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Half the respondents to a new survey saw their tax bill drop. Some tout the 2017 Tax Cuts and Jobs Act as a reason. Another equal amount reported their tax bill remained the same.

The Q1 2019 Vistage CEO Confidence Index also found a small percentage of respondents saw increases in their taxes.

Small Business Bullish

Regardless, small businesses remain bullish. And hiring and recruitment efforts go on, according to the research.

Small Business Trends contacted Joe Galvin. Galvin served as Chief Research Officer at Vistage. And he talks about key takeaways from the study.

Galvin started by telling us that the recent findings mirrored a previous survey. And also explaining the lukewarm response to the legislation.

Universal Return

“One of the most interesting findings was that the Tax Cuts and Jobs Act hasn’t necessarily provided the universal return it was supposed to, as 49% of CEOs surveyed said their tax bill remained the same and 8% saw an increase,” he wrote in an email. “From a similar survey we conducted earlier this year, 57% of CEOs said the Act had no impact on their hiring, business investment, or sales.”

Small Business Optimism is Falling

There were other finding relevant to small business owners.

The research also found that optimism has fallen to a point lowest since the 2016 presidential election. The Q1 index reported that only 14% of SMB’s were predicting economic improvements in the near future.

Balancing that finding was the 70% who were nevertheless expecting revenue gains and the over half who felt that profits were going to increase.  Galvin explains:   

“Part of the driver of revenue growth is the focus on expanding to new markets, acquiring other capabilities, and introducing new products and services.”

Favorable Expectations

He also pointed out there were leap frog type effects.

“ The favorable expectations for revenue and profitability in turn positively impact expansion plans; 41% plan to increase investments and 59% plan to increase their workforce in the coming year.”

Overall, the survey underlines SMB disappointment with the Tax Cuts and Jobs Act even though small business enthusiasm hangs on from previous data.

Economic confidence spiked in Q4 2017 partially based on possible savings anticipated from the act.  Galvin says that in Q4 2017 the Vistage CEO Confidence Index expectations about profits were close to a 10 year peak.

Fast Forward

“Fast forward to our most recent survey conducted last month,” he writes. “In the Q1 2019 CEO Confidence Index, increased profits were anticipated by 58% of CEOs, down 8 points from last year’s 66%.”

He offers some suggestions for small businesses to come out on top over the next 12 months including keeping an eye on KPIs in the event of a slowdown. Managing money was also high on the list.

Financial Management

“Financial management and cash/capital were identified by CEOs as their top priorities for managing the business in 2019 in anticipation of the slowdown,” he says . “Growth minded SMBs will cautiously manage their money through the slowdown as no one knows how low it could go, while at the same time realizing their plans and investing for growth.”

The Q1 2019 Vistage CEO Confidence Index included answers from over 1,700 CEOs from small and midsize businesses. It was taken March 4-11.

Image: Depositphotos.com

This article, “50% of Small Business Owners Saw a 10% Tax Bill Decrease in 2019” was first published on Small Business Trends

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Artificial intelligence (AI) changes the way we go about our everyday lives. Consider Apple’s line of mobile devices with Siri. And think about Amazon’s smart home products featuring Alexa. They make us comfortable interacting with a virtual assistant. These forms of AI make our lives easier and help us perform hands-free tasks. But the use of AI seeps into other industries like eCommerce too. Consider integrating AI into your own business model. Improve your company’s results. And provide customers with a better, more seamless user experience.

AI and Machine Learning

The words “artificial intelligence” and “machine learning” often work interchangeably. But a key difference exists between the two. AI refers to a machine’s ability to carry out complex tasks following a pre-developed algorithm. Technically, machine learning is a type of artificial intelligence. But it differs in that machine learning involves feeding information to a machine in order to teach it how to respond to specific information. For example, machine learning used on social media sites can identify when comments or post content is positive or negative.

Machine learning and AI go hand-in-hand. But it remains more advantageous utilizing a type of AI with the capacity for machine learning. Instead you should teach a machine how to look for specific triggers. And make it learn on its own. This works better than programming reactions for every single scenario the AI may encounter.

The Importance of User Experience

Integrate this type of valuable technology into your eCommerce store. You can vastly improve your customers’ shopping experiences. There exist so many eCommerce brands across the web. But you risk losing business to another competitor just from small issues like slow loading speed or a confusing navigation bar. Design your entire online shop around the user. Make their experience as easy as possible. This includes guiding them towards products they may like. It also means creating clear menu categories and informing shoppers of potential shipping costs.

AI and machine learning employ data collected on consumer interests to attract them to your business. And it provides them with products they are looking for without the hassle of endless research. If a customer has an excellent experience with your brand, they’re likely to return in the future and tell others about your company, potentially raking in more customers in return.

How AI Can Improve User Experience

If you’re not already implementing one or more of these AI eCommerce methods, you should begin experimenting with a few and watch the results. You may have even interacted with some common forms of eCommerce AI on other websites without even realizing it. These are some of the top uses for improving user experience through machine learning and AI.

Integrate Chatbots

Chatbots are one of the most common and easily integrated forms of eCommerce AI. Typically, chatbots are designed to handle customer service-like inquiries, which cuts costs on the business’s end as there’s no need to hire as many human customer support representatives. But, for shoppers, chatbots offer a convenient and quick way to connect with a business without having to wait for a return email or call a customer service line, which can take up time. Chatbots are a type of AI that is able to compute common inquiries and provide solutions in real time.

Many eCommerce companies also use chatbots as an outlet to deliver personalized suggestions. Through Facebook Messenger, chatbots will often reach out to shoppers who have previously bought from or visited your shop to improve social media advertising and revenue. Based on the items purchased or pages viewed, chatbots can deliver accurate suggestions, enticing consumers back to your store. You can also use chatbots to send discounts and coupon codes.

Provide Next-Level Personalization

Personalization, sometimes referred to as segmentation, in eCommerce marketing is an effective method for engaging with consumers. Using the available AI technology, eCommerce stores can send personalized emails to people who have visited your store or made a purchase based on how they interacted with the site. For example, abandoned cart emails can remind shoppers about items they left in their carts without completing the transaction.

This may entice people back to the site to finish the purchase. Customers enjoy personalized emails because it feels more tailored to meet their needs and may even result in discount or loyalty program campaigns should you choose to implement these strategies.

Suggest Higher Quality Recommendations

You can take personalization a step further to create a great user experience with recommendations based on consumer information. This type of data provides business owners with more in-depth insight on their target market and, for shoppers, eliminates the process of seeking out products.

In fact, most online consumers enjoy receiving personalized recommendations. The Retail Industry Leader Association found that 63 percent of shoppers are interested in receiving custom product suggestions even if it means providing personal information on their interests and habits.

You can send automated emails with item suggestions or integrate on-site features suggesting similar items to the ones viewed by the consumer or products typically bought along with a specific product.

Improve Retargeting Strategies

Anyone who browses the internet regularly has encountered some type of retargeting marketing. Have you ever researched a particular item only to see it advertised to you later on a different website? This is one of the most common retargeting strategies. Machine learning can utilize data on users’ web searches and product page views to remind them about items they still may be interested in purchasing. You can also implement retargeting strategies in emails rather than across web pages.

Predict Consumer Behavior

User experience is enhanced when businesses understand the wants and needs of their target market. AI technology can provide comprehensive consumer insights allowing a better understanding of how people engage with your brand, including which pages they typically land on when first visiting your site, how much time they spend on pages and which pages they’re on when they either leave the site or make a purchase. The better you understand how your consumer thinks, the better you’ll be able to market to them, making your store a more reliable and easy-to-use shopping outlet.

AI Integration Is Key to a Well-Rounded Marketing Strategy

Keeping up with the many new technologies developed each year is essential to creating a long-lasting business model with a loyal customer base. AI and machine learning capabilities provide eCommerce shop owners with beneficial tools to better understand their customers and construct an exceptional user experience. Combined with a comprehensive SEO and content marketing strategy, AI features like personalized recommendations and chatbots can lead your business to success.

Image: Depositphotos.com

This article, “The Hidden Mystery Behind Using AI to Create Awesome Customer Experience” was first published on Small Business Trends

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More and more Americans work from home. And a growing number of employers recognize the well-being and retention benefits allowing their employees work from home flexibility creates. This creates a high demand for quality, practical and high-functioning home offices.

Home Office Ideas on a Budget

Do you find yourself among the millions of Americans who work from home? And do you want to improve your working environment to help enhance your productivity and creativity levels. Then take a look at the following ten clever home office ideas on a budget.

Give the Walls a Facelift

Don’t stare at dull, uninspiring and monotone walls all day. Because this environment won’t rouse your creativity.

But change the décor of the walls in your home office. Give them a new lick of paint in a bolder color. And choose a new style of wallpaper. Or simply hang up some striking artwork and imagery. Give you home office space an important décor boost. You’ll find this an effective and budget-friendly approach.

Organize Your Desk

A cluttered desk scattered in paperwork, printers, stationery and more, is not conducive with a clear mind and a productive day’s work.

One of the cheapest and easiest ways you can improve your home office environment is to organize your office space and throw away anything that isn’t needed.

Create More Natural Daylight

Research shows that offices with access to daylight can boost workers’ creativity by as much as 15%. If you can’t afford to cut out holes in your home office and install new windows, work on the windows you already have by changing heavy curtains with blinds to let more light in, decluttering the windowsills and, quite simply, giving the glass a good clean.

Hang Mirrors on the Wall

Another clever way to create more natural light in a home office is to hang mirrors on the wall. As well as looking stylish and funky, hanging a mirror opposite a window will mean the light gets bounced around the room, creating a greater sense of natural daylight in the office space to help boost your productivity levels.

Get Creative with Lighting

Of course, home offices can rarely rely on natural daylight alone. Rather than battling on in a dimly-lit space, which can make you feel drained, place bright and quirky lamps on the desk to bathe your workspace in light, without breaking the home office makeover budget.

Make Comfort a Priority with a New Office Chair

If your existing office chair isn’t too comfortable, now’s the time to swop the chair with a comfier alternative. Office chairs range quite significantly on cost but isn’t something you should scrimp on.

Opt for a well-made office chair that helps improve your posture at your desk and has a decent level of padding.

Inject a More Personal Touch into the Space

Whether you’re a one-man band working from home or are part of a small businesses working in a home environment, injecting some personality into your home office that captures the spirit of your business will go a long way in heightening the appeal of the office space.

Whether it’s redecorating the space with the colors of your business’s logo or even creating an accent wall that features your company logo, creating a personal touch in your home office is a cost-effective way to inject greater personality and appeal into the space.

Install a Chalkboard

Chalkboards need not be confined to toddlers’ bedrooms. On the contrary, chalkboards are another clever and inexpensive way to create a practical focal point in your home office that enables you to scribble down notes whilst you’re on a conference call and erase them with ease when they’re not needed any more.

Bring the Outdoors Indoors

Another cheap and clever trick to enhance the look and ambiance of your home office is to place indoors plants around the room.

Similar to natural daylight, the presence of plants in a working space can go a long way in boosting productivity and wellbeing as you work.

Invest in Some Air Freshener

Air freshener definitely won’t break the home office budget and is a quick, immediate and incredibly cheap way to ensure your home office smells nicer and is therefore a more desirable space to work in.

Image: Depositphotos.com

This article, “Apply These 10 Clever Techniques to Improve Your Home Office on a Budget” was first published on Small Business Trends

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Fast is the new big.

Small and medium sized-businesses (SMBs) already know that agility and responsiveness are often their advantages when competing against larger organizations. Like small fish swimming in an ocean of sharks and whales, what SMBs give up in terms of raw size and power can be made up for with the ability to dart in and out of danger, and move quickly to new areas of opportunity as currents change.

Embracing a fast, flexible business technology infrastructure is a sure sign of an SMB built to thrive in a global economy full of big, established players used to leaving the little fish scrambling to survive in their wake. A global survey of SMBs conducted by Salesforce and research firm  Techaisle found a sort of ‘ digital divide’ in the SMB world. Businesses capitalizing on the cost and speed advantages of cloud computing — including analytics and modular solutions built around core cloud technologies like  CRM — have a leg up on their counterparts when it comes to charting a course towards near- and long term sustainable success.

The four ‘digis’

While you may have first heard the term ‘digital divide’ in the context of education or social equality, in an SMB context the digital divide is defined by four other ‘digis’:

Digitization: The first step in embracing an agile, digital business approach, digitization refers to the process of replacing manual documents and tasks with digital alternatives.

Digitalization: Digitalization builds on digitized assets and tasks, delivering automated processes that streamline existing business practices.

Digital transformation:  Digital transformation refers to the development of net-new business capabilities based on the integration of digitalized processes to “deliver previously unattainable or un-imaginable outcomes.”

Digital business: Digital business isn’t really part of the digitization/digitalization/digital transformation progression. It is a generic term used to describe the application of digital competencies to business objectives.

According to Techaisle’s research, the SMB migration from digitization to digitalization to digital transformation is already underway. A modular approach to digital business built around cloud-based CRM can include marketing automation, cloud-based customer service, analytics, and more. And, no surprise, SMBs on the leading edge of digital business innovation are building significant operational advantages over the ‘have nots’ in the digital divide.

Why it’s smart to dive headlong into digitalization

Techaisle’s research segmented SMBs on the two sides of the digital divide according to digital strategy, cloud maturity, and cloud tactics. The results? You guessed it: The more cloud-native a business is, and the more holistically integrated their digital strategy, the better positioned they are to thrive in the future.

A few highlights:

• SMBs that are born-in-the-cloud (BITC) and mature cloud adopters are developing business process advantages that will be difficult for even SMBs at an intermediate adoption level to overcome.

• More than half of the mature/BITC group has reduced IT costs, as compared with just 5% of intermediate adopters, and that the advanced group is more than five times as likely to have reduced business process costs as their digital laggard counterparts.

• The mature/BITC group is also about twice as likely as the intermediate users to have improved employee productivity and business agility.

• Overall, SMBs using a holistic approach to digitalization are 52% more likely to reap the seven key benefits explored in the survey – increased revenue, improved profitability, better customer satisfaction and retention, increased sales reach, increased market share, improved upsell/cross-sell, and improved brand image – than firms in the inclusive or siloed categories.

These and other key findings from Techaisle’s research illustrate the advantages of SMBs going all-in on digitalization initiatives. Dipping a toe in the water isn’t enough when it comes to digitalization: leaders reap tangible business benefits, while laggards get lost in the digital divide.

Techaisle’s white paper,  Eat or Be Eaten: Why SMBs Must Beat the Digital Divide explores how leading SMBs are building agile business strategies around  CRM,  marketing automation,  customer service, analytics, and more, to adapt to new opportunities and grow their businesses. The white paper addresses common concerns and challenges faced by SMBs considering a move to the cloud, and illustrates best practices and real-world outcomes associated with digitalization strategies.

Download the white paper and learn more about making holistic digitalization strategies a part of your SMB.

Republished by permission. Original here.

Photo via Salesforce

This article, “Why SMBs Must Beat the Digital Divide” was first published on Small Business Trends

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Your business operates under a rock on an isolated island in the South Pacific. So you know artificial intelligence (AI) is the big thing today. AI assists consumers in their day-to-day activities with or without their knowledge. Consider services like voice assistance, online shopping, content streaming, and even texting.

Machine learning (ML) is an application of AI. It gives machines the ability to automatically learn and improve from experience. And this happens without the need for previous programming. This makes AI and ML services very lucrative. And many reputable certifications and learning materials exist to get you started.

Over 50 years have passed since the term “Machine Learning” was first coined. And today businesses big and small get crack at the technology. Early adopters of AI reap appreciable results. Benefits include increased efficiency, cost reduction, revenue growth and more.

And yet, less than 30% of businesses and organizations incorporate AI in their business model. You’ll find many potential upsides of the AI revolution. So don’t let your business fall behind.

Machine Learning Benefits

Start to appreciate just how big a boon machine learning can be for your business. Check out three key benefits of ML for you to chew over.

Improves User Experience

It doesn’t matter whether you run an e-commerce store, a SaaS startup, or a design/marketing agency. User experience (UX) remains one of the most crucial factors to success. Do visitors are finding it difficult to navigate your virtual property? They won’t hesitate for an instant to leave and head elsewhere.

Netflix found customers give up after searching for a movie for more than 90 seconds. So the company uses machine learning to improve search results. And Netflix averts user frustration and customer churn. The company also saves $1 billion a year in potential lost revenue.

Amazon uses machine learning to provide highly relevant product recommendations based on the user’s purchase history, ultimately resulting in a pleasant and personalized online shopping experience.

So, basically, while users are browsing your website, you can use machine learning to provide them with personalized purchase recommendations based on their browsing history and previous orders. Furthermore, you can also offer discounts and special offers to returning customers to build loyalty and positive word of mouth.

Apart from personalization, machine learning also serves as the most efficient way to build chatbots – which are becoming more of a necessity for serious businesses than a mere good-to-have feature. Why? More than 53% of customers prefer to use online chat when they need assistance over calling.

Having a chatbot on your website can assist your customer service team by being the first responder to your customer’s inquiries. Chatbots can also help your customer service team by pointing users to various parts of your website, saving time and allowing your team to deal with more important tasks required to move users further down the conversion funnel.

Chatbots built using machine learning are far superior to rule-based ones, and serve to enrich the user experience and make a lasting good impression.

Automates Routine Tasks

For small businesses, every hour saved is a big win. Streamlining operations to make them more time-efficient is a big challenge for businesses.

Automating mundane tasks is the first step to streamlining your business operations. It would free up a lot of time for you and your team to focus on core, productive tasks instead of routine drudgery.

So, tedious tasks such as creating appointment reminders, responding to email, and sending invoices can all be automated effectively using machine learning.

Facilitates Smart Marketing

Marketing has gone fully digital. As discussed, website personalization and chatbots play a big role in determining your business’s user experience.

Now, when you consider the bigger picture of digital marketing for establishing your brand value, many constituents come into play.

For example, email marketing is still huge — it has one of the highest return-on-investment (ROI) at $38 for every $1 spent. Automating email marketing using tools like MailChimp is a great way to make AI work for you. Such automation allows you to create emails get sent automatically when triggered by a subscriber’s activity, inactivity, or a specific date like birthday or anniversary.

Essentially, if a subscriber takes a certain action, a machine-learned response is triggered, and so on down the line until the customer (hopefully) converts.

Next, you can also use machine learning to monitor and manage your business’s social media profiles quite effectively.

Machine learning actually plays a momentous role in modern digital marketing campaigns, from sentiment analysis and split testing to customer retargeting and predicting customer churn. Read this fantastic post to learn more about how machine learning is revamping digital marketing.

Final Words

Of course, implementing machine learning for your business is not exactly going to be a walk in the park. Sure, there are plenty of plug-and-play solutions to website personalization, automation, chatbots, and email marketing. But you’ll either need to hire a bunch of developers or learn how to do it yourself if you truly want to develop a customized solution tailored perfectly for your brand.

In the end, whether you like it or not, AI is here to shake things up in the business world, and it’s better to hop on board sooner rather than later.

Image: Depositphotos.com

This article, “3 Effective Ways Machine Learning Improves Your Bottom Line” was first published on Small Business Trends

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The last U.S. federal government shutdown started on December 22, 2018, and ended on January 25, 2019. The 35 days made it the longest U.S. government shutdown in history.

So how did the shutdown affect small businesses during the 35 days?

According to a new BizBuySell survey of small business owners, it didn’t have any impact at all for 79% of the owners. Only 18% of small businesses said the impact was negative, with a small 4% claiming it was positive.

Of those negatively impacted, 40% said they still haven’t recovered from the shutdown. The remaining 60% said they have recovered.

Impact of Government Shutdown to Overall Economy

In the overall economy, the shutdown cost the U.S. GDP $3 billion. The data comes from a report by the Congressional Budget Office (CBO).

The CBO said, “The shutdown dampened economic activity mainly because of the loss of furloughed federal workers’ contribution to GDP, the delay in federal spending on goods and services, and the reduction in aggregate demand.”

As the survey also points out, the negative impact was essentially limited to businesses who were dealing with government workers.

BizBuySell surveyed more than 1,000 small business owners across the U.S. on a range of issues. The goal was to get their perspective on recent events such as the government shutdown, tax reform and more.

Negatively Impacted Businesses

Businesses who had a negative experience identified several different factors. Again, it was in great part driven by businesses who lost federal workers as customers.

More than half or 56% said it was because customers who lost wages couldn’t purchase their product or service. Along those lines, another 26% said closed offices meant fewer customers in their location.

The closed federal offices were responsible for losing government contracts and loan delays. Eighteen percent of businesses said they lost contracts and 13% responded there were SBA Loan delays.

Regarding other issues, 10% of businesses experienced disruption in the delivery of their products. And an equal number also said travel was more difficult, which was in part due to federal employees not working.

Taxes

On the topic of taxes, businesses were asked how the new regulations of the Tax Cuts & Jobs Act affected them this year.

The largest percentage of the responses came from 33% of owners who said their taxes remained the same. An almost equal number or 30% said they were not sure. The remaining respondents (14%) said it raised their taxes, while 22% said it lowered their taxes.

Their sentiment about the Tax Cuts & Jobs Act was also a mixed bag of opinions. When asked how it affected their business 35% said positive, 20% negative, and 45% said it had no impact.

It was noticeably different when it came to men and women. More men (38%) said it was positive compared to women (22%). The answer about the negative impact was higher with women at 28% and only 17% of men felt the same way.

An almost equal number of men and women felt it had no impact at all. Half of all the business women owners (50%) said the Act didn’t have any impact and 45% of men said the same.

Image: Depositphotos.com

This article, “Wow! 40% of Small Businesses STILL Haven’t Recovered from the Government Shutdown” was first published on Small Business Trends

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Cybersecurity remains one of the most challenging issues for small business owners. And the problem leads small business owners to seek out managed service providers to present them with solutions.

But a new report from Continuum says the state of cybersecurity among small businesses in 2019 still needs to improve. The data suggests great opportunities for service providers who offer cyber security as part of their package. And predicts troubles for those who don’t.

The reason MSPs are so important for small businesses is many providers offer a one-stop shop for all things IT. However, some providers don’t include cyber security. And as the report reveals, SMBs are holding MSPs accountable when a security breach takes place, whether they provide security solutions or not.

In the press release, Michael George, CEO, Continuum, addressed this very issue in the press release. George said, “Businesses expect to be protected by their MSPs, and are ready to pay more for that protection – whether from their existing MSP or by switching to a provider that promises a better solution.”

Opportunities for Managed Service Security Providers

Businesses now have a better understanding of the digital ecosystem they operate in and the cybersecurity threats they face. The increased awareness has resulted in looking for and implementing the best system possible to protect their digital assets.

For MSPs providing cyber security as part of their service, this means more opportunities. George said, “If MSPs can deliver the right cybersecurity solutions to their end-clients, they will hold the competitive advantage in the SMB market.”

In the US close to half or 47% of SMBs said they would pay at least 20% more from a new provider if they have the right cyber security solution. Overall small businesses are willing to pay 24% more on average for the right cyber security solution.

An even more startling finding is 93% would consider moving to a new provider if they have the right cyber security offering.

The growth opportunity for MSPs providing cybersecurity is on the upside. The report says 77% of the businesses in the survey expect to outsource at least half of their cybersecurity needs in five years’ time. In the near term, 78% are planning to invest more in cybersecurity in the next 12 months.

Worsening Cybersecurity Threat

Cyber attacks cost small businesses in the survey $53,987 on average. Large organizations lost more money.

Companies with 10-49 employees lost $41,269 and those with 50-249 employees were in the hole for $48,686. Those with 250-1,000 employees ended up losing $64,085 per incident.

The cyber threat landscape is getting worse. The good news is small businesses are more aware of this fact, but not everyone is.

In the survey, more than 6 in 10 or 62% of the organization don’t have an in-house expert to properly deal with security issues.  Only 41% currently have cybersecurity experts in-house.

The Survey

Continuum commissioned Vanson Bourne to conduct the 2019 State of SMB Cyber Security report research. It was carried out between January and March 2019.

A total of 850 IT and business decision makers involved in cybersecurity as part of their organization took part in the survey. The organizations represented a number of core industries across different sectors in the US, UK, France, Germany and Belgium

Image: Depositphotos.com

This article, “Cyber Attacks Cost Small Businesses $53,987 on Average, Survey Claims” was first published on Small Business Trends

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