Financial Resolutions for 2020

1/2/2020

It is so easy to start a new year with a power-packed list of resolutions, that come February will find itself in the bottom of your trash can. For you and for your small business, create a list of financial resolutions that you can really stick to. Let this list make 2020 be your most successful year yet!

Let's shake up the beginning of this new year with a set of resolutions that you can really and truly stick to. New Year's resolutions aren't just for dieting and working out. They can be utilized to give your finances a boost. It's a new decade and it's an exciting time for you and your small business. This new year doesn't have to be a burden for you or your company. Take 2020 and turn it on its head by beating it to the finish line with resolutions you can be proud of! Keep in mind too, that even though these resolutions have been specifically picked for your company to thrive, you can also apply them to your personal life. Let's get going!

Add a Month to your Emergency Fund

Most American's and many small businesses don't have a rainy day fund for when things get hard or when business isn't booming. Not having a rainy day fund is essentially putting your company at risk for a financial catastrophe. It is recommended to build a fund that has between 12-18 months' worth of operating costs. Don't put your company and everything in your life on hold to make this goal happen overnight. Remember, this is a resolution. It will take time to reach this goal. Even though it won't happen by January 1 or even February 1 of this new year, continue to make it a priority as you plan out your fiscal year and your budget for 2020.

Create a Reasonable Budget

Speaking of creating a budget, resolution number two is creating a reasonable budget that you can maintain in reality and stick to all year long. It is always great to dream but begin with reality so you can build your dreams on top of that. Avoid credit card debt and limit your spending on credit cards to exactly what you're budgeting for them. Remember how damaging missed payments and poor credit scores can be to the future of your small business and your finances. It can halt the growth of your business and keep it from expanding until you deal with it. This will cause you to lose precious work time and money spent on recovering from these poor actions.

Security Care

It's time, if you haven't already, to invest in excellent security care. The number of internet leaks and hacks of both personal and professional information in 2019 alone was terrifying. This has lead to the destruction of huge companies, the loss of loyal customers, and a fear that is all too real for the company and client alike. No matter the size of your company, you need to be prepared. Back up your data regularly. Create a very strong firewall to keep out intruders. Invest in the best security, optimize the safest web browsers, and use the best operating systems. Protect your companies money and information that you have worked so hard to build.

The Long Term

Take the time to determine your long term financial goals. It's easy to get caught up in what your current financial status is and what your budget is for the current quarter. But what is your long term goal? Knowing and understanding this is just as important as setting your yearly goal and budget. Your yearly goals should be determined by where you want to go and where you want to end up. This can include how much you want the company to make, how much you want your employees to make, how much you want to give in retirement, benefits, HSA's, how much it will cost to grow your physical office space, how much it will cost to hire more employees, and how much it will cost to create more products. The options are staggering, but if you have a long term goal to work towards, it will be a much easier path to walk.

Clean It Out

As painful as it can be, sometimes cleaning out the cobwebs throughout your company can help your finances more than you think. Getting rid of the unnecessary things and really "trimming the fat" can cut down production and operating costs very quickly. Every company can streamline operations and cut back to save money. As much as you want to keep every employee on board, the cost of labor is going to continue to rise for the foreseeable future. Overstaffing becomes very costly very quickly. Make sure you are properly staffed during busy and slow seasons. Also, continue to review your vendor pricing. There is nothing wrong with looking around and checking out the competition. Always stay on top of technology that can cut costs for your company too. Going paperless is one of the most popular ways to save money right away.

This won't be the easiest list of resolutions to follow, but the important ones never are. We can guarantee that each one of these is worth sticking to and the will help you and your company in the long run! Cheers to 2020!

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Staying Safe during Black Friday and Cyber Monday!

11/19/2019

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It's so easy to get caught up in the sales and excitement of Black Friday and Cyber Monday. But remember hackers and other scams will be out there waiting for you, to prey on this excitement and your joy of wanting to get a jump start on your Christmas shopping. Enjoy all of the great online deals out there, but remember to be safe while doing so!

Thanksgiving is right around the corner, and for many, the real excitement is in the rush and excitement of Black Friday and Cyber Monday. Deals are just waiting to be discovered, picked up, and purchased. One of the best parts? You can do a lot of this shopping from the comfort of your home, still eating Thanksgiving leftovers. But these shoppers aren't the only ones who are excited about the holidays. Hackers, Phishing Scams, and other dangerous lurkers are out there waiting to prey on anyone who will take the bait for a good deal. You should enjoy these opportunities and sales if that's something you enjoy doing. But if you're going to be participating in some of the biggest shopping days of the year, you need to be smart and stay safe while doing so. Please consider this list of tips and things to do as you are reaching for your credit card this year.

Shop on websites that you have known and have always trusted.
Make sure to check that you are on a safely connected network and that the website you are shopping on is SSL certified. If the website is not, you do not want to use your credit card on this site! It will be much easier for hackers to get a hold of your information from these unprotected sites.
Don't use your credit card on an open WiFi connection. If you're at a coffee shop or using a similar public connection, this is not the time to be shopping online or entering your credit card information. These open WiFi connections are much easier to hack into and into your system once you're connected. Someone might even be waiting in your favorite coffee shop to prey on people who are connected and shopping, just waiting to steal their information. Also bringing your credit card out in a public place and flashing it around while you're typing in your information is dangerous. Just wait until you get home.
If a website looks suspicious, has a poor design quality, and looks questionable, it probably is. Don't chance it. This website could represent a legitimate business, or not. Having your identity stolen and compromised isn't worth taking the chance to find out.
If a deal is too good to be true on a website that you don't know and trust, then it probably is. Phishing scams are waiting online and in your email to pounce on you during the holidays. Be aware and cautious, even more than you might normally be.
If a website is asking for very personal and unnecessary information to gain a special deal or discount, avoid it. That is a phishing scam waiting to happen!
Make sure your passwords are strong and different for every website, credit card, and bank account that you log into. Change them often and don't leave that information laying around.
If you're shopping on your cell phone, all of these bits of advice still apply.
Social media scams are out there. Make sure to spot them. Again, if the deal looks too good to be true, it will be. If the link to the website or deal looks weird, it is. Make sure to investigate any new website or deal before you start giving away any personal information.
Read reviews and ask questions from those who have purchased or shopped on a website that is new to you. Read and pay attention to anything negative about the purchasing experience. Make sure their website has an FAQ and terms of service page that make sense and has been written specifically for the company. If they looked ripped off from any generic store or website, the rest of the website is quite possibly a front for something else. If something still looks scary but you still want to buy something from the site, call their customer service number. If the company doesn't have customer service or it seems very sketchy, think again.
If everything on the website you're shopping on checks out but you get to the checkout page and it's not secure? Log out and get off of that website right away. DO NOT put in your personal information!
If you haven't already put alerts or turned them on for your credit cards and bank accounts, do so before you start your online shopping.

Being hacked, opening and falling into a phishing scam, or getting your identity stolen should be the last thing you need to worry about this holiday season. But you need to be proactive and prepared to make sure you don't fall victim to these things. Use this list as a guide to stay safe, protected, and be able to enjoy your cyber shopping without fear of someone ruining the best part of the year!

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