Three Easy Ways Businesses Can Combat Cyber Threats

by Marcus Harris, Software Litigator at Taft Stettinius & Hollister LLP

Since 2003, October has been recognized as National Cyber Security Awareness Month in an effort to promote safety and security online. While October has now come and gone, cyber security remains an extremely important topic and will continue as such through the foreseeable future. According to Forbes, spending on cybersecurity in the U.S. could reach $66 billion by the end of 2018; globally, it is expected to reach $170 billion by 2020.

Cybersecurity refers to a set of techniques used to protect the integrity of networks, programs and data from attack, damage or unauthorized access. We tend to think of this as only affecting big corporations and retail businesses; for instance, you might recall the Facebook breach that happened at the end of September where 50 million accounts were exposed. The truth, though, is that individuals, startups, and small businesses are just as susceptible to cybercrime as the behemoths.

In fact, the Ponemon Institute reported that 61% of breaches hit small to medium-sized businesses last year, in part due to many of these growing companies underestimating or downplaying the risk of cyber security threats. What’s more, cyber attacks are estimated to cost small businesses between $84,000 and $148,000, and 60% go out of business within six months of an attack.

So how can small businesses, which are often met with lower budgets and security measures, minimize their risk of cybercrime? Here are a few easy-to-implement ideas.

1. Be wary of allowing employees to bring their own devices.

The BYOD (Bring Your Own Device) movement has gained a lot of popularity in recent years. And for good reason, it gives employees the flexibility they want and need, and lessens the initial investment for businesses. It’s important, though, to remain aware of the potential risks associated with BYOD, especially related to company data and IT infrastructure protection. Consider supplying a business-owned device that is set up with special protections and/or restrictions. If that is not an option, make sure to have a BYOD policy in place—  see below.

2. Get clear on policies.

To avoid unnecessary disputes and the costs associated with them, implement a carefully drafted BYOD policy with your employees. This can range from how much monitoring your IT department is allowed to have over the device to when and where device use is appropriate. Other important factors: require employees to use strong, unique passwords and change them often, set up a protocol for reporting a lost or stolen device, ask that they only operate on secure networks, and require regular antivirus and firewall updates.

3. Regularly update device software.

A poorly updated device can make it easier for hackers to breach confidential information. To combat this, schedule regular updates across all devices and platforms, from desktop and mobile operating systems to web browsers, and so on. Require employees to participate in each update, whether working from their own device or one that is business-owned.

When it comes to cybersecurity, there is no one-size-fits-all plan; what works well for one business can look completely different for another. What’s most important is that there is a plan to begin with. Not sure where to start? If you need help, talk to an IT professional or an attorney who specializes in the field — it’s far cheaper to get a consultation and create a plan at the outset than it is to deal with the loss of your data — and the potential loss of your business in its entirety.

 

Marcus Harris is a Software Litigator at Taft Stettinius & Hollister LLP and works with technology companies and software developers from startups to publicly traded companies regarding software development, licensing, ownership, and distribution. Marcus has drafted and negotiated complex multimillion-dollar software development, licensing and services deals with Fortune 500 companies, and has developed and implemented an open source software strategy for a large global ERP vendor.

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A Detailed List Of 20 Point Of Sale Systems For Small Businesses

When you get started with a small business figuring out the right point of sale systems that do best by you and your business can be a difficult feat. It simply isn’t a matter of expenses, but also of compatibility, overall cost, and ease of use.

Here are 20 point of sale systems that you can choose from.

1. Shopify.

Shopify markets itself in many ways- but the best way to put it would be- a POS that can flex itself to fit almost every need of all kinds of businesses. Their prices are also something to drive home about- starting as low as 29 USD per month. But that isn’t all- Shopify is also one of the easiest to use and learn software there ever was. Their user interface is something to write home about. The entire software requires little to no training to use.

It also syncs itself perfectly- across devices such as smartphones and tablets. But more so, there is a simplification in the choosing process. You see, since this might just be your first time looking at POS systems- a simplification makes them easier to understand. Shopify is classified into three- Basic Shopify aimed at starters and those looking to break into the market, Shopify for those currently in their growth phase and running a stable business, and Advanced Shopify for those with a business who’s scaling at a fast rate. The rates and services provided differ as well- and you can even customize. With Shopify, all you need is a goal in mind and one of the best point of sale systems in the market takes care of the rest.

2. TouchBistro.

As a restauranteur, this is probably an ideal POS system for you. This is both user-friendly and is designed such that any needs of anyone in the restaurant industry is met with ease and at an affordable price. Its basic model is based on the fact that mobile payments are becoming more and more common- so it can definitely help your modernize and streamline your payment options for customers. Here too you have various pricing structures to choose from- starting with a basic 69 USD per month and going up to 399 USD per month for unlimited access.

3. Vend.

Within the US, Vend is a popular POS system. Vend focuses on making it easier for businesses to sell by making payments by customers quick and effective. Vend also allows the business itself to have a say in the payment method it would like to have- be it gift cards or credit/debit cards. There are both PC and iOS versions available. The prices start at 69 USD per month for a single system with three user outlets. There is also an advanced package at 79 USD- which enlists a single outlet but with unlimited users. And finally, the multi-outlet with unlimited users costs about 199 USD per month.

4. Brilliant POS.

What might have been a good idea a while ago has gone a little stale. With a starting price of 399 USD, this POS system allows businesses to set up cash registers, a receipt printer, a barcode scanner, and one terminal. There is even a cloud server to store all of the data. However, lack of much flexibility in cost and services makes Brilliant a paler choice in comparison.

5. POS Nation.

Customization takes centre stage with POS Nation. The POS allows the business in question to understand and manage all and every aspect of the operational process- better equipping them to make decisions. You choose the system by picking software, hardware, and everything else that comes before and after- all to the end of increasing both profit and productivity.

6. Lightspeed.

Especially designed for small and medium business in the retail and restaurant sector, this POS system provider is based in Canada. It is a cloud based solution, and one of the most powerful out there. It focuses more on local businesses by equipping them with means to streamline payments and a store management system all in one- along with data analytics to give a clearer picture of performance. Pricing options start at 99 USD per month.

7. Tiger POS.

If you’re a liquor store owner then this is the POS system that was built keeping you in mind. It’s a basic POS system- with age verification, shelf labelling, integrated security camera, and reporting alongside purchasing and receiving software.

8. Square Up.

If you’re not keen on high-end security and want something basic that simply gets the job done, then this free software POS is for you. It’ll grow alongside your business with features that allow you to make and receive payments, inventory, and digital receipts. It isn’t customized and is a general system that can be used by everyone.

9. Revel.

For better or for worse, Revel actually has features that go beyond it’s simple POS capabilities. However, a basic standard terminal by Revel comes with an iPad, printer, access point for wi-fi, payment device, a secure cash drawer, and a POS stand. You’ll have to approach revel if you want a price quotation and since Revel is very generic in their services, you’ll find a POS that suits your business.

10. Acme.

This POS system is built for retail. It focuses on security sinc avoiding fraudulent sales is one of the biggest problems in retail today. You can get the Acme Wonder Bundle for 1495 USD with a rental cost of 19 USD per month. It includes printer, barcode scanner, POS software, and a Windows 10 computer.

11. Banq.

You have 4 package options – basic, small, medium, and large. And the POS is made specifically for salon, spa, and retail solutions. You essentially get a cash register with a bunch of features- multi language, in-built CRM capable of stock transfers, tracking gift card balances, and purchase ordering, along with a few other innovative features.

12. ShopKeep.

This POS systems’ pricing structure is slightly different- starting with a standard price of 2.50 USD per day. If you opt for the hardware structure you will get an iPad enclosure, readers, and printers with cash registers and any other hardware needed for streamlining the POS.

13. Franpos.

If you’re looking to improve both employee and customer services, Franpos is a great POS system to turn to. You get competitive prices and a seven day free trial. Cloud connectivity, multi-unit management, IT and operational savings, and an on-demand access are all part of this POS- all of these systems help small business across America.

14. Lavu.

This POS is customized for catering establishments. You get some of the fastest payment processing rates in the industry, shift scheduling, and a menu/restaurant layout customization feature. Not to mention the 24×7 customer care in the US. a single terminal by Lavu will start at 59 USD per month.

15. Cashier Live.

Your run of the miss POS software- does everything from ringing up sales, to generating reports and helping the business manage staff and inventory. If you’ve a pharmacy or boutique- you’re entitled to other special features as well. For unlimited access, the cost starts as little as 75 USD per month.

16. Bindo.

With more than 300 features, Bindo really takes customization and streamlining seriously. You even get feedback through reports on what best to do next. You can start at 79 USD per month – but be careful, the cost builds up fast alongside the features that you might choose to get.

17. Springboard.

Another easy to sync POS system that works on PC and mobile phones, Springboard is a customized software for retail POS. The flexible packs start at 79 USD per month- and is easily scalable and three-tiered.

18. PayPal Here.

This is simply a mobile app that works as a credit card reader – turning it into an extremely simple yet effective POS addition to businesses who take credit payments. Automatic invoicing and digital receipts along with barcode scanning are just a few features of the app. You will pay for the card reader of course, and then go as low as 1.5 percent per transaction.

19. Toast.

Another POS solution especially for restauranteurs, Toast allows for delivery tracking, online ordering, and even real time reporting. It’s main aim is to increase profitability of restaurants.

20. ePOS.

One for the hospitality industry, this POS system includes online ordering system alongside a payment system and even a CRM. It can be incredibly easy to use and sync, allowing you to generate reports from anywhere else in real time. You can start with 15 USD per week, or buy the system for 1799 USD.

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Building A Tech Startup: Avoiding Silicon Valley Mishaps

Every startup faces an initial period of uncertainty and perhaps even public resistance, but the tech field has its own pitfalls that can break a fledgling company before it ever has a chance to find its footing. If you’re looking to bring a product or service to the world that no one has seen before, you’d better make sure you know how to keep it afloat lest a larger company swoop in and carry away all of your hard work.

Beware the tech kill zone.

There are numerous horror stories of clever startups falling prey to a larger, more well-established company hastily offering a competing service to drive its competitors out of business. Unfortunately, tech startups are in a unique sphere that allows companies to produce off-brand services more quickly than would be feasible in the case of a physical product, making it a treacherous field to rush into without a developed idea and something tangible to offer the public.

The technological kill zone can be brought about by direct action from larger companies or even the assumed threat of an established entity pushing towards the service you intend to provide. Google notably bought out Picasa, an early website dedicated to photography and photo sharing, only to reduce its budget and quietly starve it out of the internet when it failed to perform to expected levels. Instagram soon came along and scooped up the remains of its user base, leading it to take over its corner of the market where Google could have easily succeeded.

Worse yet, they may simply hire employees of high skill out of your market area and deny you the workforce you need to make your idea feasible. Make sure your idea is planned and in the process of being brought to life if at all possible.

Predict trends, don’t chase them.

Following what made a tech startup popular five years ago will rarely, if ever, lead to success. What passed as a trend half a decade ago is likely outmoded and could even be dangerous to pursue if company culture and regulations have changed significantly.

For example, companies are moving into the sphere of privacy-respecting AI in a bid to avoid coming fears and regulations relating to AI, machine learning and data harvesting. If your company simply focuses on aggregating data without care for the end user’s privacy and national regulations start to exert pressure on unethical data processing your business may be doomed from the start.

If the market demands privacy, find new sectors struggling to provide it and throw your hat in the ring. If you hear of a common recurring problem in your field of expertise, try to solve it. If everyone is oriented on technical skills and public relations are suffering, look to soft skills. Predicting what the industry needs is key for any startup.

Watch your fundraising.

There’s always going to be a lingering motivation to raise funds for your startup unless you happen to be independently wealthy. Yet as soon as you do, you allow investors and outside hands into your business that may not have the same goals and ethics as you do. Worse yet, your fundraising history might actively work against you if you opened the floodgates too soon or handed out too much stock in return for small investments.

Finding the right time to open up to investors requires knowledge of your field and a careful eye on the public’s reaction to your offerings. Confer with a corporate strategies expert and beware financiers hovering over your shoulder with small investment offerings for an inordinate amount of stock. It could keep your startup afloat for a short while, but the long-term damage may be much worse than a cash flow problem.

Avoiding basic issues with a startup requires a mind for business and social relations, but avoiding the pitfalls of the field of technology means shoring up your defences from companies with more manpower to throw at the problem you’re trying to solve. As long as you don’t leave the gate too early with ideas half-formed, your business can grow to meet new challenges in due time.

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Put A Coin In It! Invest In Early Stage Startups To See Maximum ROI

by Emmanuel de Watteville, co-founder of Blue Ocean Ventures

When anyone considers their own option to invest in a growing project or venture, they immediately think of the financial risks that come with such a business endeavor. Investing has always (and will always) come with a long laundry list of liabilities that can deter even the most experienced investors from making a generous contribution to a startup or early-stage company they believe in. However, what if I told you that making a sound investment into a blossoming startup could lead to a profitable return with minimal risks involved?

There’s a trick or two that most seasoned investors keep tucked away for when they want or need to feel secure in a project they plan on investing in, which hopefully has some chance of achieving success down the line. It’s simple; know how to spot potential and use your area of expertise to identify whether or not this startup’s product or service will become a lucrative asset to its audience.

Here’s how to spot potential in a growing company when looking to invest:

Assess the company’s product or service.

Start at the beginning and notice what the public will recognize about this company at first glance, which is their product or service. One of the most effective ways to spot solid potential in an early-stage startup is by checking out the working technology, as well as the current operating model, making sure it’s seamless and user-friendly. The technology that powers up any developing start-up or company is the foundation of its projected success. It’s not enough to simply rely on the number of downloads or initial sign-ups they receive to make a prediction of profit. An investor should know that the key to feeling secure with a product or service in development is to see that an app or other piece of technology can vouch for growing numbers based on consistent consumer use and not just a one-time engagement.

Secure the financial investment plan.

The financial set up pertaining to any sealed investment is a crucial piece of the startup assessment puzzle. A financial investment plan should provide answers to a sequence of questions that allow the investor to identify a laundry list of initial concerns. First, what rights are the investors being granted after making their financial contribution? From there, it’s time to inquire what the value of the company currently is and if their investment is going towards equity or loans. Finally, to whom would we be selling this company to in five years, and at what price? Typically, when a financial investment plan appears to be legally sound and beneficially appealing, the deal accounts for a total of 50% of the predicted return on investment.

Once a financial investment plan has been pitched, presented and approved, how can an investor make sure the ROI predictions are as close to accurate as possible? Besides evaluating the company’s missions and objectives, analyze the “blueprint for success” and monitor each benchmark performance daily and associated progress. As the company scales, hopefully at an accelerated pace, investors can place their faith in developments that provide results and in return, they will feel more secure with the contributions and long term ROI projections.

Evaluate the marketing and monetization strategies set in place.

Once an investor has completed a once-over of the technology, it’s time to reconcile two non-negotiable requirements that can either prove or disprove a startup’s ROI potential. These two requirements are possessing smart marketing and monetization strategies. A solid marketing strategy shows more than just a long term commitment to effective advertising and self-promotion; it shows investors that the company is determined to gain traction amongst its target demographic or the community it’s meeting the demands of, while on a mission to retain consumers, leading to maximum ROI in the long run.

A concrete monetization strategy, or at the very least a revenue model, gives investors detailed insight into how a startup plans to generate profit once an established network is set into place. If a company has no revenue model to reference or use as a guide, it will not survive the imminent four year mark that makes or breaks their business. It’s essential to dissect marketing and monetization strategies together. Look to the company’s leadership to clarify where they’re headed and where they plan to be in a decade; at the very least, “the founder  should be able to tell you the percentage of the market that they plan to capture over a specific time period and what type of growth potential they envision.”

Measure the traction to be gained from the product or service.

There are a number of questions that every investor must answer by way of the startup, before deciding to make a hefty investment. In this case, questions such as “What does this company’s product or service have to offer?” or “Does it possess any unique selling points or defined characteristics that sets it apart from its competitors?” will help minimize any risk associated with the sum being contributed to the startup in assessment. It’s also important to ask, “Is it a “first of its kind” asset that’s creating a new space or market?” Believe it or not, the answers to these questions will measure the need for this company’s service or product, rendering it useful or “game-changing.”

Remember, if there is a consumer-based demographic or community that will benefit from this early stage startup, there’s a greater chance you will turn a profit on your investment. 

Size up the company’s founding team members.

Save the most time-consuming assessment for last, because as an investor, you’ll want to dedicate the majority of your expertise and energy to it. Identify the strengths and weaknesses of the company’s founding team members, and those they hire at the ground zero stage of development. This step in determining your greatest chance at maximum ROI will catapult the investment process into a series of fiscal-centered meetings, and requires experience to do so effectively.

The team that any investor should be placing their trust in is one that can deliver on a promise. So, how do you know your putting your money and trust into a team that can do just that? Discuss the team’s business plan with them, understand their mission objective, take notice to how well they perform under pressure, and most importantly, ask yourself, “are they able to expand their product or service’s reach past a smaller demographic and to a larger player within their relative space?”

Before sealing the deal, the final step is to learn whether or not the company’s founder is willing to pivot in the future. Investing in a founder is key, because “if there’s a strong leadership at the helm of a good idea, they have the best chance to execute on their mission.” Nothing ever goes as planned (entrepreneurship 101!), which means that business and development models will have to change along with the fluctuating market any company is aiming to align with. Place your bets on an entrepreneur who has the guts to pivot, restructure, bounce back, and the stamina to re-orientate his business when profitability starts to seem bleak.

It’s important to note that any return on investment will take an estimated 3-5 years, with a 20-30% profit margin, approximately. However, making an investment and waiting out the startup’s development and success will prove to be worthwhile, assuming an investor assessed said startup thoroughly.

 

Emmanuel de Watteville, General Partner and Co-founder of Blue Ocean Ventures, has been part of the startup ecosystem since 2003. He has acquired extensive experience in coaching, creating, managing, developing and financing more than 200 high-tech startups across several sectors, including the medical and information technologies. With over a decade of hands-on experience in venture capital, Emmanuel is also an expert in M&A and deal structuring.

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From Finder’s Fees To Financing: Where To Start When You Want To Buy A Hotel

Total revenue of the hotel industry in the United States will surpass $200 billion this year. In fact, the hotel industry is one of the world’s fastest-growing industries in the world.

If you want to buy a hotel, things are looking good for you. Read on for everything you need to about how to buy a hotel, secure hotel loans and more in this post.

Get Familiar with the Market Before You Buy a Hotel.

You need to have a deep understanding of the local hotel market before you consider hotel financing or anything else.

Before you do anything else, put together a list of all the hotels that are currently on the market in your area. Never go for the first (and only) hotel that comes across your lap, no matter how good it seems.

An even better business opportunity might be out there for you. If you don’t explore your options, you’ll never know.

You can use BizBuySell.com to search for hotels for sale in your area and price range.

Make sure to research the real estate market to get a sense of what you can expect during offers and negotiation.

Understand Startup Costs.

When you buy a hotel the costs include the purchase of the hotel, renovations and working capital to cover staffing, marketing and operation costs.

The cost of your new hotel greatly depends on the type of hotel you are buying (luxury or budget) and the size of the hotel. THere’s a big difference between a hotel with 25 rooms and one with 500.

So how are you going to fund buying a hotel? You will need a loan.

Commercial Real Estate Hotel Loans.

Loans for hotels are a mix of a real estate loan and a business loan.

The collateral you can offer is the hotel itself. that means that the hotel will need to be approved as a commercial real estate loan. Yet, you also need to prove that your hotel is a business.

Commercial real estate hotel loans can be used for buying the hotel from the previous owner, renovating the hotel or buying new equipment. Either way, there are 3 types of hotel loans.

Conventional Bank Loans.

These loans don’t have an upper limit. The interest rate is generally between 5 and 7%. The term of this loan can go up to 25 years.

Conventional bank loans work best for strong borrowers that already have a relationship with the bank they hope to get a loan from.

SBA 7a Loans.

SBA 7a loans can give you up to $5 million dollars on loan. The rates may be 5.755 or up to 7%. The term for these loans can go as high as 25 years.

These loans are great for smaller commercial hotels that don’t need a huge loan.

SBA 504 Loans.

SBA 504 loans have an upper limit of $20 million dollars.

These loans come partly from a bank and also from the Certified Development Company. Usually, the bank provides 50% of the loan and the CDC puts in 40%. The hotel buyer puts up 10% of the needed amount too.

The interest rate is split two ways. Around 5% goes to the bank and 3.7% is the CDC cut.

SBA 504 loans usually have a 10-20 years term. Though the interest is higher than conventional bank loans, it is a good option for those who struggle to be approved for a loan from the bank.

Investors.

Your other option, maybe in conjunction with these loans is to get one or more investors. An investor will give you some of the funds you need in exchange for a percentage of the ownership or the profits.

Just make sure you avoid these 5 common mistakes when you are pitching to investors.

This section just skimmed the surface of everything you need to know about financing a hotel. Get more information here.

Finder’s Fee.

If you use a third-party person or company to help you find and secure the deal when you buy a hotel, you will need to pay a finder’s fee.

Make sure you negotiate this fee based on how much work that finder did. There’s a different cost between making a simple introduction and helping you to write a summary selling document.

Of course, the fee will also depend on how large the investment is.

Generally, you can expect to pay 5% of the first million and one percent less for each million after that.

Look at Occupancy Rates.

Before you buy a hotel, check the hotel’s occupancy register so you can have an idea about the number of guests you can expect every month.

At the same time, look at the monthly expenses. You want to make sure that the hotel you are buying is profitable already.

Compare the current rates to the hotel’s competitors to see if accommodations are priced accordingly. Chances are that at stay at the hotel is over or underpriced.

Once you own the hotel you can make changes to the expenses and the rates. And you will aim to increase the number of guests. But before you buy it is a good idea to get a sense of where the finances are currently.

Review Licenses and Permits.

Another vital thing you must do before buying a hotel is ensuring that the property has the proper licenses, permits and has adhered to the state requirements to operate.

Take a look at the paperwork for proof of proper documentation. Make sure that the hotel is up to date with property taxes and has property insurance.

Find out how much their current coverage is and what the insurance premiums are. If you don’t like the policy, you can always switch once you own the hotel.

Lastly, do research to make sure that the current hotel owner is not involved in any legal or tax-related troubles. That is something you really don’t want to get mixed up in.

Bottom Line.

We hope this guide has helped you get more information about what it takes to buy a hotel.

Remember, before you sign on the dotted line, the most important thing you must do is do your research. Then, once you are sure it is a smart investment and that you can finance it, go for it.

Next, check out these tips for success in your first business venture. Good luck with your new hotel.

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How To Start Saving Lives: 5 Tips For Finding Cardiology Jobs

The average job search takes about 43 days.

However, the amount of time depends on the industry. If you’re looking for a job in healthcare, the job search takes 63 days.

If you’re looking to kickstart your career in cardiology, this article is for you. Read on for 5 tips for searching for cardiology jobs.

1. Prepare Your Resume.

Before you start looking for jobs, you’ll want to prepare a resume to send out to prospective employers.

You want your resume to stand out. You should customize your resume for each job you’re interested in.

Be sure to include your contact info, education, and employment history. You should also include any relevant skills or awards.

Also, include a short cover letter with each application. A good cover letter should introduce you and explain why you are qualified for the job.

2. Decide What Type of Job You Want.

Before you dive into the job search, think about the type of cardiology job you want.

There are clinical cardiology jobs that treat patients. Many cardiologists have different specialities such as prevention, diagnosis, or surgery.

There are also non-clinical jobs. Some focus on research. Others work for non-profit organizations. There are cardiology jobs in medical offices or ones in a hospital.

Consider what setting you are comfortable working in. Also, think about your salary range.

Another thing to consider is location. Are you willing to relocate? Or do you want to stay local?

By having an idea of what you want, you won’t waste time applying for jobs that you’re not interested in.

3. Know Where to Look for Jobs.

Now it’s time to apply for cardiology jobs. One popular option is through online job boards.

There are countless online job boards that list jobs across all industries. There are also speciality job boards that specifically list healthcare jobs.

Other ways to look for jobs include:

• Networking
• Conferences
• Workshops
• Professional organizations
• Staffing agency

4. Get Ready to Interview.

You got an interview. Spend some time preparing for the interview.

Research the company. Come up with questions to ask the interviewer to show that you’re interested in the job. Practice interviews with a friend or family member to know what you want to say.

During the interview, remember that your body language says a lot. Practice good posture and sit up straight. Shake the interviewer’s hand with a firm grip.

After the interview, send a follow-up email to thank the interviewer for their time.

5. Don’t Be Discouraged.

It may feel like you’re doing interview after interview with no luck. Don’t be discouraged. The right job will come along with persistence and a good attitude.

Searching for Cardiology Jobs: Final Thoughts.

Job hunting is challenging. Be proud of yourself for taking the leap into the cardiology field. By following the above tips, you’ll find great cardiology jobs in no time.

Want more career advice? Check out our Professionalisms blog.

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Five Essential Aspects Of A Brand Strategy

Your brand is not something you can play by ear. It’s an essential element of marketing your business, and making it a success. If you do not have a good brand strategy in place, you can end up in a state of confusion, with a brand that is not truly reflective of what your business represents.

A good brand is not just about the logo you choose or how you develop your social media presence. You need to look at the big picture, and examine what it is you want to say about your business, before you examine the details. It’s important to remember that a brand strategy is not just about having knowledge and statistics, it’s about how you use them to connect with potential customers. You only need to look at expert media strategists like Glenda Wynyard to see that this is the case. She extols that “an approach to category, customer and media insights that is both intuitive and creative, but always has a grounding that is based on key insights derived from qual and quant research.”

What purpose does a brand strategy have?

If you do not understand your brand, and have a plan to communicate it, you are unlikely to thrive and grow as a business. This is what brand strategy is all about. You need to define what makes your business what it is. What are your goals and aspirations and what is important about what you do? Marketing tools like slogans and logos may be an essential part of your business marketing but they are not your brand. Your brand is your essence; the soul of your business.

Having a good brand strategy means that you are confident of what your brand is, and you understand how to communicate with customers to open their eyes to your brand. There are several essential aspects that you need to consider when you are developing, and maintaining, a brand strategy.

1. Knowing what your purpose is.

Just like it’s important for individuals to have a purpose in life, so businesses also need to be aware of their purpose. It’s an important part of how any business presents itself. Any business can make a lot of promises to customers, but not any business can relate what it stands for. This is not all about making money; a purpose can be anything from supporting the local community to using sustainable working practices. Take a look at Glenda Wynyard discussing Give Now Week on YouTube for further insight.

2. Maintaining brand consistency.

A consistent brand presents a cohesive message to customers. It often helps to create a style guide for all of your marketing efforts, so that the colour schemes used, and the tone of voice, remain the same. Think carefully about every item of content that you put out there for people to see. Does it really fit with the overall image of your brand?

3. Being flexible in a world of change.

Being consistent does not mean that your strategies and marketing should never alter. As technological advances are made, and processes change, so your business needs to be flexible enough to change with them. These changes only affect what you do; they do not affect who you are as a business. Your brand does not suddenly change beyond recognition; it simply evolves.

4. Rewarding loyal customers.

You should never concentrate solely on attracting new customers, and forget the ones that you currently have. Rewarding customer loyalty should be part of your brand. There are many ways that you can choose to do this. For example:

• Tailored discounts.
• Personal thank you emails.
• Special events, if you have a bricks and mortar premises.

5. Learning from the competition.

Although it’s not a good idea to simply copy your competitors, it’s fine to learn from them. Take a look at their brand, and their marketing. If they make mistakes, make sure you do not follow. If they do things well adapt your brand strategy, to take account of the good practices you have learnt.

Creating a brand strategy that takes account of these aspects can help your business to succeed in a crowded market.

from Young Upstarts https://ift.tt/2ApbBRj via website design phoenix