More businesses than ever now depend on their website to act as the face of their business. For e-commerce and web based companies, their websites are the business. Downtime of any type or length can have a catastrophic effect on sales and the bottom line.
While most website downtime is caused by technology malfunctions or human error, there is a more sinister concern that is waiting to wreak havoc. And rather than waiting for you to stumble across their websites, criminals are increasingly going where the traffic is by targeting legitimate websites. In fact, the rising tide of malware is causing chaos for companies of all types.
I am sure that you have heard that small businesses are the backbone of our economy; and it's true. Some 98.6% of all businesses are considered small, so they're significant. And let's not forget: every large business was, at one point, small.
Here are five challenges small business owners face:
The more I have seen in business, the more I have learnt the importance of learning from people who have the results you are looking for. These days many people are willing to give advice, the question is what advice do you take on?
Given that the average wealth of the people listed in the BRW Young Rich List is $65.5 million (every year BRW magazine publishes The Young Rich List. The list includes the 100 wealthiest people in Australia under 40), I think we can trust that these people, at least for the most part, know how to make money. Everyone in the list is self-made and has therefore not inherited any of their wealth. James Packer has never been featured in the Young Rich List.
What does it take to become one of the fastest growing companies in the country, Alan Chapman an Entrepreneur Organisation Melbourne Member and founder of TLC IT Group explains to thinkBIG.
In July 2001 at age 33, Alan Chapman founded TLC IT after working as an IT systems engineer with the Department of Defence. "In the late nineties there was a shortage of IT engineers and it was easy to get started in a new industry," Alan says.
"I started TLC IT because I noticed that the SMB market was not being well serviced."
Many contractors will be familiar with the various forms of contract used in today's business environment. It is important that business owners understand the ramifications of contractual obligations/ conditions with regard to insurance coverage and how insurance coverage may be prejudiced in the event of a claim which includes contractual liability issues.
In most of these contracts, the insurance/indemnity clauses will state words to the effect: "ABC Pty Ltd agrees to indemnify XYZ Pty Ltd &38230; " (XYZ Pty Ltd being a principal in contract.)
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