12 Things About Windows 10 You Don’t Know – And How They’ll Change The Way You Use It

by Felicien | Feb 23, 2018 | Education

Shining A Light On The Dark Web: How Much Is Your Personal Information Selling For?

by Felicien | Feb 23, 2018 | Education

The dark web is a busy illegal market. To best protect yourself you need to know what items are in high demand, how much they go for, and how to best protect your information so that you don’t fall victim to this type of crime.

The Internet is a scary place – a black market web of illicit and illegal acts. The old saying that the best offense is a good defense applies to the Internet as well – to protect yourself you must know what is out there.
How often is it that portions of our identities are bought and sold on the web? What is secure and what isn’t? How much are people paying for personal information on the dark web? These are the questions you should be asking yourself.

What information is sold on the dark web
Price

Social Security
$1

General Non-financial institution logins
$1

Subscription services
$1-$10

Credit Debit card numbers without the CVV
$5-$110

Credit Debit card numbers with CVV
$10-$115

Loyalty accounts
$20

Driver’s License
$20

Online Payment Services
$20-$200

Fullz info
$30

Diplomas
$100-$400

Passport
$1000-$2000

Medical Records
$1-$1000

When it comes to protecting your personal information, often the first thing you think about is your Social Security number. Many believe it’s the only thing that gets routinely sold on the dark web. Surprisingly, the data shows that this is not in the least bit true.
Social Security numbers are only valued at $1. For less than the cost of a candy bar, you can buy a Social Security number, general non-financial institution logins, or subscription service logins such as Netflix or Hulu. Forbes magazine reported that in December of 2017 a file with 1.4 billion hacked and leaked passwords was found on the dark web. A bulk of these passwords and logins were for subscription accounts on Netflix, Last.FM, LinkedIn, MySpace, dating site Zoosk, adult website YouPorn, as well as for favorite games like Minecraft and Runescape.
Beyond subscriptions to streaming services, hackers gain make real money off of your personal information. For example, with just $5 you can afford to buy credits card numbers. If you want credit card numbers with the CVV number, it will cost you only an additionally $5. One of the more surprising items is that the dark web wants are loyalty accounts. For the cost of a typical gym membership, you can have a person’s loyalty account number or their Driver’s License number.
For about the cost of a dozen roses ($30), you can find all kinds of Online Payment services or “Fullz” info. Fullz information is an information bundle that includes a name, SSN, birthday, account number, and other data. This cost has gone down since 2015; in just two years’ time, Fullz information has dropped from $15-$65 to just $10-$30.
On the more expensive end of the dark web, you can find items from diplomas and passports, to even medical records. These can run you $100-$400 and $1000-$2000 respectively. These items being on the black market have their own repercussions. It begs the question of why medical records were worth so much more, in comparison to spending $1 for a Social Security number.
Jean-Frederic Karcher, the head of security at communications provider Maintel explains that “The main reason medical institutions and the NHS are targeted is that they have vast amounts of patient data at their disposal. Hackers can sell large batches of this personal data for profit on the black market”.
What causes the difference in cost for personal information on the dark web?
There are four main factors that impact the price of personal information. The first two elements are a fundamental economics equation where cost is dependent on the supply and demand. Another factor is the balance of the account – if the credit card has significant available credit, it will cost more. Same with loyalty cards that have a high stability of points. Lastly, the cost of personal data can be dependent on the ability to reuse the data. For example, a person would pay more for a credit card that they can use multiple times, as compared to a gift card they could use only once.
How are they getting this information and what can you do to protect yourself?
“According to the ITRC, data breaches in the United States during 2016 hit an all-time high of 1,093, which represents a 40% increase over the previous year.” Weak passwords and unmonitored accounts are the leading causes of identity theft.
Weak passwords
Often cybercriminals can gain access to this information from simple things such as poor password choices or weak antivirus software. Overlooking small vulnerabilities such as these gives opportunities for your information to be sold on the dark web.
Unmonitored financial accounts
To best protect yourself, you should monitor your accounts and statements for anything that looks suspicious. Hackers usually target people that they know they could get a good lead on. For example, an elderly lady, that can’t see that well, won’t be tracking her account like a younger person would be on a smaller budget.
Unmonitored credit reports
Thirdly, remember to check your credit report often. If you are subscribed to a credit report service, remember to keep copies of your report anytime they are requested. For example, if you buy a vehicle, or open a credit card, you should have a copy of the report sent to you as well. That way you can look for any discrepancies on your report and identify them right away.
Not reporting suspicious activity
Hackers also know that often their crimes won’t be reported. If you note something suspicious and don’t report it, you are giving them another leg up on you. The more time that goes by, the less likely it is that you will be able to recover. The Federal Trade Commission (FTC) tracks identity theft statistics, helps victims, and coordinates responses by various governmental agencies. The average company offers employees an average of 10 days of leave per year, which equals out to 80 paid hours of leave. The FTC reports that recovering from identity theft takes an average of six months and 200 hours of work. That would be over two years’ worth of leave accrual.
Knowing what is on the dark web is only half the battle – you should also know what is valuable on the dark web and what isn’t. You should know how these items are getting into the wrong hands so that you can best protect yourself and your information. Remember to use strong passwords and monitor your accounts and credit cards for any discrepancies. If you notice anything out of the ordinary you should report it right away. Don’t let your information end up on the dark web. Get a few steps ahead of these hackers today.

5 Startling Statistics About Cybersecurity In 2018

by Felicien | Feb 23, 2018 | Education

Cybersecurity facts you might not already know, that are affecting you right now and what you need to know to protect yourself and your business.

With the benefits of the Internet came negatives as well, like one of those group bundles that you have to buy together. In order to protect yourself from the negatives of the Internet, you need to know the cost of cybercrime, and how it can impact your business. These are 5 startling statistics about cybersecurity in 2018 and what they mean for companies of all sizes
Cybercrime will inflate to $6 trillion
Cybercrime will cost us $6 trillion annually within the next three years, which is twice what we paid in 2015. The Wall Street Journal estimated that the cost of cybercrime in the U.S. in 2015 was $100 billion. With cybercrime growing at this rate it is essential to ensure that your cybersecurity is rapidly progressing as well. This is more than the amount of money we spend combating all illegal drugs combined, which is a whopping $44 billion, just this year. In 2017 WannaCry ransomware worm held companies, large and small, to more than $100,000 in ransoms.
Cybersecurity costs are similarly inflating

It is reported that we will spend more than $1 trillion in combating these escalating cybercrimes. To gain some perspective, the US has spent $4.79 trillion on the War on Terror collectively from the countries of Iraq, Afghanistan, Syria, and Libya, since Sept 11, 2001. In 2017, WannaCry ransomware reached over 150 countries costing $4 billion in damage (apart from the ransom). This example is representative of the average cost of a cybersecurity breach – this does not count towards the costs of insurance, which usually doubles or triples the insurance premium after an attack.
Cybercrime overshadowing its counterpart

While cybersecurity tries to keep up with the inflation of cybercrime, it still falls short year after year. Cybersecurity positions remain underqualified and understaffed. The number of positions not filled will triple to 3.5 million by the year of 2021. Currently, to combat this, all IT positions are dual-purposed as cybersecurity positions as well.
Humans overpopulating their technological counterparts

Cyber attacks have shifted their focus from machines to humans. In 2017, there were 3.8 billion Internet users. This is staggering when you realize that this makes up 51% of the total world population. Even worse, this increase shows no signs of slowing or stopping anytime soon. It is calculated that by 2030, that there will be more than 7.5 billion Internet users. Within 12 short years, Internet users will increase from 51% to 90% of the total world population. More users mean more cybercrime.
Ransomware damage costs increase by 1500%

The cost of global ransomware is estimated at $325 million in 2015. By the end of 2017, this number had already multiplied to $5 billion. Again this growth is only predicted to get worse. By 2020, this should easily quadruple to $12 billion. It is reported that currently, more than 4,000 ransomware attacks happening each day. In 2017 a ransomware attack occurred every 22 seconds. By 2020 they will happen every 14 seconds.
So what does this mean for your company?
This means that just as fast as these criminals and attacks are occurring, you need to be preparing. You can prepare your business to survive these attacks by completing a few tasks. To be able to prepare, respond and recover from these attacks you need to train your staff, to know what current threats are out there, and develop cybercrime policies and procedures.
You can prepare for a cyber attack by keeping up to date on current cyber threats to your company. Over 2 million new malware attacks are launched every day. Recent examples of these hazardous cyber threats are seen in the Meltdown and Spectre bugs. Both Spectre and Meltdown could allow potential attackers access to your business’s data. Ransomware, crypto, and malware attacks are the top cybersecurity threats as reported by Forbes Magazine in 2018.
Responding quickly to a cyber attack is incredibly important. If you suspect a cyber attack, you need to immediately work to isolate it, so that it cannot spread through your entire business’ network. Then, you should identify critical assets of your organization so that you can protect those the most. Having a policy in place establishes what steps should be taken, and who is responsible for what. This will limit the confusion of trying to combat an active attack while directing everyone in what to do.
Recovering from a cyber attack should start with informing your customers.  It is reported that one of the most significant costs of a cyber attack is the lost value in customer relationships and brand name. For example, Home Depot and Target suffered a combined total of $554 million in losses due to lost customer relationships and damage to their brand name. To avoid this, you should be transparent with your customers right from the beginning. Letting your customers know will ensure that you are saving yourself from class-action lawsuits, and protecting your business’ reputation. Explain your plan of action to clients so that they can understand that you are containing and correcting the problem. After assessing the attack, you should know which portions of your company have been affected and which haven’t. This way you can restore missing data from the previous backup, and address where there is still missing data.
Establishing policies and procedures aid in protecting your company but you should also consider software that can help detect and isolate cyberattacks. For example, in just one month’s time, Symantec software blocked an average of one million online attacks each day.
According to Microsoft, 20% of small to mid-sized businesses have been cybercrime targets. Small and medium businesses need to make sure they are protected just as well as large companies are. Hiring cybersecurity staff is not in everyone’s budget, but there are other options such as software that can automate detection of these attacks through your corporate network. The faster your business responds to an attack, the better your company will be able to recover.
Knowing these facts, ask yourself: what is your business doing to prepare? Being proactive is your best option – don’t sit idle while your world crumbles around you.

The FCC Reveals Weaknesses In Small Business

by Felicien | Feb 22, 2018 | Education

Is Cybercrime Keeping You Up At Night? Check Out These 20 Key Cybersecurity Tips To Help You Stop Stressing Out
Small businesses are often unprepared for the latest cybercrime tactics used by hackers today. The FCC recently published a helpful Cybersecurity Tip Sheet to help small business owners strengthen their defenses. 

The U.S. Federal Communications Commission (FCC) reports that “theft of digital information has become the most commonly reported fraud, surpassing physical theft”. Hackers are constantly working to break through cyber defenses. Even worse, your small business is attractive to them because you’re an easier target than larger organizations.
Here are some shocking statistics:

43% of cyber attacks target small businesses.
60% go out of business within six months of a successful cyber attack.
48% of data breaches are caused by malicious acts. Human error or system failure are the cause of the remaining 52%.

While small business owners worry about cyber attacks, many aren’t allocating money in their budgets towards risk mitigation. Unless you take precautions to block hackers and computer viruses, you’re opening the doors of your business to cyber theft.
The FCC produced a one-page Cybersecurity Tip Sheet with the following advice for securing your small business:
Train employees in security principles.
Establish basic security practices and policies for employees, such as requiring strong passwords, and establish appropriate Internet use guidelines that detail penalties for violating company cybersecurity policies. Establish rules of behavior describing how to handle and protect customer information and other vital data.
Protect information, computers, and networks from cyber attacks.
Keep clean machines: having the latest security software, web browser, and operating system are the best defenses against viruses, malware, and other online threats. Set antivirus software to run a scan after each update. Install other key software updates as soon as they are available.
Provide firewall security for your Internet connection.
A firewall is a set of related programs that prevent outsiders from accessing data on a private network. Make sure the operating system’s firewall is enabled or install free firewall software that’s available online. If employees work from home, ensure that their home system(s) are protected by a firewall.
Create a mobile device action plan.
Mobile devices can create significant security and management challenges, especially if they hold confidential information or can access the corporate network. Require users to password-protect their devices, encrypt their data, and install security apps to prevent criminals from stealing information while the phone is on a public network. Be sure to set reporting procedures for lost or stolen equipment.
Make backup copies of important business data and information.
Regularly backup the data on all computers. Critical data includes word processing documents, electronic spreadsheets, databases, financial files, human resources files, and accounts receivable/payable files. Backup data automatically if possible, or at least weekly and store the copies either offsite or in the cloud.
Control physical access to your computers and create user accounts for each employee.
Prevent access or use of business computers by unauthorized individuals. Laptops can be particularly easy targets for theft, and can also easily be lost, so lock them up when unattended. Make sure a separate user account is created for each employee and require strong passwords. Administrative privileges should only be given to trusted IT staff and key personnel.
Secure your Wi-Fi networks.
If you have a Wi-Fi network for your workplace, make sure it is secure, encrypted, and hidden. To hide your Wi-Fi network, set up your wireless access point or router so it does not broadcast the network name (known as the Service Set Identifier, or SSID). Password protect access to the router as well.
Employ best practices on payment cards.
Work with banks or processors to ensure the most trusted and validated tools and anti-fraud services are being used. You may also have additional security obligations pursuant to agreements with your bank or processor. Isolate payment systems from other, less secure programs and don’t use the same computer to process payments and surf the Internet.
Limit employee access to data and information, and limit authority to install software.
Do not provide any one employee with access to all data systems. Employees should only be given access to the specific data systems that they need for their jobs and should not be able to install any software without permission.
Strengthen passwords and authentication.
Require employees to use unique passwords and change passwords every three months. Consider implementing multi-factor authentication that requires additional information beyond a password to gain entry. Check with your vendors that handle sensitive data, especially financial institutions, to see if they offer multi-factor authentication for your account.
In addition to the FCC’s Tips above, be sure to do the following:
POS and Payroll
Any devices that handle sensitive information like payroll or point of sales (POS) devices should be on a separate network from computers that access web pages or check email.
Strictly enforce your cybersecurity policies and practices.
Regularly review your cybersecurity practices and policies as to how your employees should protect your sensitive data and personal information. Be sure to include the consequences of violating your cybersecurity policies and practices and enforce them. Your employees must be held accountable for any infractions.
Administrative rights.
Admin rights should only be provided to the most trusted of your IT staff or contracted out to a professional IT Managed Services Provider (MSP).
Web pages
Protect all the pages on your public-facing websites – not just the sign-in and check out ones.
Never leave your business phones, laptops, tablets or other computer devices unattended. Don’t leave them out in public or even in a locked car.
These devices contain your sensitive business information and could fall into the hands of a thief.
Password protect and encrypt all of your devices. 
Encrypt the data on all of your computer devices. Consider using full-disk encryption as well. This will lessen the risk to your sensitive business information.
Use encrypted websites when providing sensitive information.
Only trust websites that use encryption to protect your information being sent from your computer to their server. An encrypted website will use https at the beginning of the web address – look for this indicator on every page of the website, not just the page where you log in.
Routers
Make sure your router is set up securely. If you don’t, cybercriminals can gain access to your sensitive business information on your computer devices. Always change the name of the router to something else rather than the default it came with. Furthermore, change the router’s pre-set password to your own long and complex one. Ensure your router software is up to date by visiting the manufacturer’s website for new versions. Don’t use any remote management features – if enabled, disable them, and always log out as an administrator. (When it comes to setting up your network you should consider using an expert IT Managed Services Provider.)
WIFI Hotspots
When accessing WIFI Hotspots in airports, hotels or other public places only send information that’s encrypted. Be sure to avoid access mobile apps that require your personal, business or financial information.
If your business is compromised, make sure you take the necessary steps to inform the authorities. The Federal Trade Commission advises that you contact them as well. You can access their Data Breach Response Guide by visiting: https://www.ftc.gov/tips-advice/business-center/guidance/data-breach-response-guide-business
For more information about cybersecurity for your business, or a complimentary assessment of your overall IT security, contact our cyber security experts.

New Sheriff In Town: Microsoft’s Surface Ready To Rule All Laptops

by Felicien | Feb 22, 2018 | Education

Stop Trying To Decide Between A Laptop Or A Tablet – The Real Question Is, Surface Book 2 Or Surface Pro?
Microsoft has a lot to offer when it comes to hybrid laptop/tablets – but which one is right for you?

Wondering whether to purchase the Surface Pro or Surface Book 2? Think about what matters to you most. Here’s a comparison based on their capabilities, design and more.
Price
The Surface Pro costs less than the Surface Book 2. It’s available from $799 for the base model up to $2,699 for the top-of-the-line version. The Surface Book 2 is bigger and more expensive than the Surface Pro, but it offers more in terms of performance. You’ll pay between $1,499 and $2,999 for the 13-inch Surface Book 2, and between $2,499 to a whopping $3,299 for the 15-inch model. Keep in mind that the Surface Book 2 comes with a much-improved full-size keyboard, while with the Surface Pro, you’ll need to purchase the Type Cover separately ($99 to $128 depending on the one you choose).
Power
Both the Surface Book 2 and Surface Pro are performers when it comes to power. However, the Surface Book 2 is a workhorse that outperforms the Surface Pro and most similar laptops on the market today. The Surface Book 2 uses Intel’s latest eighth-generation processor, while the Surface Pro (2017) features Intel’s seventh-generation processors. (Note: You can opt to get a Surface Book 2 with a seventh-generation chip, but if you’re doing this for cost purposes, you’ll probably be happier with the Surface Pro with a Core i7 processor.)
Battery Life
Longer battery life is perhaps one of the most requested features when it comes to mobile devices, and neither device will disappoint in this respect. However, the Surface Book 2 is a more suitable choice when it comes to battery life. The newest Surface Pro provides nearly 14 hours of battery life, whereas Microsoft promises up to 17 hours of battery life from the15-inch Surface Book 2.
Graphics
The Surface Book 2 outperforms the Surface Pro in terms of graphics. The Surface Book 2 comes with two graphics processors, a NVIDIA GTX 1050 on the 13-inch model, and an NVIDIA GTX 1060 on the 15-inch model. However, the Surface Pro provides a decent graphics experience with an Intel HD Graphics 620 or Iris Plus Graphics 640, yet these can’t compare to the graphics components in the Surface Book 2.
Screens
The Surface Book 2 has an Intel HD 620 GPU, making it a great choice for high-end graphics works. This is what makes the Surface Book 2 standout. The screen offers a 3:2 ratio with 3000 x 2000 pixels at 267 pixels per inch. However, both the 13-inch Surface Book 2 and Surface Pro have the same 267 pixels-per-inch (PPI) density. Either of these devices will deliver excellent colors, contrast, and brightness.
Memory and Storage
Both the Surface Pro and Surface Book 2 provide configurations up to 16GB of memory and up to 1TB of internal storage. The Surface Pro comes with 16GB of RAM and a 512GB SSD, and you can upgrade to 1TB for an additional $50. With the Surface Book 2, you can save hundreds of dollars by opting for the 256GB storage option rather than a 1TB one.
Weight
The Surface Pro is 1.69 pounds without a keyboard so you’ll never feel like you’re carrying a computer in your backpack. The Surface Book 2 weighs 4.2 pounds if you get the 15-inch model, and 3.62 pounds if you choose the 13-inch.
Cameras
The Surface Pro comes with two cameras for taking photos and recording video: an 8-megapixel rear-facing camera and a 5-megapixel front-facing camera. Both cameras can record HD videos in widescreen mode. The Surface Book 2 models all come with a forward facing 5-megapixel camera, and an 8-megapixel camera in the rear that can record in HD at 1080p resolution.
Ports
If port availability is what you’re looking for, the Surface Book 2 wins.
Ports are sparse on the Surface Pro because of its limited size, so it only has a single USB Type-A, mini DisplayPort, and microSDXC card reader. However, there is a headset jack, and a Surface connector (for power and docking). The Surface Book 2 includes a USB Type-C, two USB Type-A’s, and a full-size SDXC card reader. It has a full-sized USB 3.0 port, a mini-DisplayPort for video, an SD card slot, and an audio jack. Except for the audio jack, all the ports are on the keyboard base so they won’t come along with you when you detach the screen.
The Bottom Line is What Matters to You the Most.
The work you’ll be doing is the ultimate deciding factor when selecting between the Surface Pro and Surface Book 2. If you’ll be using graphic-intensive apps, and if you want to play today’s computer games, you’ll want to choose the Surface Book 2. If you need a device with more battery life, this is your best bet as well.
However, if you want an easy-to-carry, lighter computer for everyday use to use for email, web browsing, and document editing, the Surface Pro is probably your best choice.

Got A Plan For When You Kick The Bucket?

by Felicien | Feb 21, 2018 | Education

If Not, Your Legacy May Only Last As Long As You Do.
Whether you own a restaurant or have just launched a new IT startup company, succession planning is the key to longevity.

We often have long-term and short-term goals for our business, which is so important. It keeps us on track and headed in the right direction – but what about succession planning?
The U.S. Trust recently released a survey about Wealth and Worth where they sampled groups of multi-million dollar business owners. Two-thirds of business owners interviewed said they really hadn’t thought about who would take over their company in the event of their death, long-term illness or retirement.
The report stated that “A large number of business owners have not articulated a strategy for ensuring the highest possible valuation of the business or its continuity beyond the current owner”.
Bad things happen to good people
Humans have a tendency to believe that bad things will never happen to them but they often do. One legal website says that less than 30 percent of all business owners actually have a solid succession plan in place. No one wants to think about dying, but the reality is that, eventually, it’ll happen to us all, and not necessarily when you’d expect. Approximately 150,000 people die each day across our planet.
Once you see the issue in that perspective, you’ll realize that this is something important and you need to plan for it. If you die or just retire without a good succession plan, then your business could be in trouble. In a Sole Proprietorship, once the owner dies, the business dies as well. The business owner’s executor will liquidate all assets, then pay off all outstanding debts. In some cases, there isn’t much left for the heirs to inherit.
Leaving your family financially set
Scenarios like this cause great stress for family members, not to mention chaos for employees. One day, you have an amazing job working for someone you respect and the next day the business is closing its doors and selling all assets. In this modern age, it’s completely unnecessary for things like this to occur.
Today, business owners are thinking more and more about exit strategies. You may want to retire at some point or sell your business and use the profits for a new start-up. Innovative technological advancements open the doors every day for amazing new businesses to be created. A good plan of succession can help you sell the business and reap the highest profits.
So, what should your main concerns be when creating a succession plan? How can you ensure that your business will continue to thrive even without you at the helm? Consider these top five Best Practices for strategic succession planning.
Best Practice One: Your Business Goals
The first and most important step is to sit down with your spouse and talk about your long-term goals for the company. Do you want to keep the business in your family? If you have family members who can run the business, then this is a real possibility. On the other hand, if your surviving family members live in other states or have their own business to run, it might not be the best idea. Each situation is different and requires a unique approach.
Best Practice Two: Engage An Attorney
Now that you know what is best for your business and your family, should anything happen to you, it’s time to speak with an attorney. Start by explaining your business and family situation. Maybe you have children who wouldn’t be able to take over your business until they’re older. In that case, your estate will need an executor. Your spouse and/or children should not have to suffer or be placed in tenuous situations. Outline your wishes with legal documents that make it clear what should happen next if you die or become incapacitated and unable to run the business yourself.
Making smart choices
One the biggest obstacles to this process is that people tend to make emotional decisions that might not be ideal for the business. Ask a good friend, hire a consultant or whatever you need to do to get honest feedback. Ask your lawyer what he thinks. Attorneys have so much experience in areas where the average person knows nothing. Before finalizing anything, be sure to talk to trusted friends about your choices and make sure they agree with what you’re about to do. Don’t forget that you can go back and alter the agreement if circumstances change in your life. This should always be done whenever there’s a divorce or some other life-changing event.
Best Practice 3: Choosing The Right Business Structure
All entrepreneurs will tell you that selecting the right business structure has so much to do with your success or failure. Depending upon your business type, certain business structures offer more flexibility, lower tax rates, and limited liability exposure. The most common types of business structure are:
Sole proprietorship – Certainly the simplest method of doing business, but also the one with the highest tax rates. The self-employment tax on net income is typically higher than other rates. In addition, a sole proprietor is risking the loss of personal and business assets if some type of lawsuit is ever filed.
Partnership – Owned by two or more people. There are several types of partnerships. This entity offers unlimited liability to each partner for any debts incurred by the business.
Limited Liability Company (LLC) – This entity offers personal protection from any lawsuits filed against the company. It also provides the ability to create a brand name and business name that you can build marketing campaigns around. It clearly defines the relationships of the partners in the business. One of the biggest drawbacks are the high self-employment taxes assessed on ordinary net income.
Best Practice Four: Mentoring Employees
When you’ve found the business structure that’s right for your situation, you can begin to build around that. Great leaders are able to identify and mentor employees with strong potential. Your business goals should always include choosing a successor to carry on your legacy if that is important to you – you can’t leave it to chance.
During the course of your business life, you’ll hire people who seem to have values similar to your own. Keep an eye out for those people. When you find someone with similar work and personal philosophies, spend some time developing their skills. Big companies like IBM and Microsoft have programs to mentor people who really want to go all the way with the company. These industry giants understand the importance of highly trained employees who want the company to succeed. Great employees should be the backbone of every small and large business.
Best Practice Five: Motivating Top Talent To Help You Succeed
A good plan of succession identifies and rewards top talent. But it also accomplishes something else that’s much more valuable – it better outlines your company’s relationship with its employees, which helps to increase their motivation and drive. When your employees realize that you value their input and care about developing future leaders, they simply work harder for you. Recruit the right people and then help them develop their skills so they can move into more challenging roles. Reward workers who are doing an exemplary job.
Get the most out of your business
Strong business discernment is a key factor in building a sustainable business that will live on whether you pass away or just sell out and buy an island in the Pacific Ocean. The stronger your business is, the more profitable. Additionally, you’ll have the peace of mind knowing that your family and your employees will not suffer if some unforeseen tragedy occurs.