. Shoppers are reading product reviews online before deciding what to purchase. And disgruntled customers are sharing their displeasure with anyone who will read their rants.

A New Risk

The benefit of social media to small businesses is considerable. It has leveled the playing field in many ways. But it has also introduced new risks. One of the most critical is that bad reviews or negative comments could ruin your business’s reputation. And that could be fatal.

A Proactive Approach

How can you protect your business from online attacks? Here are some suggestions:

Join the conversation. If you’ve been visible on social media, you’ll have more credibility if something erupts. But that’s not the only reason to have a social media presence. Even if your business is never involved in an online dustup, social media offers an opportunity to market and promote your business and engage with your customers. Smart phones and tablets are making it even easier for people to go online.

Pay attention. Monitor the Internet for news about your brand. Routinely check online review sites (if appropriate) and social networking sites for references to your company, and run your company’s name through a search engine.

Be prepared. You can’t draft specific responses ahead of time, but you can identify your vulnerabilities and draft a response strategy. You’ll be well ahead of the game if you do this before a crisis hits rather than during one. You’ll also be able to dial down your emotions and respond more objectively. There’s another upside to identifying your vulnerabilities ahead of time: You have an opportunity to eliminate them.

Respond. Make sure you have the facts straight before you do anything. However, things can escalate rapidly online. So if you’re going to respond, do so quickly and publicly. That said, not every attack warrants a public response. The complaint may not be legitimate or the person complaining may be a troublemaker, in which case responding may be a waste of time.

Half Full

Any time your business is under attack — online or off — try looking at it as an opportunity to change some minds and bolster your reputation.

Don’t get left behind. Contact us today to discover how we can help you keep your business on the right track. Don’t wait, give us a call today.

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As a Corporation You Need to Follow the Rules

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TrainingWhen you started your business, you may have formed a corporation to protect your personal assets from lawsuits against your company. However, you must also operate your business like a corporation — or risk losing the liability protection you expect to have.

No matter how long you’ve been in business, always treat your corporation as a separate legal entity. The corporation’s name should appear on company letterhead, checks, and invoices. Contracts should be made in the corporation’s name, not yours or another individual’s.

Avoid mixing your personal affairs and your corporation’s business. Maintain separate bank accounts and credit cards, and keep careful records of corporate transactions. File tax returns and pay any corporate taxes due on time.

Meet and Document

Hold shareholder and director meetings according to a regular schedule and keep official minutes of those meetings. Corporate minutes provide documentation of key financial and legal decisions, such as

> Authorization for a substantial loan to or from the corporation

> Adoption of a retirement plan or approval to make a contribution to an existing plan (e.g., a profit sharing contribution)

> Issuance of stock

> Purchase of real property or approval of a long-term lease

By observing the formalities, you can protect yourself and have the records you may need if the CRA, a creditor, or a company insider challenges critical decisions that were made.

Don’t get left behind. Contact us today to discover how we can help you keep your business on the right track. Don’t wait, give us a call today.

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Be Proactive When it Comes to Business Issues

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main-computerYour manager broke her leg playing softball and will be out for a month. Your receptionist’s husband landed his dream job, but it’s in a neighboring province so they’ll be moving. When you own a small business, learning to expect the unexpected comes with the territory. With one important exception: You don’t have to stand idly by and wait for something to disrupt your finances. You can be proactive with these troubleshooting tips.

Watch Your Numbers

You can monitor your company’s financial health, spot developing problems, and improve performance by reviewing key ratios derived from the numbers on your financial statements. Taken together, these ratios help paint a picture of your company’s financial well-being.

At times, you might dwell on problems in one particular aspect of your business. But don’t ignore the rest. If you’re not seeing the big picture, you might not spot trouble in other areas. For example, if your profit margin is falling, you could become so focused on trying to find a solution that you fail to notice that several of your biggest customers haven’t sent a payment lately and a cash flow problem is brewing.

Watch Your Assets

Always try to make the most of your assets. If you carry inventory, keep your eye on turnover rates. Slow inventory turnover can strain your cash flow. Figure out how many days’ worth of product you’d ideally like to have on hand, and adapt your purchasing to meet that goal. Also, check your fixed assets. If you have equipment that’s not being fully utilized, you may be able to repurpose it. If not, it may be time to sell or donate it.

Watch Your Debt

It’s practically impossible to operate a business without taking on at least some debt. Debt itself isn’t a problem, as long as you keep it under control. A high level of debt can eat up your cash, cut into your profits, and reduce the return you’re getting on your investment in the company — and that’s definitely trouble.

Don’t get left behind. Contact us today to discover how we can help you keep your business on the right track. Don’t wait, give us a call today.

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Getting a Handle on Customer Relations = Customer Satisfaction

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business-handshake

New customers. Occasional customers. Customers you’ve had since you opened. No one has to tell you that customers are the lifeblood of your business. You also don’t have to be told that letting good customers know they’re appreciated will help you keep their business.

Your “A” List

Can you identify your best customers? Categorizing your customers on the basis of sales volume or the number of orders they place should be as easy as running a few reports. If you don’t have a software system that can provide this kind of information, you might want to consider upgrading to a system that can.

Tokens of Appreciation

With your preferred customer list in hand, think of ways to show your appreciation. Certainly, giving your best customers discounts and free merchandise or services on occasion is always appropriate and appreciated. Sending handwritten notes or small, individualized gifts lets them know they’re important on a more personal basis.

You might also consider having a special sale for your preferred customers only. Be sure to mail out invitations so they know it’s a private sale. Or, think about hosting a topical seminar featuring key staff people and industry professionals. Using press releases to publicize the event, either before or after, can add to the prestige of being an invited guest.

Biggest May Not Be Best

Are there some “high maintenance” customers at the top of your list? Ones that place large orders but also demand an inordinate amount of time and resources? You might feel that customers like these don’t really deserve preferred treatment. But, at the same time, you don’t want to lose their business.

Before you decide how to handle customers like this, take a look at the bottom line. Run some numbers to see how profitable their business really is. You may find that not only are you not making enough money on their business, you may actually be losing money. In that case, you need to find a way to incorporate the cost of your efforts when billing these customers so that your profits don’t suffer.

Take charge of your financial future. Give us a call, today, to find out how we can assist you and your business.

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