Many individuals make resolutions at the end of a year in order to plan their goals and objectives for the next year. Making resolutions can be very helpful for you because you get a sense of direction and that motivates you to achieve your goals and objectives. Making resolutions is quite popular but sticking up to them is not because they often usually forget about their resolutions and lose motivation to go after them.
When you make resolutions, you need to keep yourself motivated in order to achieve the goals that you have defined for the upcoming year. So, let’s make some resolutions for this year to enhance your business towards a better future.
Once you have decided to go ahead with the resolutions, consider starting with the security aspect because it is regarded as one of the major concerns of most of the companies.
You need to secure the sensitive data of your company in order to protect it from the outside world. You can use multiple methods to keep your data safe and secure from online threats.
Encryption
The very first thing that comes to mind when we talk about protecting data is to encrypt it with a password so that the data cannot be accessed by unauthorized personnel and the sensitive information regarding your company is safe and secure. When your data is not protected or encrypted, it can be accessed by anyone in the company and your information is at a risk.
DLP – Data Loss Protection
Another data protection technique is to implement DLP in your system. You should use cloud computing for storing data in your cloud accounts so that you never lose your data. However, you have to keep a check on the information that is flowing in and out of your cloud storage in order to exercise a strong security control.
Access and Privilege Control
Many companies in the past have used privilege control in order to keep access control to sensitive and important information and data. This practice is more common with companies that use the traditional system of bookkeeping because, since the emergence of the cloud system, companies can authorize individuals to have access to the data and only the authorized personnel can access and use the data.
However, there are some risks involved in cloud computing, for example; viruses attacking the cloud storage or any cybercriminal or hacker trying to hack into the account to steal the relevant information. Therefore, access should only be granted to a limited number of people who can be trusted with confidential data and are permanent members of the organization.
Use Two-Factor Authentication
In order to further enhance your security, you can use two-factor authentication to lock your account and prevent others from accessing it. In this particular authentication system, there are two concrete steps to unlock your account. First, you need to enter the password, which is something that you know, and secondly, you need to enter the code that is sent to your smartphone, which is something that you have with you at all times. These two steps ensure that your data is safe and secure from prying eyes.
Apart from the security aspect, there are many other resolutions that can help you achieve success and make you a responsible corporation of the community. You should seriously consider making some finance-related resolutions for your business in order to have a clear vision regarding the expenses and the profits that you earn in the upcoming year so that you can plan your goals and objectives accordingly. So, would you like to make some financial resolutions for your company? Here are some of the ideas that you can use in your own company.
Documenting and Organizing Your Cash Flows
Although it is a practice that is commonly known and used among businesses, some of them do not apply it properly and at the year-end, they still face problems matching the closing balance and the opening balance. In order to improve the financial health of your company, you need to implement proper use of cash flow statements so that every single penny is accounted for and the amount of cash flowing in and out of your business should be maintained with proper records. To keep the cash running, you can offer discounts to the people who owe you money in order to encourage them to pay early.
Create a Debt Repayment Plan
Debt can either make a business or break a business. It totally depends on the use and management of the debt. If you cannot pay back the debt in the given time period, you might have to face heavy penalties that can prove to be disastrous for your company. However, debt can prove to be very helpful as well, if you manage to take the perfect advantage of the opportunity to use the debt for expanding your business, you will be able to pay the loan back in time plus the interest rate.
Formalize Your Pricing Strategy
You have to be very careful when formalizing the pricing structure of your products and service. It is quite an obvious fact that in order to generate profits, your revenue must exceed the expenses of the company. The amount greater than the expenses is your profit when the after-tax deduction is distributed among the shareholders or owners of the business. Therefore, you should keep in mind the cost per unit before setting up the pricing model.
Getting Paid by Your Own Company
It is important to realize the fact that getting paid at the end of each month is quite a blessing that makes you feel good about yourself. However, you should determine the way that you want your company to pay you, for example; you can either get paid by being listed as an employee in your company or as a freelancer who works on a contractual basis.
These are some of the resolutions that you can incorporate in your business for better growth and development over the years.
