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Blog | Innovative Business Networking - Page 3

Building a Brighter
Future

Building a Brighter
Future

Building a Brighter
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IBN Member Minute - Chrissy Strangie

As the novel coronavirus (COVID-19) continues to spread, many businesses are assessing ...

18.09.2019
IBN
video
Successful Networking Is All About Having the Right Energy

As the novel coronavirus (COVID-19) continues to spread, many businesses are assessing ...

15.10.2019
IBN
post
The Business Benefits of Streamlined Debt Collection

As the novel coronavirus (COVID-19) continues to spread, many businesses are assessing ...

29.08.2019
Philip Ciampa
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How Businesses Can Securely Work From Home
As the novel coronavirus (COVID-19) continues to spread, many businesses are assessing how they can prioritize their employee safety and still maintain regular business operations. One solution many businesses are turning to is recommending employees to work from home to avoid potential illnesses. To help ease the burden on businesses, Microsoft, Google, LogMeIn, Cisco Webex, and Zoom are providing free remote working tools. With the likely increase in remote work, companies will have to prepare in various ways to avoid cybersecurity risks or interruptions to business. “When supporting a remote workforce, understand that security controls shift. Therefore, firewalls, DNS, and IDS/IPS could be ineffective when employees head home. Most environments that support VPNs should be able to protect the remote user, be sure to account for the bandwidth of users and remote desktop sessions,” said Dan Garcia, Senior Information Security Engineer II at Datto. CISA’s VPN Guidance The Cybersecurity and Infrastructure Security Agency (CISA) released an alert to encourage organizations to adopt a heightened state of cybersecurity. According to the CISA, remote work options require a VPN solution to connect employees to an organization’s network. The CISA encourages organizations to review the following recommendations when considering alternate workplace options: • Update VPNs, network infrastructure devices, and devices being used to remote into work environments with the latest software patches and security configurations. See CISA Tips Understanding Patches and Securing Network Infrastructure Devices. • Alert employees to an expected increase in phishing attempts. See CISA Tip Avoiding Social Engineering and Phishing Attacks. • Ensure IT security personnel are prepared to ramp up the following remote access cybersecurity tasks: log review, attack detection, and incident response and recovery. Per the National Institute of Standards and Technology (NIST) Special Publication 800-46 v.2, Guide to Enterprise Telework, Remote Access, and Bring Your Own Device (BYOD) Security, these tasks should be documented in the configuration management policy. • Implement MFA on all VPN connections to increase security. If MFA is not implemented, require teleworkers to use strong passwords. (See CISA Tips Choosing and Protecting Passwords and Supplementing Passwords for more information.) • Ensure IT security personnel test VPN limitations to prepare for mass usage and, if possible, implement modifications—such as rate limiting—to prioritize users that will require higher bandwidths. • Contact CISA to report incidents, phishing, malware, and other cybersecurity concerns. The CDC has released some best practices for a disease outbreak plan: • Review human resources policies to make sure that policies and practices are consistent with public health recommendations and are consistent with existing state and federal workplace laws (for more information on employer responsibilities, visit the Department of Labor’s external icon and the Equal Employment Opportunity Commission’s external icon websites). • Explore whether you can establish policies and practices, such as flexible worksites (e.g., telecommuting) and flexible work hours (e.g., staggered shifts), to increase the physical distance among employees and between employees and others if state and local health authorities recommend the use of social distancing strategies. For employees who are able to telework, supervisors should encourage employees to telework instead of coming into the workplace until symptoms are completely resolved. Ensure that you have the information technology and infrastructure needed to support multiple employees who may be able to work from home. In addition, managed service providers (MSPs) are recommending the following best practices and advice for how businesses can remain secure through potential remote work scenarios. • Use a Secure WiFi Network: If possible, you should work on your secure, private home network instead of relying on public WiFi. If you send your data through an unsecured WiFi connection, you lose the power of privacy making it possible for cybercriminals to intercept your data. You may be putting personal information at risk if you are accessing your email account or sending sensitive data over a public WiFi network. It’s essential to ensure your network is secure through the use of a VPN and a strong password that isn’t easily cracked. • Secure Your Home Workstation: Ensure you have fully patched and updated anti-virus and anti-malware software. It’s important to follow the same best practices you would as if you were in the office, and report any suspicious activity or concerns to internal IT or your MSP. • Coordinate With Your Internal IT or MSP: When working remotely, it’s crucial to continue your typical cybersecurity best practices and reach out with any questions or concerns.
30.03.2020
George McCracken
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Value Creation Strategies: Meet Charlie
You heard through the grapevine that “Charlie” just sold his business for a ton of money. What confounds you is you know from talking with him occasionally at the annual trade show, his business is pretty darn similar to yours.
However you know the value of your business is never going to bring in what you understand he drove off with!
What is it he knew that you don’t?
This happens all the time. See, you have a fine business, but it's a business built to sustain your lifestyle. It pays your bills, let's you go on vacation and pay your mortgage.
It's not a business built to sell.
And now that it’s time to sell, after 30 looong years of building it to where it is, you are scratching your head wondering how “Charlie” pulled it off. As much as you might think your business is worth enough to sustain your retirement and let you go sailing off in the sun; the reality is, it's probably worth a lot less than you think.
Plus, it's not just what you think about your business to sell it for a great price, it's about what a potential buyer thinks!
Here’s the 3 Secrets to Selling your business for a great price:
1. With respect to “Value”, EBITDA and Multiples are virtually EVERYTHING for most businesses.
2. Understanding how to manage the component parts of your multiple unlocks tremendous Value Creation… as in 25 – 50 even 100% greater value than today’s 'lifestyle business'. The 7 Pillars of Value Creation unlocks that door.
3. AND… you have no time to waste! Time is not your friend.
You see, what “Charlie” understood was how to reposition his company from a 'Built for Lifestyle' business to a 'Built for Sale' business.
He was able to improve the multiples as well as increase the EBITDA through 2 of the 7 Pillars, which when all combined, boosted the value of his EBITDA from $1.6million, to $2.1 million.
His multiple a buyer was willing to pay went from 4.4 to 6.0.
What does all that mean?
He turned a business valued at $7,000,000 a year or two ago into a sale for $12,600,000 in very short order. This is real. It is what happens when you understand how a buyer looks at your EBITDA, and how to improve the confidence that buyer has your EBITDA will still be there after you, the founder, depart.
To do this, we've created the '7 Pillars of Value Creation' that is designed to identify where your company is falling short, and tell you EXACTLY what to do to improve various aspects of your business.
Do that, and the multiple rises, and your sale price dramatically increases.
And now, Charlie is driving off into the sunset and his pals from the trade association are still working well past their retirement targets… with a great lifestyle, but not what they wanted, and not having any idea what happens around the corner…
If you want to discover how the '7 Pillars of Value Creation' can help you, it starts by taking our Saleability Survey. Your score determines your current position, and then we can show you EXACTLY where you need help to increase the value of your business.

   
30.01.2020
Steve Vesey
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