How Small Business Owners can Prepare for a Recession and Beat Out their Competition during Economic Downturns

What a Disgruntled Ex-Employee Who Cost a Company $678,000 Can Teach All Business Owners In early June, Kandula Nagaraju, a 39-year-old former National Computer Systems employee from India, received a two-year, eight-month prison sentence for unauthorized access and deletion of 180 test servers at his previous workplace. Despite being terminated in October 2022 due to performance issues, Nagaraju retained access to company systems. He used this access to develop and execute scripts that deleted the servers. This action cost NCS approximately $678,000 to rectify. Fortunately, his nefarious deeds did not compromise sensitive data as the servers were isolated and used for app testing. But, the company still suffered an enormous financial loss. Plus, things could have been a lot worse. This single case serves as a critical reminder: ex-employees can still be a liability, and if they maintain their insider access, they can exploit said access to inflict extensive damage. Not only monetarily, but on a much wider and more consequential scale. So harmful, that it could bring a company down and ruin its reputation to the point of no return. Why Businesses Should Always Delete the Credentials of Former Team Members Sadly, Nagaraju is just one example of many. Several companies have suffered immensely – but unnecessarily – simply because those organizations did not take the proper steps to protect themselves. Instead, they were complacent or too late to act and the results were disastrous. Because of these instances, businesses should always remove ex-employee credentials to keep their corporate data and work product secure for several reasons: Data security. Ex-employees may still have access to sensitive company information, such as customer data, trade secrets, or financial information. Removing their access ensures that this data remains secure and is not accessed or misused by unauthorized individuals. Prevent unauthorized access. Even if an ex-employee has left the company – even on good terms – there is always a risk that they could use their access to the company’s systems to make changes or access data without approval. Removing their credentials prevents this from happening. Compliance. Many industries have regulations that require companies to protect sensitive data. By removing ex-employee credentials, companies can ensure they are meeting these compliance requirements. Insider threats. Ex-employees may be disgruntled or may have left the company under less-than-ideal circumstances. They could potentially use their access to company systems to sabotage the company or steal data. Removing their credentials helps to mitigate this risk. Avoid confusion. If an ex-employee’s credentials are not removed, it can lead to confusion about who has access to what. This can make it more difficult to manage access to systems and data. And last but not least, data breach prevention. If an ex-employee’s credentials are compromised, it could lead to a data breach. Removing their credentials helps to prevent this. By deleting their access, companies have less risk of sensitive information getting out into the public domain. Because once that data is out, it’s up for grabs for anyone to capture it. So, businesses of all sizes should have a process in place to address such security issues. When an employee leaves the company voluntarily or a team member is terminated, that person’s credentialed access should immediately be removed. Additionally, steps must be taken to fill that new void to ensure workflow continues virtually uninterrupted in order to meet benchmarks and deadlines. Moreover, to keep proprietary data safe. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at (602) 541-1760, or, if you prefer,

Entrepreneurs Beware! Upselling will Undermine Your Business, So Do This Instead We’ve all experienced it – visiting an electronics chain to purchase a single item. Something you want and you’re excited to use. Reaching the checkout counter, an uneasy and annoying feeling begins to creep up. Just wanting to complete a simple transaction, you present your payment, only to be asked if you’d like to add a warranty. Then comes the follow-up savings pitch – you could save a significant percentage if you open a new credit card. Declining both, you walk out, disappointed but unsurprised at what could have been a good experience. The figures don’t lie. Retailers often earn more upselling add-ons than the margins on their products. It’s why consumers have to endure these unwelcome offers time and again. Such encounters persuade people to skip the physical store and just order what they need online to mitigate the upsell tactic. After all, it’s much easier to swipe or click past such offers than to tell another human being “No.” Now, apply this mindset to your own business. Upselling may seem like a tempting strategy to boost your revenue, but it could be the very thing that undermines your sales. Instead of pushing more products or services onto your customers, you should focus on building genuine relationships and delivering exceptional value. Why Upselling Hurts Businesses Let’s face it – most people, whether retail employees or skilled tradespeople, don’t relish upselling customers. It’s uncomfortable because they’ve been in the same position too. Like everyone else, those individuals also endured the awkward upsell and don’t want to be required to do the same. Worse still, upselling, when done improperly, can harm a business. But, that’s not all; upselling can be counterproductive for several reasons. For instance: Customer trust. Aggressive upselling or misleading customers into purchasing more expensive products can erode customer trust. Customers value honesty and transparency from businesses. If they feel a company is trying to take advantage of them through upselling, they may lose trust in the brand and choose to shop elsewhere. Negative experience. Here’s the most obvious reason. Overly pushy or frequent upselling can create a negative customer experience. Customers may feel pressured or annoyed by constant attempts to upsell, which could lead to dissatisfaction and potentially drive them away from a business. Unmet expectations. Upselling can sometimes lead to customers purchasing products or services that don’t meet their expectations or needs. This can result in dissatisfaction and negative reviews that can harm a business’s reputation. Lost sales. If customers feel they’re being upsold too aggressively, they may decide not to make any purchase at all. This could result in lost sales for the business and bad word of mouth from dissatisfied customers too eager to share their negative experiences with others. Resource misallocation. Focusing too heavily on upselling can divert resources away from other important areas of the business, such as customer service or product development – two positive and helpful things. Damage to brand image. This bears repeating, if a business gains a reputation for aggressive or misleading upselling, it could damage its brand image and make it harder to attract new customers. To avoid these pitfalls, businesses should focus on providing value to their customers, rather than just trying to increase sales at any cost. This means only offering upsells that genuinely benefit the customer and being transparent about the value of the upsell. Better yet, instead of upselling, try upserving. 7 Compelling Reasons to Upserve Instead of Upsell You may have heard the term “upserving” before. Regardless if you’re familiar with it or not, it’s a great alternative because it puts customers’ needs first. So, businesses should focus on upserving their customers instead of upselling for many compelling reasons: Customer satisfaction. Upserving means providing more value to the customer. Again, this could take the form of offering a product or service that genuinely meets a need or enhances their experience. When customers feel that a business is looking out for their best interests, it increases their satisfaction and loyalty. Long-term relationships. Upselling can sometimes feel like an annoying sales tactic, one that can erode trust and damage the long-term relationship with the customer. On the other hand, upserving builds trust and fosters a stronger, more positive relationship. Positive brand image. Businesses that focus on upserving are seen as customer-centric and trustworthy. This enhances the brand’s image and reputation. What’s more, customers are much more likely to make referrals based on such positive experiences. Increased sales. While upselling can increase sales in the short term, upserving can lead to even greater sales in the long run. Satisfied customers are more likely to make repeat purchases and recommend the business to others. Customer retention. Upserving helps to retain customers. It’s much more cost-effective to retain an existing customer than to acquire a new one. When you upsell, you run the risk of losing a customer because they feel like you’re putting your bottom line before their needs. Differentiation. In a crowded market, upserving can be a key differentiator. It sets the business apart from competitors who may be more focused on upselling. Customer Lifetime Value. Upserving can increase the customer lifetime value (CLV). CLV is a measure of how much a customer is worth to a company throughout their relationship. By upserving, businesses can increase this value. So, upserving is about putting the customer first and providing them with more value. This leads to increased customer satisfaction, loyalty, and ultimately, more sales over the long term. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at (602) 541-1760, or, if you prefer,

Are you feeling run down and stressed out? Are you finding it hard to get motivated to work on your business? If so, you are not alone. Many business owners find themselves in this position at some point in their careers. However, just because you are feeling worn out doesn’t mean that you have to give up. There are things that you can do to re-energize yourself and get back on track. In this article, we will discuss some of the best tips for overcoming burnout and getting your energy back. Start by Lowering Street, Eating Senisbly One of the most important things that you can do to combat stress and fatigue is to control your stress levels. If you are constantly feeling overwhelmed, it is important to take some time for yourself and relax. There are many ways to do this, such as yoga, meditation, or simply taking a walk outside. Taking some time each day to de-stress will help you feel more refreshed and ready to work on your business. Burnout hurts. When you burn out at work, you feel diminished, like a part of yourself has gone into hiding. Challenges that were formerly manageable feel insurmountable. It’s the opposite end of the spectrum from engagement. The engaged entrepreneur is energized, involved, and high-performing; the burned-out entrepreneur is exhausted, cynical, and overwhelmed. —Harvard Business Review Another way to re-energize yourself is to make sure that you are eating light lunches. Heavy meals can make you feel sluggish and tired. Instead, focus on eating healthy foods that will give you sustained energy throughout the day. Fruits, vegetables, whole grains, and lean protein are all great options for an energy-boosting lunch. Effective Steps Burned-Out Business Owners can Re-Engergize In addition to reducing stress and eating light lunches, it is also important to drink plenty of water. Dehydration can lead to fatigue and make it difficult to focus. Make sure to drink water throughout the day to stay properly hydrated. But, these alone may not be enough. So, also do the following: Exercise. Exercise is another great way to combat stress and fatigue. Taking a brisk walk or going for a run can help you clear your head and boost your energy levels. Exercise releases endorphins, which have mood-enhancing properties. If you can, try to get in some exercise every day, even if it’s just a short walk around the block. Sleep better. Getting more restful sleep is also crucial for overcoming burnout. If you are not getting enough sleep, you will find it difficult to focus and get things done. Make sure to give yourself time to wind down before bed and create a relaxing environment in your bedroom. This will help you fall asleep more easily and get the restful sleep that you need. Take breaks. Finally, it is important to take regular breaks throughout the day. Working non-stop will only make you feel more stressed and tired. Instead, take a few minutes every hour or so to take a break. Stretch your legs, grab a cup of coffee, or simply step away from your desk for a few minutes. Taking breaks will help you stay refreshed and focused on your work. If you are feeling burned out, don’t despair. There are things that you can do to re-energize yourself and get back on track. By following these tips, you will be well on your way to feeling refreshed and ready to take on the world. Interested in learning more about business? Then just visit Waters Business Consulting Group.