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Rolling Out GDPR – Are you ready for May 25th?

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First question… What is GDPR?

It stands for General Data Protection Regulation, and it’s a new standard for the way in which companies manage and maintain their customers’ data within the European Union.  It goes into effect on May 25th.  Second question, as a U.S. based company, do you really care?

You probably should.   As a starting point, I’d suggest reading the following article:

https://www.forbes.com/sites/forbestechcouncil/2017/12/04/yes-the-gdpr-will-affect-your-u-s-based-business/#4b1592dd6ff2

A quick summary of the article is that any U.S. based company that has a web presence and sells products as the result of web contacts needs to review their data practices and how the GDPR might impact them.

In a recent webinar hosted by BrightTalk, entitled “Getting Ahead of the Compliance Curve”, the presenters stressed that full implementation requires a combination of technical and organizational measures to protect your data.   Part of that could be encryption, but operational processes are also required to ensure complete compliance.  As part of that, two key implementation points are the “right to be forgotten” feature, and the requirement that all data breaches must be reported within 72 hours.

Once in place, the GDPR is positioned to impose significant fines for non-compliance.  One report indicates that fines can be up to 4% of your annual global revenue.  Another example is that if a company is breached and credit card information is accessed, the fine could be in the neighborhood of $3/card breach.  Simple arithmetic shows how quickly the fine can go up based on the size of your breach.

Confused? Concerned?  It all starts with understanding current practices within your environment, assessing them against the requirements of GDPR, and determining what needs to happen next.    When in doubt, ask for help – call Huber Advisors at 651-429-9991 to see about getting an assessment of the impact and how to address any shortcomings within your business.

Find more customers? I’d rather be fishin’: A Minnesota Approach to Marketing in 2018

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Just like that, 2018 is here and in full-swing. If you’re like most businesses, you’re looking to grow. And if you’re like most of those businesses, growing means gaining more customers. There are many marketing analogies out there. We’re in Minnesota so we’re going to use fishing to help explain how to “catch new customers.”

Fishing for Customers in 4 Steps:

  1. What category of fish? Saltwater or freshwater. Big fish or pan fish. Identify your ideal customer personas.
  2. What type of fish and what lure? Sunny, northern, swordfish, or trout. Craft a marketing message that attracts and connects with your target personas.
  3. Where to fish? What pond? What area of the lake or ocean? Market where your personas live.
  4. Go fish. What’s your technique? How are you working the lure. You have the tackle box and the spot picked out – put it to action and adjust as needed.

Ok, those are four, easy-to-understand steps. But, as you probably know, there’s a lot of info to cover in each of those steps. Fishing is an art. It takes experience, knowledge, and the right gear.

At the January 17 Small Business Advisory Board Lunch and Learn event, we’ll help you to answer the question, “Where Can I Find More Customers?” Join us to hear our panel of marketing and sales “fishing guides” present great information on how to get started and answer any questions in our Q&A session. Register here.

Please Join Us!

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You wont want to miss this! Coming in February, The Healthy Workplace: 10 Ways to Build a Great Work Environment That Produces Meaningful Results

Meet with our experts Jessica Hamilton (HR Consultant), Deb Sauder (Leadership Strategist), and Zaylore Stout (Employment Attorney) while they dive into the topic of corporate culture. This will be an interactive workshop!

Wednesday, February 7th, 9:30-11:30 am

Officenters-International Plaza

7900 International Drive, Suite 300

Bloomington, MN 55425

Questions? Send us an email at info@smallbizab.com ! Register at: https://smallbizab.com/events/the-healthy-workplace-workshop/

Are Your Employees Happy?

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Are you a business owner with employee problems such as…

 

  • Negative attitudes?
  • Drama in the workplace?
  • High turnover?
  • High Absenteeism?
  • Poor work ethic?
  • Poor job fit?
  • Lack of good candidates?

 

If any of these issues sound familiar to you, you’re not alone.  Having an engaged and productive workforce is critical to the success of your business and as you know, getting the people part right is sometimes the most difficult thing to do.   Register now and join us on December 13th to connect with other business owners navigating the same obstacles you are.  Get free, tangible and effective tips from industry experts on best practices and innovative ideas in creating a great work environment.

 

Our panel of experts will give you key actions you can take to:

 

  • Assess your current culture
  • Stay on top of important best practices to avoid legal issues
  • Increase current employee engagement
  • Attract and retain great talent

 

Why attend?  Because happy employees mean happy customers.  Create a happy, healthy, and engaged workplace in 2018 and experience the positive results in your business!

Emotional Intelligence – A Game Changer for Small & Midsize Businesses

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Emotional intelligence (EQ) is the ability to identify, use, understand, and manage your own emotions in positive ways to relieve stress, communicate effectively, empathize with others, overcome challenges and defuse conflict.  “When the concept of emotional intelligence was introduced to the masses, it served as the missing link in a peculiar finding: people with average IQs outperform those with the highest IQs 70 percent of the time. This anomaly threw a massive wrench into what many people had always assumed was the sole source of success–IQ. Decades of research now point to emotional intelligence as the critical factor that sets star performers apart from the rest of the pack.” Travis Bradberry

What is Emotional Intelligence a measure of?

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Supplier discounts .. Something to think about

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Attached is a nice article showing you how you can have your cake and eat it to0.  Taking advantage of supplier discounts and improving your cash availability.   https://liquidcapitalcorp.com/blog/learn-quick-way-take-advantage-supplier-discounts/?ref=793

This is something that is regularly discussed at the Monthly SBAB luncheons.    If this is of interest to you,  you should consider attending.

 

Some things simply stay the same.

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I came across a report that highlighted four key areas on which to focus your recovery strategies:

  • Virtualization
  • Cloud Computing
  • Mobile Devices in the Workforce
  • Social Networks

Looking at today’s business climate, these are certainly four areas that can still impact your environment.

What’s interesting is that the list is from a CIO poll from April, 2012.  A lot of the basic elements of your recovery strategy really haven’t changed in the last five years (if not longer).  Nonetheless, important areas for your planning.

 As you work on your recovery strategies, here are some key points you to consider:

 Size does not matter.

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