Archives for October 2022

For many businesses, the COVID pandemic shined a bright light on their greatest weaknesses. For some, it was a lack of digital maturity to meet the needs of a technologically advanced consumer base. But for others, it was a poor corporate culture unable to retain the support of a loyal workforce. And, for almost every company, the vulnerability that became most obvious during and after the worst pandemic months was a feeble and dysfunctional supply chain.

After so many supply chain disruptions over the past two years, almost all organizations are eager to make changes to improve resilience. However, not all strategies are actionable in the real-world environment. Here are a few realistic ways business leaders can boost supply chain resilience now for better business performance in the future.

Invest in Capacity Buffers for Greater Supply Chain Resilience

In response to the disruptions and delays that plagued the second half of the pandemic, many business leaders over-invested in buffer stock and excess inventory. But this is almost always a mistake. Instead of locking working capital into physical products which might not move off warehouse shelves, business leaders should work to increase the capacity of their supply chains.

This can involve investing in larger production facilities than are currently necessary. Or it could mean identifying and eliminating inefficiencies that are reducing output. Then, if and when demand spikes, organizations can immediately respond to their greater capacity. In the meantime, however, they will not suffer from lower cash flow.

Diversify the Manufacturing Network

Prior to the pandemic, almost every organization looked to China for manufacturing solutions. Yet the escalating trade war between the US and China as well as China’s severe response to COVID-19 all but eliminated any benefits American companies gained from working with Chinese partners toward the end of the pandemic. Thus, businesses that specialized in Chinese supply chain relationships suffered significantly. Meanwhile, businesses with more diverse networks thrived.

It might seem simple, but integrating diversity into the supply chain is a way of adding strength. Business leaders can use supplier management tools and other solutions to ensure that manufacturing diversity helps improve resilience without causing headaches.

Identify Multiple Sources

Business leaders do not need to immediately begin relationships with multiple manufacturers and suppliers. But they should at least identify potential sources they might use in the event of supply chain disruptions.

However, disruptions are not always easy to predict. Even the most politically stable countries can suffer catastrophic natural disasters, as Japan did in 2011.

Therefore, all businesses in the post-pandemic world should make the identification of multiple supply chain sources a top priority. Moreover, leaders should keep their multi-sourcing lists updated through the years.

Localize the Supply Chain

Bringing supply chains closer to home is becoming more and more popular. Companies have come to recognize the risks of locating such crucial operations in companies with different cultural, political, and environmental structures. Business strategy becomes much more difficult when leaders must account for vastly different regulatory environments or track climate events around the world.

Localizing the supply chain to regions where a business sells their products or services, which is also called nearshoring, is a worthwhile strategy for organizations with more limited scope.

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Standardize Processes

Too often, businesses adapt their processes to individual vendors, manufacturers, suppliers, and sources. Unfortunately, variation in processes usually produces inefficiencies that can increase costs across the supply chain.

As much as possible, business leaders should strive to standardize their processes across the supply chain and across multiple products. Simplifying processes can be the first step of standardization. This should have the ultimate goal of creating harmony throughout the company’s processes.

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Collaborate with Business Partners

Many business leaders believe that they should have complete control over the members of their supply chain. They think when they say, “Jump!” their supply chain partners should ask, “How high?” 

However, in truth, raw material suppliers, manufacturers, and other members of the supply chain might have valuable insight to contribute. Business leaders can only access this insight by thinking of their sources of supply as business partners.

Collaborations will help create resilience by unlocking new and useful information. Additionally, this could lead to relationships that will lower costs and provide better outcomes.

Some economists question whether the supply chain will ever return to the “normal” state business leaders knew before the pandemic. Thus, the more realistic business leaders can be in developing greater resilience in the post-pandemic world, the more successful their supply chains will be into the future.

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The gaming industry is a wide and diverse sector that is expected to produce around $257 billion in revenue by 2025. It’s a seriously competitive area of commerce. That’s why effective marketing strategies are vital to future success for gaming companies.

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Gaming encompasses more than just the software developers and console producers. Sportsbook and online casino sites such as casino 777 are just two examples of companies that harness some elements of gaming in their set up.

With so much competition involved, just how do those operators implement a successful marketing strategy?

The Power of Influencing in the Gaming Industry

Like all entertainment industries, the gaming sector has been able to enhance a truly modern phenomenon. Social media has an important role to play in advancing new games. Moreover, developers lean heavily on the new wave of influencers.

The top gaming experts on popular video streaming channels can reach out to millions of followers. They may know that a new release is on its way but what is the title like? How does gameplay work and why should those followers buy it at the expense of others?

A video gaming influencer is perfectly placed to answer all of these questions. For the cost of a courier delivery, a games producer can get their title directly to a gaming chair. From there, a positive review is worth millions of dollars in almost free advertising.

Of course, those software developers have to hope that the influencer is appreciative of their efforts. If they are confident in their product, this shouldn’t be a problem.

The Wider Social Scene

Video streaming channels are important but there are other ways in which social media has transformed gaming marketing. Twitter, Facebook and Instagram all have a part to play.

Each of those platforms carries an element of video that will be vital for progress. Companies will use static updates but there’s no substitute for seeing the game in action.

Instagram, with its links to Tik Tok, will be at the forefront of this marketing drive, but the gaming industry will harness all established social media sites.

Do-It-Yourself for Gaming Companies

The video game industry also needs bright and vibrant online gaming outlets. When prospective games purchasers land on these sites, they want to be entertained by engaging content.

Games producers should be considering marketing methods which all other sectors are using effectively. A vibrant and interactive blog is an obvious place to start, with inclusions of reviews and teasers of new titles.

Once again, it’s all about the video. Demonstrations of each game while in action can only help to capture the imagination of potential purchasers.

A gaming developer’s website can also offer trial versions of each new title. It’s a way to get a feel for gameplay and to allow players to decide whether they want to buy the full version. Third-party media outlets are important, but effective marketing often starts at home.

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Getting People Talking

Gamers talk to each other. In the real world, they will discuss new titles and those discussions will also head online. Gaming forums provide another vital platform for the industry in terms of marketing strategy.

While such websites are unlikely to allow blatant self-promotion, it is possible to start an open and honest discussion regarding gaming companies. Each player will have a different opinion, and it’s inevitable that not everyone is going to like a new release.

But just by being present and answering players’ concerns, a developer can boost their profile and be looked upon more favorably by those who hang out on those forums.

The Traditional Routes

Traditional methods of marketing and advertising still have a home in the 2020s. TV ads carry a premium at certain times of the day because they have a wider audience. Viewers can run into the millions but it’s not all about quantity.

The games industry needs to be aware of when a receptive audience may be tuning in. In the modern day, there is a dedicated channel for eSports followers but it remains as a niche for now.

On a much wider scale, fans of football are more likely to be gamers than those who tune in for their weekly soap opera. A strategically placed ad at halftime during a big game can attract immense attention.

Gaming magazines, other print media, and online sites can also provide a platform for traditional advertising. Marketing is developing away from traditional marketing, but it hasn’t quite moved on completely.

The Future of Marketing in the Gaming Industry

Much of video gaming’s future revolves around virtual reality. VR has been around for decades but it has yet to take off in the way that developers might have hoped.

Cost of equipment may have been a factor in the past but, whatever the reasons may be, there is a belief that VR is set to finally take off.

If virtual reality is powering a new generation of games, it could also provide new ground for marketers. There is some potential for advertising within existing games, but there will be a need to explore other avenues where VR and 3D are in place.

3D cinemas could offer a promising platform. They can give audiences an insight into how the game is played and just how much of a thrill the VR factor provides.

Nobody can be completely certain as to where gaming marketing is taking us in the future, but it’s certain that those responsible will be considering all possible avenues.

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Featured image by fkevin from Pixabay 

A freight broker organizes transport facilities at the behest of shippers. Then the shipper pays freight brokers a percent for their efforts. This typically involves locating a transporter, establishing pricing, and scheduling for cargo pick-up and delivery.

The procedure of becoming a certified freight broker requires the completion of a few steps. We’ll walk you through those steps so you know what to anticipate. After completing all of the requirements, you can begin your own business.

Step #1: Create a Legal Structure

Establishing a legal framework can assist you in encouraging investment or collaborators by providing them with a solid picture of the firm and its position. Moreover, establishing a corporate entity can help with business management and compliance with federal regulations.

In the event of damages or legal action, a legal framework also affords you limited liability protection. This implies that your personal wealth will be safe if the company is sued.

Additionally, a legal structure can help a freight broker form partnerships with other companies. This is significant because, to thrive, you will need to develop relationships with transport companies, merchants, and other enterprises.

To this end, you have the option of forming a sole proprietorship, a partnership, or even a limited liability company (LLC). Your decision will affect your tax payments to the degree of liability you individually undertake. Before reaching a choice, consult with a corporate attorney and a certified public accountant.

Step #2: Obtain Your Motor Carrier and DOT Number

The Federal Motor Carrier Safety Administration (FMCSA) is the regulatory body overseeing the trucking sector. This entity mandates all new freight brokers to acquire an MC code and a DOT identification.

Your MC designation is the unique ID for your firm, and you need to post it on all of your corporation’s vehicles. The DOT number is the unique identifier for each of your firm’s drivers. In other words, your firm’s operators must all have a DOT ID and exhibit it on all the trucks they drive.

Moreover, the FMCSA’s rules ensure that trucking companies and drivers follow federal safety laws. These restrictions are significant because they aim to safeguard the public from the hazards posed by dangerous trucks and drivers.

The FMCSA can track and monitor truckers’ and drivers’ activity by requiring freight brokers to get MC and DOT numbers. This data assists the FMCSA in identifying and investigating safety issues and taking action to improve trucking safety. The FMCSA can take up to four to six weeks to provide your MC and DOT number.

Step #3: Obtain Your Freight Broker Surety Bond

A freight broker surety bond is a license and permit bond freight brokers need in order to acquire or renew their licensing. The freight broker surety bond ensures accountability to establish credibility and avoid fraud or late payment to truckers or shippers.

Suppose freight brokers or forwarders breach FMCSA laws, resulting in injuries or consequential damages. In that case, the affected party has the right to sue for the whole balance of the guarantee. With the resolution of the claim, the liable freight broker or shipper will compensate the surety for the entire amount of the losses, as well as any attorney expenses incurred.

Freight brokers get the choice of putting $75,000 into a trust. However, they must pay the full payment in advance. This also necessitates having that amount on hand even while handing out claims.

Freight broker securities are also known as BMC 84 bonds or FMCSA bonds. Your freight broker security payment is calculated as a proportion of the bond amount of $75,000 as decided by a surety firm.

Step #4: Get Liability Insurance

Freight brokers and third-party logistics providers liaise between relevant parties and transit systems such as rail, trucks, ships, and planes. Brokers may be held accountable if a shipment fails to arrive. Therefore, getting commercial insurance can be a huge help in times of crisis.

The first type of coverage is general liability insurance. This is an insurance plan for responding to liabilities that a freight broker may incur, including cargo damage or harm resulting from driving a vehicle. For instance, if a third-party trucker or warehouse employee is hurt when merchandise is being lifted from a truck, the freight broker is named a defendant in a lawsuit.

Contingency cargo insurance is the second type of coverage that freight brokers ought to have. This policy safeguards a transportation broker or freight forwarder from the responsibility incurred when arranging to convey cargo to someone else.

Step #5: Designate Processing Agents

A process agent is a specialist who serves judicial procedure in the instance of a complaint brought against a trucking company, shipper, or brokerage. The FMCSA compels all motor operators to employ a designated process agent within every state in which they are authorized to function and each state through which they traverse.

To establish your authorization, you should submit the BOC-3 form for agent registration with the FMCSA. You must return all BOC-3 forms to the FMCSA electronically and post the content to the FMCSA files daily.

Form BOC-3 establishes a registered agreement for motor carriers, brokers, and freight forwarders in any state in which they conduct business. A trucking business selects the process agents that promote them in each state where their vehicles move freight by submitting the BOC-3.

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Step #6: Obtain Your Unified Carrier Registration as a Freight Broker

You must now file with the FMCSA via the Unified Registration System. This approach incorporates all the forms necessary to register into a single, simple online application form.

The FMCSA uses this system to control and regulate statewide and/or global freight operations. Freight dealers must enroll on the UCR website and pay a processing fee of $76.

The trucking industry is forecasting growth in profits each year. Therefore, getting a freight broker license can come in handy in the near future to establish yourself as a legitimate businessperson.

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A Freight Broker Is an Essential Part of the Economy

Freight brokers are essential in transportation because they connect shippers with carriers who can convey their goods securely and effectively. Obtaining a freight broker license is not a complicated process. You can complete it with just a little knowledge and effort.

Once you get your license, you can run your own business and contribute to the smooth operation of the economy.

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Featured image from picjumbo.com via Pexels

Website design has come a long way since its very earliest days just a few decades ago. Of course, there are plenty of business owners out there who still remember the days before websites. But let’s not overlook the fact that the principles and practices that go into website design have gone through countless changes in that time. Moreover, there are many different ways that various industries make effective use of website design.

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Local Contractors Make Effective Use of Modern Tools

There are many different types of websites on the internet. You can find news sites, shops for products from large and small retailers, and engage in social media. However, contractors for various local services hold a big chunk of websites today.

This category includes plumbers, electricians, HVAC companies, carpenters, landscapers, and similar local services. The common thread here is that they’re professionals for some kind of service. These types of contractors can leverage the design of their website as an effective tool to reach customers.

In the early days of online small business promotion, a website would be little more than a digital business card. The company’s name and phone number were the most important part of the site’s design. Today, small companies such as these can implement a wide range of design features to help them advance their business.

These design features center largely around conversion. Once someone arrives on the website, the goal of the site’s design is to direct the user toward a service or purchase. They use prominent calls to action (CTAs) to do so.

The site should therefore make it easy to call the business or request a call back with a simple contact form. The best of these sites also incorporate mobile compatibility with click-to-call functionality. This makes things simple for customers when they’re on their mobile devices.

Casino Industry Implements Impressive Visual Design Principles on Websites

When developing a website, there are two distinct categories to consider. The first is information. That is, what content does the website deliver?

The second is visual design, perhaps the most important element of website design. In the highly competitive online casino industry, for example, websites must apply the appropriate visual design principles to engage their visitors.

One prominent example of effective casino website design is that of www.truebluecasinos.org. The website’s recent redesign incorporates visuals in a way that engages and presents information in an intuitive and effective way. The visuals draw visitors’ focus to specific areas to impart information quickly and entice further action. This is much the same way that media like news sites utilize headlines.

The core principle behind this type of website design is visual hierarchy. This practice uses a combination of the size, color, and arrangement of elements to indicate the importance and draw focus in a particular order. Clear visual elements provide immediate context to each element. This technique allows users to understand navigation quickly so they can move around the website with no trouble at all.

Social Media Offers Seamless Browsing

Nearly all internet visitors use social media in some capacity. For example, residents of many countries in the world get much of their local news through social media websites. Through the sharing of text posts, videos, or other content most social media websites today incorporate particular design principles to easily display information. The goal is to give a more seamless experience than conventional websites.

In contrast, more conventional websites use rigid navigational structures based on pages. Most websites still work this way, although more and more industries are beginning to incorporate more flexible navigation and design structures.

But on social media sites the concept of the “infinite feed” is widespread. When scrolling through posts, videos, or anything else, there is no need to go to a second page. The page will instead continue to extend as long as the user continues to scroll.

This removes one barrier to engagement by allowing users to simply continue their activity. Very few actions on social media websites take the user to another page. Instead, the focus is on opening posts or sections within the page. This concept allows the user to resume their experience seamlessly once they’ve viewed specific content. Many online shopping platforms are also adding similar features and are increasing their sales by doing so.

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Keeping up with Website Design Can Be Challenging

So much goes into website design, both upfront and behind the scenes. Many businesses and individuals don’t actually understand the principles behind website design, relying on templates and automated tools to put together a website.

However, those tools are based on the fundamental principles of website design. Moreover, one of those principles is that design itself should always be in flux. We’ve seen website design change so much in recent years, and there is no sign that this will stop anytime soon. The way that different industries make use of website design is therefore also constantly shifting, and there’s no telling what tomorrow will bring.

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Featured image from Aymane Jdidi via Pixabay

One of the most significant snags entrepreneurs face when starting a business with an innovative concept is the lack of funding. Investing their personal savings and borrowing small amounts from friends and family can only take them so far. Founders need an influx of capital to get their startups off the ground at the seed stage. Venture capitalists, angel investors, and incubators are the best sources for these fundraising initiatives.

However, these investors need some kind of assurance for their money, and safe notes are the key. Read ahead for detailed information on how safe notes work and how to use them to get ahead in your fundraising efforts.

What Is a Safe Note and How Does It Work in Fundraising Initiatives?

A safe note is a contract entrepreneurs and investors enter into for funding their seed-stage startup. The safe note concept was first developed in 2013 by Y Combinator, the Silicon Valley initiative that provides startups with accelerator programs. Safe notes are a version of conversion notes but ensure that founders maintain control over their companies.

Essentially, the safe note offers investors the opportunity to convert their loan into equity in the mature business down the line. At the same time, the contract includes several clauses that allow founders to work out the amount of equity they want to offer along with specific terms and conditions.

Safe Notes Are Good for Founders

Startups at the pre-revenue stages find it harder to acquire capital since they are unable to provide the typical metrics like profits, revenue, and sales, especially when they have yet to start production and sales. Safe notes provide an easy way out. Here are the advantages for founders:

• Investors providing the funding offer unsecured loans without any maturity date or payable interest.
• The loan remains outstanding as capitalized amounts in the company’s balance sheet for as long as it is not paid back in full or converted into equity.
• Founders can use the funds to build their new company with minimal interference from the investors. They need not reveal business secrets, offer board seats, or cede any voting or decision-making rights. This makes safe notes an ideal fundraising vehicle.
• Most importantly, entrepreneurs can sell safe notes to get funding while skipping the valuation process entirely. Most conventional investors will want to value the startup before offering money.
• Founders can take their time using the funds without worrying about accumulating debt and making interest payments, especially when there are no revenues.
• They need not push for the next fundraising rounds before they’re ready simply because it’s time to pay back the seed funding.
• Loans and funding a startup acquires through safe notes are not debt, per se. Further investment rounds won’t be a problem because of loans that appear as company debt.

Safe Notes Are Good for Investors

When investors sink money into startups’ fundraising efforts, their focus is on long-term gains. They are likely to vet the entrepreneur, the business idea, the operating model, and the products carefully before lending support. The backing they offer is for the long-term growth potential they see.

Since the new venture is not in a position to give interest payouts, investors defer returns. Instead, they understand they will be getting equity as the startup matures. Safe notes ensure these returns. Here are some of the added benefits for investors:

• Safe notes streamline the funding process and help with quicker negotiations. These contracts are typically simply worded, two-page documents without complex terms and conditions.
• Safe notes usually convert into preferred shares at discounted rates. As a result of the high valuation cap, investors stand to earn five to ten times the capital they initially invested in the new startup.
• Investors always have the option to enter into a “pro-rata” safe note agreement. Accordingly, they can invest more money into the startup to maintain the percentage of the equity they stand to own. Of course, they’ll pay higher prices for new safe notes to match upgraded values during equity fundraising rounds.
• The “pro-rata” right raises the value of the safe notes during equity funding rounds down the line.

Thus, safe notes are a win-win option by which founders can get the funding they need. On their part, investors can look forward to acquiring valuable equity in the company once it grows and is capable of making substantial profits.

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Choose the Right Kind of Safe Note for Your Fundraising Efforts

Founders can choose from four kinds of safe notes, depending on their fundraising needs and investor expectations:

1. Safe notes that only have a valuation cap but no discounts.
2. Those that have no cap but contain a discount when the note is converted.
3. Safe notes that have both a valuation cap and discount.
4. Safe notes that have no cap or discount. However, the funds remain in the company when these notes convert into equity.

Founders looking for funding for their new ventures can safely rely on these contracts to get the money they need. This applies particularly to terms and conditions that will permit them to run their company just as they envisioned.

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About the Author

Alejandro Cremades is a serial entrepreneur and the author of The Art of Startup Fundraising. With a foreword by Shark Tank star Barbara Corcoran and published by John Wiley & Sons, the book was named one of the best books for entrepreneurs. The book offers a step-by-step guide to today’s way of raising money for entrepreneurs.

Most recently, Alejandro built and exited CoFoundersLab, which is one of the largest communities of founders online. Prior to building CoFoundersLab, Alejandro worked as a lawyer at King & Spalding. There he was involved in one of the biggest investment arbitration cases in history, with $113 billion at stake.

Alejandro is an active speaker and has given guest lectures at the Wharton School of Business, Columbia Business School, and NYU Stern School of Business.

Alejandro has been involved with the JOBS Act since its inception and was invited to the White House and the US House of Representatives to provide his stands on the new regulatory changes concerning fundraising online.

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Regulatory change can be frustrating at best and nearly impossible at worst. Every company deals with regulations and compliance. Changes to those regulations can throw a wrench in the works as you run your operation. Policies and compliance regulations are in a constant state of flux, making it a full-time job to stay up to date with everything.

Fortunately, there are plenty of digital tools available to help you remain abreast of any potential regulatory changes and adapt to them quickly.

Whether this comes from enforcement, auditing, or updating, never underestimate the power of using an AI solution to get the job done. Today, we cover how to stay on top of regulatory changes at your organization amid the hustle and bustle of today’s modern world.

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Understanding Your Obligations

A significant part of managing compliance is understanding your obligations. Therefore, when a change occurs, you need to find out what it is and how it affects your operations. Then you need to figure out where and how to implement the change across the board at your company. After that, you’ll need to do a thorough assessment of how the changes will affect you.

Having a full action plan in place is also a good idea. Then, after you implement the changes, you need to follow up on them and ensure they’re being enforced at all times. Basically, it’s your company’s obligation to ensure they’re keeping up to date with changes and complying wherever possible.

Keeping Track of Regulatory Changes

It’s critical to keep track of any regulatory changes. Next, identify a framework for how you’re going to enforce them and create both monitoring and enforcement guidelines for your company. Good quality software can help you keep track of changes. It can also provide relevant insight into the regulatory changes that apply most to you.

If you want to automate processes, you’ll need a good software solution. Automation helps take a lot of the guesswork out of compliance management. Moreover, it’ll help you manage your workflows better. You’ll be better able to allocate resources and plan more efficiently.

By keeping track of these changes at your organization, you can stay on top of any potential new regulations. This will help you avoid costly penalties or other issues that can occur from not performing your due diligence appropriately.

Ensuring Compliance with Regulatory Change

Compliance is one of the most critical parts of regulatory change management. Using regulatory change management software enables you to stay up to date with industry regulations. Such tech-based solutions make it easy for you to track the changes. They help you make informed decisions whenever a new regulation comes up that might affect your industry.

It’s absolutely imperative to keep your business in complete compliance with any laws and regulations that can affect your organization, its operations, its data, and its customers.

Powerful regulatory change management software ensures that your organization can implement all changes within your organization. In this way, you can avoid any penalties, fines, damage, or other issues.

The best regulatory change management software lets you stay on top of the latest regulations, automate compliance processes, and ensure everything operates smoothly 100% of the time.

Analyzing the Effects of Regulatory Change

One of the most important aspects of using regulatory change management solutions is how they can help you measure the effets of compliance in your organization. Compliance impact analysis identifies potential impacts on the organization’s resources. These might be as varied as time, workforce, and finances. Then the software calculates and estimates how much effort will be needed from different departments within the organization to ensure the success of compliance effort.

These factors are then weighed against each other before deciding whether or not implementing changes proposed by regulators is worthwhile for your company ahead of their implementation date. If it isn’t worthwhile then there’s no point wasting time working toward this goal. Another big part of impact analysis is finding ways to avoid privacy breaches. You also need to protect the company’s reputation and measure how new compliance measures are going to affect the company now and in the future.

Gaining Insights

Using compliance software can give you valuable insights into everything from new regulations to how your company is handling them. Its built-in dashboard tells you everything you need to know and puts vital information at your fingertips. Therefore, you’ll never have to worry about misunderstanding data. It can help spot gaps in your regulatory sheets, assist with training staff, and help to automate certain processes.

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Another key benefit of automation is that it will identify your obligations. It will help you understand third-party risks, assess the impact of current regulations, help annotate your regulatory framework, and provide general insights into how your organization can remain compliant as regulations change throughout your industry. With such a powerful tool on your side, you should be able to stay ahead of any regulatory issues. You will be able to continue running your business without running the risk of failing to adapt to regulatory changes.

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Featured image by Gerd Altmann from Pixabay 

Although many small companies now use computers more often, their storage and backup strategy hasn’t kept up. This can be the result of a lack of understanding regarding the numerous storage possibilities. Or it could simply be business leaders’ failure to recognize that the outdated paradigm of the occasional batch backup is insufficient.

Meanwhile, businesses today produce more data than ever. In that context, IT services are now more important than ever to a small business’s success. Fortunately, hard disk drives and related storage technologies have never been more affordable per gigabyte. Moreover, the emergence of technologies such as cloud storage present even more opportunities to accomplish more with less.

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This post highlights the most popular storage approaches and demonstrates how you can use them to create the ideal storage strategy for your small business.

Rely on Cloud and NAS Backup Solutions in Your Storage and Backup Plan

Recent years have seen a significant increase in cloud migration. More businesses than ever are turning to cloud providers for data storage. Whether a major company is trying to preserve data in the cloud or a small business is, cloud backup services have proven essential.

With cloud backups, you can rest easy knowing that you have stored all of your crucial corporate data off-site. Data is easily accessible in case of a disaster thanks to the added protection and redundancy provided by cloud backup services. But because some cloud backup services provide limitless capacity for unlimited users, they can be rather pricey.

Image from Taylor Vick via Unsplash

However, you might still not be convinced about going all in on cloud backup services when it comes to delegating your storage and backup strategy. In this case, you can also utilize the so-called network-attached storage devices, or NAS cloud backup systems. These will provide you the ability to back up your data using a local area network. If you decide to go with a NAS cloud backup device, you will get double the protection. That is, all your docs and data will be backed up both in the cloud and locally.

Use Portable Hard Drives for Backup Data Storage

Many businesses’s backup procedures depend heavily on high-volume external hard drives, particularly when used in conjunction with archiving software. This kind of software reduces your critical data recovery time (RPO) to only a few minutes by enabling users to recover files from an external hard drive.

But a single hard disk won’t be sufficient when data quantities rise. What’s more, RPO climbs along with greater demands for your services. In these situations, IT professionals frequently rely on redundancy a more intricate data backup approach.

Carry out Manual Backups on Portable Media

Using portable data storage media such as USB sticks, DVDs, and Blu-Ray disks is one of the most common and straightforward ways to do manual backups. This approach accommodates the simplest processes. However, larger data volumes necessitate progressively larger drives. This makes the recovery procedure more challenging. Additionally, you must ensure to keep data backups in a secure place to prevent loss in the event of a disaster or on-site theft.

Identify and Protect Your Vital Information in Your Backup Plan

Any data backup plan should start by determining which data is most crucial for company continuity. Without this data, including contacts, papers, emails, images, calendars, and more, your business would be unable to run. Most firms store all of this important data in one or two shared files across all network devices. However, this strategy leaves data particularly exposed.

Store Backups of Your Data in a Remote Location

You should make sure that data backups are limited regardless of the kind of storage device or backup solution you employ. Make sure to maintain them in a separate or distant spot that is inaccessible to all but the most trusted personnel. One of the reasons for this is that malware may frequently move quickly to storage that is connected physically or over a local network.

Employ Online Storage

With the bulk of email servers and several websites now utilizing the cloud, cloud services are being utilized more and more frequently every year for online backup. This eliminates the need for purchasing expensive gear. Meanwhile, it retains your backup storage in a separate, off-site place that is simple to access.

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Businesses can often store a modest number of off-site backups in the cloud for free. Then, when a small organization needs premium services with bigger storage capacity, they can obtain it at a reasonable cost.

Think About Using Service Providers

The industry is currently quite developed, and the majority of cloud providers provide reliable affordable solutions. It is usually best to work with IT experts to put up an unfailing data backup strategy. Navigating bundles and packages without their assistance may result in your business having to pay more in the long run.

Establish a Recurring Backup Schedule

Last but not least, you must develop an incremental backup process to guarantee that any data you need to restore is current. Data backup solutions that can be automated are a good option. This is because manual backups may be time-consuming and offer too many possibilities for human mistakes. Backup automation saves you time. Moreover, it works while ensuring that you always have the latest copies of your data.

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Final Thoughts

When you’ve finished defining your strategy, the next step is to put it into action. Next, regularly monitor how well it’s performing. A large number of businesses have gotten themselves into a bind because they wrongly believed their approach was successful. As a consequence, they have lost insurmountable quantities of data.

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