The transition from remote to hybrid work environments

Watch our recent webinar about creating a hybrid workplace that supports a mix of remote and in-office employees.

The past year, lockdowns brought cloud communications to the forefront and have been critical to businesses enabling teams to work from home and continue to communicate with their co-workers, suppliers, and (most importantly) customers. We are now entering the next normal – a hybrid workplace that supports a mix of remote and in-office employees. 

In a recent webinar, One View Communications, partnering with Broadvoice, outlined industry trends related to moving back to full time in-office work vs. splitting time in a hybrid environment, and how having the right communications and collaboration solution is critical to navigating the “hybrid” work world.

 

Watch the recording below:

 

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  • Next up: Ask SCORE: Three Basic Financial Documents For Business
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  • Ask SCORE: Three Basic Financial Documents For Business

    In order to properly manage your business operation and develop ongoing strategies for growth, businesses need to have complete and accurate financial data. Making time to manage financial reporting, however, can be cumbersome for many small business owners. There are three financial documents, however, that should not be ignored: the balance sheet, the Profit & Loss statement (P&L) and the cash flow statement.

    When you own a small business, there are deadlines to meet, customers to satisfy, orders to fill, products to ship – and a million other tasks to perform. Finding the time to manage both the business and finances can be overwhelming.  Additionally, the use of spreadsheets for data monitoring may not be optimal for reviewing financials for operational and strategic purposes.

    Therefore, making the time to manage financial information is an important function of running a profitable business. At a minimum, the three basic financial documents that provide important information should not be ignored – the balance sheet, profit and loss statement and cash flow statement. By keeping these statements up-to-date and within reach, you’ll always have a strong sense of the financial health of your business. Additionally, these documents provide information on net worth, revenues and expenses, and the amount of cash received and leaving the business.

      Balance Sheet

    The balance sheet is a point in time statement which details assets, liabilities and capital (owner equity) of the business.  It provides detailed information on assets and expenditures over the preceding fiscal period.   While Cash is considered the most important number, other information regarding accounts receivable, owned property and major liabilities are also critical. The balance sheet elements together provide the net worth of the company. 

    Profit and Loss Statement

    The profit and loss statement, or P&L, is the income statement. It summarizes the business’ revenues and expenses during a specific period – usually by fiscal quarter and year. Specifically, the income statement provides information on:

    Sales & Revenue – money taken in

    Cost of Goods sold - money spent up front by the business in supplies and/or labor. In other words, the cost to provide the product/service

    Gross Profit – money made after accounting for the cost of goods sold

    Expenses - details on the money spent to operate the business.

    Utilizing this information, the business can calculate critical information on gross profit margins, operating profit margins and net profit margins

    Cash Flow Statement

    Through analysis of cash flow documents, the business can monitor how changes in balance sheet accounts and income affect cash. The cash flow statement breaks the information down into three categories: Operating Activities which are those that generate income, Investing activities which are purchases or disposal of assets such as plant and equipment, and Financing activities which represent loan repayments or borrowings. In order to be a useful resource in managing the business, this statement is typically generated on a monthly basis. It acts as a bridge between the balance sheet and income statement as it shows how money moves in and out of the business. Additionally, cash flow documents are helpful when assessing performance trends and other aspects of your business that wouldn’t be as evident if you were evaluating your business only based on the balance sheet or P&L.

    Together, these documents give the state of your business’ financial health. This information is the basis for making fact-based strategic decisions for your business. Additionally, these documents are a useful source of information in preparing the business tax return and are essential in the event the business requires additional funding.

    A SCORE mentor can assist you through the process of setting up and maintaining your business’ balance sheet, P&L and cash flow statements.  Contact SCORE to obtain more information on this and other pertinent business topics as well as to request mentoring assistance.


    Content courtesy of
    SCORE

    Since 1964, SCORE “Mentors to America’s Small Business” has helped more than 11 million aspiring entrepreneurs and small business owners through mentoring and business workshops. More than 10,000 volunteer business mentors in over 250 chapters serve their communities through entrepreneur education dedicated to the formation, growth and success of small businesses. For more information about starting or operating a small business, call 1-800-634-0245 for the SCORE chapter nearest you. Visit SCORE at www.score.org.

    Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

     



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  • Next up: Why Holiday Gifting is Important
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  • Why Holiday Gifting is Important

    If you're still contemplating whether or not to give gifts to your employees or loyal customers, or are unsure what to give, check out these 9 suggestions to consider this holiday season.

     

    It has been another crazy year and it’s time to show your employees and clients some gratitude. Making even a small gesture helps to show them that you value them personally, as well as their contribution to your business. 

    Tokens of appreciation are especially important as we cross off another year in a global pandemic, and will help to keep them as employees and as clients. If you can’t afford bonuses for employees, a small gift still lets them know they matter to you. 

    Here are a few suggestions that you might want to consider:

    Give personalized gifts. Even a small gift basket that reflects their likes or hobbies shows them that you care and have taken the time to notice what they like and who they are.

    Think outside the box. Instead of the usual, consider giving them something unique such as a special book or tickets to an event.

    Charitable donations can be a good fit. You might give them a choice of a few charities and make a donation to their favorite one.
    If possible, hand deliver the gift. Keeping social distancing rules, but giving a gift in person, shows them that they are important to you.

    Be time sensitive when gifting. This is especially important if you are gifting food items. 

    Be sensitive to price and know company rules when choosing gifts. Some companies limit the amount spent on gifts that employees can accept or don’t allow employees to accept gifts at all. 

    RELATED: Read more from Tim Dimoff

    Don’t just shop from your supply closet. If you give your company’s promotional products as holiday gifts, be sure to include something with it such as a bonus check or a gift card. Adding something tells the recipient that you care and didn’t just grab whatever was handy.

    Keep it simple and tasteful. No gag gifts or gifts that can be construed as too personal. No clothing, perfume, gym equipment etc. 

    Consider gift cards or gift baskets. They can be enjoyed by your employees’ or clients’ families and can also be ordered and shipped last minute if necessary.

    The takeaway here is that remembering your employees and clients at holiday time is important and builds goodwill and loyalty. The cost of the gift is secondary to the thought. Happy Holidays!

    Timothy A. Dimoff, CPP, president of SACS Consulting & Investigative Services, Inc., is a speaker, trainer and author and a leading authority in high-risk workplace and human resource security and crime issues. He is a Certified Protection Professional; a certified legal expert in corporate security procedures and training; a member of the Ohio and International Narcotic Associations; the Ohio and National Societies for Human Resource Managers; and the American Society for Industrial Security. He holds a B.S. in Sociology, with an emphasis in criminology, from Dennison University. Contact him at info@sacsconsulting.com.

     
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  • Next up: Why Small Businesses May be More Vulnerable to Cyber Attacks
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  • Why Small Businesses May be More Vulnerable to Cyber Attacks

    With more products and services being offered online and with the uptick in the amount of people working remotely, cyber security is an even greater concern than ever before. Learn how to keep your company safe.

     

    Since the pandemic, many small businesses are staying afloat utilizing cyber business methods, new technologies, e-commerce or online business sales, as well as using remote workers. While these changes may be good, they have also created new opportunities for cyberattacks. More than half of small business owners say they are more worried about potential cyberattacks since the pandemic began. It is very important that small business owners become proactive in protecting their information systems and in training their staff to detect any attempts at cyber-fraud.

    The vast majority of cyberattacks come through email scams and phishing attempts or malicious software. Businesses with more than 20 employees and those who utilize remote workers seem to be most at risk of a cyber-fraud incident. Additionally, the business sectors involving manufacturing, wholesale trade, and administration management are also at greater risk.

    A cyberattack on a small business can result in both stressful and financial effects. It can negatively impact everything from their banking information to business relationships and more. It is a good idea to invest in cyber insurance if it is available.

    RELATED: 11 tips for keeping your company secure.

    Additionally, there are a few other steps that a small business can take to help ward off cyberattacks including:

    • Train your employees about cyberattacks, how to detect them and how to avoid them.
    • Establish basic security procedures for employees, including using strong passwords, how to protect customer data and other vital information.
    • Update all devices to the latest security software, web browsers, and operating systems. Use antivirus software and firewalls.
    • Create a mobile device action plan to encrypt data for employees who are working remotely. Each employee should have a separate user account in order to trace any activity if there’s a problem.

    RELATED: Read more by Tim Dimoff.

    • Back up critical business data and store the information in the cloud.
    • Secure Wi-Fi networks with Service Set Identifier (SSID) and password protection.
    • Work with banks or credit card processors to safeguard payment information.
    •  Talk with other business owners and share information on known scams, attacks and best practices.
    • Report any cyberattacks to law enforcement or other authorities. Notifying the Better Business Bureau is also a good idea.

    It is more important now than ever to protect your information. Small businesses are vulnerable to attack but taking some precautionary measures will go a long way toward protection.

    President, SACS Consulting & Investigative Services, Speaker, Trainer, Corporate Security ExpertTimothy A. Dimoff, CPP, president of SACS Consulting & Investigative Services, Inc., is a speaker, trainer and author and a leading authority in high-risk workplace and human resource security and crime issues. He is a Certified Protection Professional; a certified legal expert in corporate security procedures and training; a member of the Ohio and International Narcotic Associations; the Ohio and National Societies for Human Resource Managers; and the American Society for Industrial Security. He holds a B.S. in Sociology, with an emphasis in criminology, from Dennison University. Contact him at info@sacsconsulting.com.

     

     

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  • Next up: Year End To-Do Small Business Security Checklist
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  • Year End To-Do Small Business Security Checklist

    As the year comes to a close, here are three things you should check on when it comes to keeping your small business safe and secure.

     

    As we come to the end of 2020, a year that has presented new challenges and forced new ways of doing business for many of us, it’s time to review and update our business policies and procedures. This year has been especially challenging for many small businesses due to the need to put into place new ways of doing business, taking on new expenses to keep employees and customers safe from COVID 19, learning to do business remotely and much more. These new business models have come with new procedures, new business methods and new challenges.

    Check Your Employee Handbook
    A good place to start your review is to take a look at your employee handbook. Even a small business needs an employee handbook, so if you don’t have one, now is the perfect time to write one. In writing one or updating an old one, make sure the information in it is an accurate representation of your company and its culture. You may need to add a new section that covers remote working policies for your employees or a section on wearing masks, social distancing and other new procedures. You may need to include a section on rules for using electronic equipment if employees are working remotely. It’s important that you bring your handbook up to date with any and all changes that have taken place in your ways of doing business. Be sure to distribute the updated copies to all employees and have them sign that they received a copy.

    RELATED: Do you have these 10 things in your employee handbook?

    Check Your Finances
    This is also a good time to assess the financial state of your business and complete your accounting end-of-year checklist.  Along with this comes a review of your internal controls. This is a very important review to help you decide whether or not additional controls or fail-safe procedures are necessary. Employee theft is a huge problem for small businesses costing as much as $50 billion dollars annually!  Even if you have trustworthy employees who have been with you for years, you are still at risk for internal theft and fraud. Take the time to review all your internal controls. These can include your policy on writing and signing checks, who has access to cash, penalties for theft of merchandise and more. 

    RELATED: Read more from Tim Dimoff.

    Check Your Security
    You should also review your security practices and equipment if you run a business that could experience shoplifting or customer theft. With people out of work due to the pandemic, there is a greater chance you could be the victim of this type of theft. Make sure your establishment is secure and prepared to prevent and detect any type of theft.

    Equally as important is a review of your physical security practices. Ensure your building and your parking areas are well lit. Update your entrance and exit security procedures. Double check your internal theft prevention procedures. Make sure you have the latest and most secure cybersecurity possible. 

    While these reviews may seem daunting, they are very important to keeping your business safe and secure. If you are not sure how to do these updates and reviews, you can hire a company like mine to assist you. Reviewing all of these things will give you enhanced security and peace of mind. 

    President, SACS Consulting & Investigative Services, Speaker, Trainer, Corporate Security ExpertTimothy A. Dimoff, CPP, president of SACS Consulting & Investigative Services, Inc., is a speaker, trainer and author and a leading authority in high-risk workplace and human resource security and crime issues. He is a Certified Protection Professional; a certified legal expert in corporate security procedures and training; a member of the Ohio and International Narcotic Associations; the Ohio and National Societies for Human Resource Managers; and the American Society for Industrial Security. He holds a B.S. in Sociology, with an emphasis in criminology, from Dennison University. Contact him at info@sacsconsulting.com

     
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  • Next up: 10 Benefits of Using Subscription-based IT Services for Your Business
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  • 10 Benefits of Using Subscription-based IT Services for Your Business

    Enlisting the help of a Managed Service Provider for your IT needs is becoming increasingly popular. Here are 10 reasons why.

    Have you noticed there seems to be a subscription for everything these days? In the good old days it was just things like magazines, newspapers and the occasional jelly of the month club. But today just about anything comes in subscription form—clothes, makeup, dinners, wine, pet items. The list goes on and on.

    And it’s not just individual subscriptions. Increasingly, companies are opting in to the subscription-based services mindset as well. They are saving themselves time, money and hassle by enlisting the help of a Managed Service Provider (MSP) to take care of their IT needs. It’s estimated that in 2019, managed services spending could account for nearly 20% of total IT spending worldwide.

    Companies, no matter what size, can discover the following 10 benefits of subscription-based services.

    Benefit No. 1: Enhanced Customer Service. Subscription business cultivates an ongoing and close-knit relationship with customers. Managed services allows for consistent, cohesive engagement throughout the relationship, across all functional areas. 

    Benefit No. 2: Cost Streamlining. Using a subscription means the company can unload significant in-house investment of infrastructure and equipment onto the managed IT provider.

    Benefit No. 3: Customized Plans. Providers can create unique plans and adjust their offerings to reflect actual usage. It is no longer necessary to pay for capacity you don’t utilize.

    Benefit No. 4: A Safer Environment for Your Data. The most innovative cybersecurity tools in existence reside in the Cloud. Under subscriptions-based services, you can keep your data safer than ever before.

    Benefit No. 5: Fixed Regular Expenses. With subscription services, you won’t have to guess what your future costs will be. Providers can help tailor these fixed expenses to fit your budget—costs won’t change mid-contract and that have the potential to lower with longer terms.

    Benefit No. 6: Centralized Expert 24/7 Infrastructure and Support. Subscription options enable clients to access support for applications, servers and every other IT need that already exists in the Cloud—a key reason so many companies are moving.

    Benefit No. 7: Faster Response and Recovery Times. When utilizing a subscription-based service, you have the potential to get up and running in the event of an interruption—or after a disaster—with minimal downtime.

    Benefit No. 8: Ease of Scalability. The flexibility of a subscription allows your IT support to grow as your business does.

    Benefit No. 9: Increased Employee Productivity. As a result of reduced network and application downtime, your employees can get more done.

    Benefit No. 10: Less IT Pressure. Technology is only getting more advanced. Using a subscription-based service can help alleviate the stress a company may feel to keep up with the capabilities required in this increasingly complex area.

    TEC Communications is proud to be the first Cisco partner in Northern Ohio. We can help make any business’ IT operate more efficiently and safely with full-scale Cybersecurity, Cloud, Data Center, Network Infrastructure, Video-Voice-Messaging Collaboration, Carrier Services, Wireless & Mobility and Managed Services solutions. Contact us at www.tec4it.com to learn more.


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