Posts in category: Business Growth

Protecting Your Small Business: Essential Cybersecurity Tips

In 2021, approximately 46% of security breaches had an impact on small and medium-sized enterprises (SMBs).

There exists a multitude of cyberattack types, with social engineering attacks such as phishing and denial-of-service attacks being the most common ones affecting SMBs.

To bolster your overall cybersecurity posture, it is advisable to incorporate universally acceptable strategies for staying ahead and protecting your business from cyberattacks.

This article is intended for business proprietors seeking to gain an understanding of cybersecurity and safeguard their companies against cyber threats.

While the exact timing of an attack may remain unpredictable, taking appropriate precautions can thwart or significantly impede a hacker’s efforts to infiltrate your network.

We have compiled useful information explaining why your small business might be susceptible to cyberattacks and how you can protect your business through cybersecurity best practices.

Why Cybercriminals Target Small Businesses:

Verizon’s 2021 Data Breach Investigations Report revealed that 46% of security breaches affected small and midsize businesses.

This may not come as a surprise, as new small business owners often prioritize other aspects of starting a business, inadvertently leaving security vulnerabilities open to exploitation by hackers.

This oversight can have severe consequences.

According to a joint study by IBM and the Ponemon Institute, the average cost of a data breach increased by 10% in 2021. Verizon’s data suggests that the costs associated with 95% of incidents involving SMBs ranged from $826 to $653,587. Furthermore, SMBs often lack the resources needed for effective defense.

Independent researcher and technology risk analyst Stephen Cobb notes that small businesses fall within the sweet spot for cybercriminals, offering more digital assets to target than individual consumers but possessing less security than larger enterprises.

When coupled with the costs associated with implementing robust defenses, this makes them prime targets for intrusion. Security breaches can be devastating for small businesses, often leading owners to pay ransoms to recover their data. SMBs can also serve as stepping stones for attackers seeking access to larger enterprises.

Notable Statistics:

A survey conducted by Digital.com in March 2022 found that 51% of small businesses had not implemented cybersecurity measures.

Types of Cyberattacks to Be Aware Of:

Irrespective of their target, hackers generally aim to gain access to sensitive data, such as credit card information.

Familiarizing yourself with various hacking methods is crucial for preparedness. While this list does not encompass all potential threats, it is essential to be acquainted with the following types of attacks:

Advanced Persistent Threat (APT):

An Advanced Persistent Threat (APT) is a sophisticated and long-term cyberattack strategy typically carried out by highly skilled and organized threat actors, often with the backing of nation-states or well-funded criminal groups.

APTs are characterized by their persistence and stealth, as they aim to infiltrate a target network or system and maintain unauthorized access for an extended period, sometimes months or even years, without being detected.

Key attributes of APTs include:

• Stealthy Approach: APT actors use various techniques, such as social engineering, spear-phishing, and zero-day exploits, to gain initial access to a target. Once inside, they take great care to remain undetected.
• Long-Term Focus: APTs are not opportunistic; they have specific targets and objectives. They patiently gather intelligence, steal data, or disrupt operations over an extended period.
• Adaptability: APT actors often adapt their tactics, techniques, and procedures (TTPs) in response to security measures taken by the target, making them challenging to defend against.
• Use of Advanced Tools: They leverage sophisticated malware, custom-developed exploits, and advanced command and control infrastructure to maintain access and control.
• High Motivation: APT actors are highly motivated, often with political, economic, or strategic goals. They are willing to invest time and resources to achieve their objectives.
• Target Variety: APTs can target a wide range of organizations, including government agencies, corporations, research institutions, and critical infrastructure.

Defending against APTs requires a comprehensive cybersecurity strategy that includes continuous monitoring, threat intelligence sharing, employee training, and the use of advanced security technologies. Organizations must be vigilant and prepared to respond swiftly if an APT breach is suspected to minimize potential damage.

Distributed Denial-of-Service (DDoS) Attack:

A Distributed Denial-of-Service (DDoS) attack is a malicious attempt to disrupt the normal functioning of a network, website, or online service by overwhelming it with a flood of traffic from multiple sources, often controlled by a botnet. The primary goal of a DDoS attack is to make the target system or service unavailable to its intended users.

Key characteristics of DDoS attacks include:

• Distributed Sources: DDoS attacks use a large number of compromised computers, servers, or devices, often spread across the internet, to generate a massive volume of traffic simultaneously.
• High Traffic Volume: The attacker floods the target with a significantly higher volume of traffic than it can handle, consuming its bandwidth, server resources, or network capacity.
• Variety of Attack Types: DDoS attacks come in various forms, such as volumetric attacks (flooding with traffic), application layer attacks (targeting specific software vulnerabilities), and protocol attacks (exploiting weaknesses in network protocols).
• Disruption, Not Data Theft: Unlike other cyberattacks that aim to steal data or gain unauthorized access, DDoS attacks focus on rendering a system or service inaccessible for a temporary period.
• Short-Term Impact: DDoS attacks are generally short-lived but can cause significant downtime and financial losses for the targeted organization.

To mitigate DDoS attacks, organizations employ various defense strategies, including traffic filtering, rate limiting, content delivery networks (CDNs), and specialized DDoS mitigation services. Additionally, monitoring network traffic for unusual patterns and having an incident response plan in place are crucial for minimizing the impact of DDoS attacks.

Inside Attack:

An inside attack in cybersecurity refers to a security breach or malicious activity initiated by someone who already has authorized access to an organization’s internal systems, networks, or data. This person could be an employee, contractor, vendor, or anyone with legitimate credentials or physical access to the organization’s resources.

Inside attacks can take several forms, including:

• Insider Threats: These are individuals within the organization who misuse their privileges intentionally or unintentionally. Motivations can range from financial gain to personal grudges or ideology.
• Compromised Accounts: An attacker may gain access to an employee’s or administrator’s account credentials through methods like phishing, social engineering, or brute force attacks, effectively masquerading as an authorized user.
• Third-Party Vendors: Contractors, suppliers, or service providers with access to an organization’s systems can also pose inside attack risks if they are compromised or act maliciously.

Inside attacks are particularly challenging to prevent and detect because the perpetrators often have a level of trust within the organization.

To mitigate inside threats, organizations implement security measures such as access controls, user monitoring, employee training, and implementing the principle of least privilege, which restricts user access to only what is necessary for their roles.

Regular security audits and incident response plans are also essential to respond effectively when inside attacks occur.

Malware:

A malware attack in cybersecurity involves the use of malicious software, or “malware,” to compromise a computer system, network, or device with the intent of causing harm, stealing data, or gaining unauthorized access. Malware encompasses a wide range of malicious programs, including viruses, worms, Trojans, ransomware, spyware, and more.

Here’s how a typical malware attack unfolds:

• Delivery: Malware is delivered to the target system through various means, such as email attachments, malicious website downloads, infected software, or compromised files.
• Infection: Once on the target system, the malware executes and infects the device or network. Different types of malware have various methods of propagation.
• Execution: The malware carries out its malicious actions, which can include stealing sensitive data, damaging files, encrypting data for ransom, hijacking the system, or creating backdoors for future access.
• Persistence: Malware often attempts to establish persistence by modifying system settings, creating auto-start entries, or concealing itself to evade detection and removal.
• Command and Control (C2): Many types of malware connect to a remote server controlled by the attacker to receive commands, exfiltrate data, or download additional malicious payloads.
• Impact: The ultimate impact of a malware attack can range from mild inconvenience to severe data breaches, financial losses, system downtime, or compromised security.

Cybersecurity measures to defend against malware attacks include using antivirus and anti-malware software, keeping software and systems up to date with security patches, educating users about safe online practices, implementing strong access controls, and regularly backing up data to mitigate the impact of ransomware and data loss.

Man in the Middle (MitM) Attack:

A Man-in-the-Middle (MitM) attack is a cybersecurity threat where an attacker secretly intercepts and potentially alters the communication between two parties, often without their knowledge or consent. This attacker positions themselves between the sender and receiver of data, acting as an unauthorized intermediary.

Key characteristics of a MitM attack include:

• Interception: The attacker intercepts data transmitted between two parties, which can include sensitive information such as login credentials, financial data, or personal communications.
• Unauthorized Access: The attacker gains unauthorized access to the communication channel, typically by exploiting vulnerabilities in the network or by using deceptive techniques like ARP (Address Resolution Protocol) poisoning or DNS (Domain Name System) spoofing.
• Eavesdropping: In a passive MitM attack, the attacker simply listens to the communication, while in an active MitM attack, the attacker may modify or inject malicious content into the data being exchanged.
• SSL/TLS Bypass: Some MitM attacks attempt to bypass the encryption provided by protocols like SSL/TLS, making it appear as though the communication is secure when it is compromised.

MitM attacks can occur in various contexts, including unsecured Wi-Fi networks, compromised routers, or even within an organization’s internal network.

To protect against MitM attacks, users and organizations should use secure and authenticated communication channels, implement strong encryption protocols, regularly update and patch software and devices, and be cautious when connecting to public or untrusted networks.

Password Attack:

A password attack is a cybersecurity attack method in which an attacker attempts to gain unauthorized access to a computer system, user account, or network by guessing, cracking, or stealing passwords. Password attacks exploit weaknesses in password security to compromise the target.

Common types of password attacks include:

• Brute Force Attack: In this attack, the attacker systematically tries every possible combination of characters until the correct password is found. This method can be time-consuming but may eventually succeed if the password is weak.
• Dictionary Attack: This attack involves using a predefined list of commonly used passwords or words from a dictionary to guess the target’s password. It’s more efficient than brute force and is often successful against weak passwords.
• Credential Stuffing: Attackers use previously stolen username and password combinations (often from data breaches) to attempt unauthorized access to various online accounts, exploiting the fact that people often reuse passwords across different services.
• Phishing: In phishing attacks, attackers trick users into revealing their passwords by posing as legitimate entities through fake websites, emails, or messages. Users unknowingly provide their login credentials to the attackers.
• Keylogging: Malicious software, known as keyloggers, is used to record keystrokes on a compromised device, capturing usernames and passwords as users type them.

To defend against password attacks, individuals and organizations should implement strong password policies, encouraging the use of complex and unique passwords, multi-factor authentication (MFA), and regularly updating passwords. Additionally, monitoring for unusual login attempts and promptly addressing any breaches or suspicious activities is crucial for security.

Phishing:

Phishing is a cyberattack technique in which attackers impersonate trusted entities, such as legitimate organizations or individuals, to deceive victims into taking specific actions, typically divulging sensitive information like usernames, passwords, credit card details, or clicking on malicious links. Phishing attacks are often carried out through emails, but they can also occur via text messages, social media, or other communication channels.  In the unfortunate event of such an incident, your company stands to face significant consequences. Customer and partner trust may erode, potentially leading them to seek services elsewhere, ultimately resulting in financial losses for your business

Key characteristics of phishing include:

• Deception: Phishers craft messages or websites that appear legitimate to trick victims into believing they are interacting with a trustworthy source.
• Manipulation: Phishing messages often use urgency, fear, or curiosity to manipulate recipients into taking immediate action, like clicking on a link or providing personal information.
• Spoofing: Attackers can easily impersonate legitimate organizations by spoofing email addresses or creating fake websites that mimic the appearance of the real ones.
• Diverse Targets: Phishing attacks can target individuals, organizations, or specific departments within organizations, depending on the attacker’s goals.
• Payloads: Phishing attacks may lead to various consequences, such as stealing login credentials, distributing malware, or spreading ransomware.

To defend against phishing, individuals and organizations should be cautious when receiving unsolicited messages, verify the authenticity of requests for sensitive information, check email sender addresses carefully, avoid clicking on suspicious links, and use email filtering and cybersecurity tools designed to detect and block phishing attempts.

Security awareness training is also crucial in educating individuals about recognizing and responding to phishing threats.

Tech Support Scams:

Receiving Suspicious Phone Calls, Pop-Up Messages, or Emails About Computer Issues

Frequently, these calls, pop-up notifications, and emails are orchestrated by scammers with the intention of obtaining your money, personal data, or access to your files. Such actions can jeopardize your network, expose your data to risks, and harm your business.

How the Scam Operates:

The scammers often pose as representatives of well-known tech companies, like Microsoft. They employ technical jargon to persuade you that your computer is genuinely experiencing issues. They might request that you open certain files or run computer scans, asserting that these actions reveal problems, even when there are none.

• Subsequently, the scammers might request remote access to your computer, enabling them to view all stored information, including data on connected networks. They may also attempt to:
• Enroll you in dubious computer maintenance or warranty programs.
• Install malware that grants them access to your computer and sensitive data, such as usernames and passwords. Solicit your credit card information to bill you for fictitious services, or services readily available elsewhere for free.
• Attempt to sell you software or repair services that hold no value or are accessible elsewhere at no cost.
• Direct you to websites, urging you to input credit card, bank account, and other personal information.

Vendor Security:

Ensuring the Protection of Sensitive Information Shared with Business Vendors. It’s crucial to verify that our business vendors are taking adequate measures to secure their computer systems and networks.

For instance, consider the scenario where your accountant, who has access to your financial data, loses their laptop. Or if a vendor with interconnected networks experiences a security breach.

The potential consequence is the exposure of your business data and your customers’ personal information to unauthorized parties, thereby jeopardizing your business and customer security.

Monitoring Vendor Security:

• Document Security Measures: Embed security provisions in your vendor contracts, outlining plans for evaluating and enhancing security controls to adapt to evolving threats. These security provisions should be non-negotiable and tailored to your company’s critical needs.
• Validate Compliance: Establish procedures to independently confirm that vendors adhere to your security requirements. Relying solely on their assurances may not be sufficient.
• Adapt to Changing Threats: Given the rapidly evolving landscape of cybersecurity threats, ensure that your vendors continuously update their security measures.

Protecting Your Business:

• Implement Access Controls: Enforce stringent controls on databases housing sensitive information. Limit access strictly to individuals with a need-to-know basis and for the duration necessary to complete specific tasks.
• Data Safeguarding: Utilize properly configured, robust encryption methods to safeguard sensitive data during transmission and storage.
• Network Security: Enforce the use of strong passwords, consisting of a minimum of 12 characters that include a combination of numbers, symbols, uppercase, and lowercase letters. Avoid password reuse, sharing, and implement limits on unsuccessful login attempts to thwart password-guessing attacks.
• Employ Multi-Factor Authentication: Require vendors to employ multi-factor authentication, necessitating additional verification steps beyond password entry, such as temporary codes sent to smartphones or the use of physical keys.
• By diligently following these measures, you can enhance the security of sensitive information shared with your business vendors and mitigate potential risks to your business and customers.

Selecting a Web Hosting Service:

Considering a New or Enhanced Website for Your Business: If you’re looking to create a new website for your business or upgrade an existing one, but lack the expertise to set it up yourself, hiring a web hosting provider may be a smart choice.

There is an abundance of web hosting options available, whether you’re revamping your current site or launching a new business. However, when evaluating these services, security should be a paramount concern.

Key Factors to Examine:

Transport Layer Security (TLS): Ensure that the service you opt for includes TLS, as it plays a crucial role in safeguarding your customers’ privacy. TLS, the successor to Secure Sockets Layer (SSL), helps confirm that users land on your legitimate website when entering your URL in the address bar. When TLS is properly implemented on your website, your URL will commence with “https://.”

TLS also ensures that data sent to your website is encrypted, which is especially vital if you collect sensitive information such as credit card details or passwords.

Email Authentication: Some web hosting providers enable you to establish business email accounts using your domain name, an integral part of your URL and what represents your website’s identity (e.g., yourbusiness.com). Your business email will typically appear as something like name@yourbusiness.com. Lacking proper email authentication measures, malicious actors can impersonate your domain and send fraudulent emails appearing to be from your business.

Verify that your web host can offer these three email authentication tools:

• Sender Policy Framework (SPF)
• Domain Keys Identified Mail (DKIM)
• Domain-based Message Authentication, Reporting & Conformance (DMARC)

Software Updates: Many web hosting providers provide pre-built websites or software packages designed for quick and easy website setup. Similar to any software, it’s imperative to use the latest versions that incorporate up-to-date security patches. Determine whether you are responsible for keeping the website’s software current or if the web host provider will manage this for you.

Website Management: Clarify the arrangement for website management with your web host provider. In some cases, the provider may handle all changes, while in others, you might have the option to make certain adjustments yourself. It’s essential to establish who will manage the website once it’s built from the outset.

Key Questions to Ask:

When engaging a web host provider, these inquiries can help ensure the protection of customer information and your business data:

• TLS Inclusion: Is TLS part of the hosting plan, and is it offered as a complimentary inclusion or as a paid add-on? Will I be responsible for setting it up, or will you assist me in configuring it?
• Software Updates: Are the most recent software versions available with your service, and will you ensure their ongoing updates? If it’s my responsibility to maintain software updates, is the process user-friendly?
• Email Authentication: Can my business email be associated with my business website name, and can you aid in implementing SPF, DKIM, and DMARC email authentication technologies? If not, should I consider a provider that offers these services?
• Website Management: After the website’s setup, who will have the authority to make modifications? Will changes require your intervention, or will I have the autonomy to log in and make adjustments independently? If self-management is possible, is multi-factor authentication available for added security?

Ransomware:

Ransomware is a type of malicious software (malware) that encrypts a victim’s files or locks them out of their computer system, rendering their data inaccessible. The attacker then demands a ransom payment, typically in cryptocurrency, in exchange for a decryption key or to regain access to the affected system.

Key characteristics of ransomware include:

• Encryption: Ransomware uses strong encryption algorithms to lock the victim’s files or system, making it nearly impossible to recover data without the decryption key.
• Ransom Demand: After encrypting the files or system, the attacker displays a ransom note on the victim’s screen, demanding payment to provide the decryption key. The ransom note often includes instructions for making the payment.
• Payment in Cryptocurrency: Ransom payments are usually demanded in cryptocurrencies like Bitcoin to help the attacker remain anonymous.
• Data Extortion: Some ransomware strains have evolved to include data theft, where attackers threaten to publish or sell stolen data if the ransom is not paid.
• Wide Range of Targets: Ransomware can target individuals, businesses, government agencies, and organizations of all sizes.

Ransomware attacks can have severe consequences, including data loss, financial losses, and operational disruptions. To protect against ransomware, individuals and organizations should regularly back up their data, keep software and systems up to date, use strong and unique passwords, employ security software, and educate users about safe computing practices. Additionally, a robust incident response plan is essential to minimize damage in case of an attack.

SQL Injection Attack:

An SQL Injection (SQLi) attack is a type of cyberattack that targets databases through vulnerabilities in web applications. In an SQL Injection attack, an attacker inserts malicious SQL (Structured Query Language) code into input fields or data forms on a website. When the web application processes this input without proper validation or sanitization, the injected SQL code can manipulate the database and potentially grant the attacker unauthorized access to data, modify, or delete data, or even execute administrative operations on the database server.

Key characteristics of SQL Injection attacks include:

• Injection Point: Attackers identify vulnerable input fields, such as search boxes or login forms, to inject malicious SQL code.
• Malicious SQL Code: The attacker injects SQL code that can exploit vulnerabilities like missing input validation, lack of parameterized queries, or poor coding practices.
• Unauthorized Access: SQL Injection attacks can result in unauthorized access to sensitive data, data manipulation, or even control over the database server.
• Data Theft: Attackers may steal data, such as usernames, passwords, or confidential information, from the database.
• Data Modification or Deletion: In some cases, attackers can modify or delete data within the database, causing data loss or damage.

To prevent SQL Injection attacks, developers should implement secure coding practices, use parameterized queries or prepared statements, sanitize user inputs, and conduct security testing to identify and fix vulnerabilities. Web application firewalls (WAFs) and security monitoring can also help detect and prevent SQL Injection attempts.

Zero-Day Attack:

A zero-day attack is a type of cyberattack that exploits a software vulnerability or security flaw in a computer program, operating system, or application that is not yet known to the software developer or the public. These vulnerabilities are called “zero-day” because there are zero days of protection against them since no official patch or fix exists at the time of the attack.

Key characteristics of zero-day attacks include:

• Hidden Vulnerability: Attackers discover and exploit the vulnerability before the software developer becomes aware of it, leaving users and organizations vulnerable.
• No Patch Available: Since the vulnerability is unknown, there is no official patch or update to protect against the attack.
• Stealthy Exploitation: Zero-day attacks are often used for targeted and stealthy cyberespionage or cybercriminal activities, as they offer a significant advantage to attackers.
• High Value Targets: High-profile organizations, government agencies, or individuals with valuable data are often targeted in zero-day attacks.

To defend against zero-day attacks, organizations should employ best practices for cybersecurity, such as regularly updating software and systems, implementing intrusion detection systems, using security monitoring, and staying informed about emerging threats through threat intelligence sources. Additionally, security researchers and organizations should responsibly disclose newly discovered vulnerabilities to software vendors so that patches can be developed and distributed to protect users.

Securing Your Networks:

As more businesses expand online, robust cybersecurity measures become increasingly essential.

According to Cybersecurity Ventures’ 2022 Cybersecurity Almanac, global spending on cybersecurity products is projected to reach $1.75 trillion between 2021 and 2025, up from $1 trillion between 2017 and 2021.

To provide at least a basic defense against various cyber threats, small businesses should consider:

• Antivirus solutions for protection against most types of malware.
• Firewalls, which can be hardware- or software-based, to prevent unauthorized access.
• Data backup solutions for quick data recovery in case of a breach.
• Encryption software to safeguard sensitive data.
• Two-step authentication or password-security software for enhanced password protection.
• Conducting a risk assessment, either independently or with external assistance, is advisable when considering cybersecurity measures.
• Cybersecurity Best Practices: In addition to implementing software-based solutions, adopting technological best practices and policies is crucial for enhancing security. Key practices include:
• Keeping software up to date to mitigate vulnerabilities.
• Educating employees about cybersecurity threats and best practices.
• Implementing and enforcing security policies throughout the organization.

Developing and practicing an incident response plan to minimize damage during a cyberattack.

While cybercrime continues to evolve, cybersecurity solutions are becoming more sophisticated as well. There are numerous methods to secure devices and networks, along with secure file sharing options. It is important not to become complacent, but by adhering to best practices, your business can maintain digital security and resilience.

Marketing Strategies for Small Business Owners

In the ever-evolving landscape of business, effective marketing is the linchpin for small business success.

Whether you’re a startup or an established small business owner, the right marketing strategies can propel your goods and services to the forefront of your target audience’s minds.

In this article, we will delve into a variety of Marketing strategies for small business owners that can be employed to effectively market and promote goods and services.

1. Understand Your Target Audience As A Small Business Owner:

Marketing success begins with a clear understanding of your target audience.

Conduct thorough market research to identify their needs, preferences, and pain points. Creating detailed buyer personas helps tailor your marketing efforts to resonate with specific customer segments.

2. Craft a Compelling Value Proposition:

Your value proposition should clearly communicate the unique benefits your goods or services offer to customers.

Highlight how your offerings solve their problems or fulfill their desires. A strong value proposition sets the stage for effective marketing messaging.

3. Build a Professional Website:

In the digital age, your website is often the first point of contact for potential customers.

Ensure it’s well-designed, user-friendly, and optimized for search engines.

Incorporate relevant keywords in your website’s content and meta tags to improve its visibility on search engines.

4. Implement Content Marketing:

Content marketing involves creating valuable and relevant content to attract and engage your target audience.

Develop a content calendar that includes blog posts, videos, infographics, and ebooks.

Provide informative, educational, or entertaining content that establishes your expertise in the industry.

5. Leverage Social Media Marketing:

Harness the power of social media platforms such as Facebook to connect with your audience on a personal level.

Choose the platforms most relevant to your audience and industry.

Regularly share engaging content, respond to comments, and use targeted advertising to reach potential customers.

Are you a small business owner interested in learning how to harness the power of Social Media Advertising to grow your business and gain more paying customer?

Check out The Master The Art Of Social Media Advertising Course on by Sprolearns.

It’s a comprehensive, Beginner (Zero Knowledge) to Advanced course for Business Owners, Marketers and young Professionals .

6. Email Marketing and Lead Nurturing:

Build an email list of interested prospects and loyal customers.

Send targeted emails with valuable content, promotions, and updates.

Implement lead nurturing workflows that guide potential customers through the buying journey, building trust and increasing conversion rates.

7. Master Search Engine Optimization (SEO):

SEO is a cornerstone of online visibility.

Conduct keyword research to identify relevant search terms and optimize your website’s content accordingly.

Focus on both on-page and off-page SEO tactics to improve your website’s search engine rankings.

8. Explore Pay-Per-Click (PPC) Advertising:

PPC advertising, such as Google Ads, allows you to bid on keywords to have your ads displayed to relevant users.

Craft compelling ad copy, choose effective keywords, and set a budget.

Monitor and adjust your campaigns based on performance data.

9. Local SEO and Google My Business:

For businesses with physical locations, local SEO is crucial.

Optimize your Google My Business profile with accurate information, images, and customer reviews.

This helps your business appear in local search results and on Google Maps.

10. Online Marketplaces & Business Communities

Utilizing online marketplaces has evolved into a strategic maneuver for proprietors of small businesses.

The concept of marketplaces has a historical lineage in the business realm.

While the methods of transactions and technological aspects have shifted with time, marketplaces persist as a practical avenue for buyers and sellers hailing from distant geographical locations to discover one another and engage in transactions.

Being affiliated with a respected marketplace such as spronet.ng lends authenticity to your business and amplifies the exposure of your brands, goods, and services.

Marketplaces function as generators of business traffic, perpetually orchestrating promotions and marketing initiatives to allure other businesses and buyers into the marketplace.

SEE ALSO: Why Your Business Needs An Online Marketplace

11. Create High-Quality Visual Content:

Visual content, including images and videos, can be more engaging and memorable than text alone.

Invest in high-quality visuals that showcase your products or services in action.

Visual content is highly shareable and can help your brand go viral.

12. Engage with Online Reviews:

Positive reviews and testimonials can significantly influence purchasing decisions. Encourage satisfied customers to leave reviews on platforms like Google, Yelp, and social media.

Address negative reviews professionally and use them as opportunities for improvement.

13. Harness the Power of Influencer Marketing:

Identify influencers in your industry who align with your brand’s values and target audience.

Collaborate with them to create authentic content that introduces your products or services to their followers, expanding your reach and credibility.

14. Monitor and Analyze Data:

Regularly monitor the performance of your marketing efforts using tools like Google Analytics.

Track website traffic, conversion rates, social media engagement, and other relevant metrics. Use this data to refine your strategies and optimize your campaigns.

In Conclusion:

The world of marketing for small business owners is dynamic and multifaceted.

By understanding your audience, crafting a compelling value proposition, and leveraging various marketing channels – from content marketing to social media and beyond – you can effectively promote your goods and services.

Implement a mix of strategies tailored to your business’s unique strengths and objectives.

Continuously monitor and adapt your approach to stay ahead in an ever-changing market, ultimately achieving growth, brand recognition, and customer loyalty.

Business Brand or Personal Brand?

When it comes to branding, different people have different interpretations, and views on exactly what branding is, especially young entrepreneurs just starting out.

While this holds true, an even larger majority assume business branding and personal branding are two different things.

In this post, we present our perspective on the matter to enable you to make better-informed decisions and brand choices for your business.

What, Why, Where? Brand?

Before answering the question of which should take priority between creating a Business or Personal Brand, let us look at what branding actually is, it’s origins and why branding is important.

In its simplest terms, branding means putting your mark on a something.

Like writing your name on your exercise book in school. -Your exercise book is unique, with your handwriting, style of taking notes, and everything in between.

Same goes for your business. Business branding means putting your mark on your venture, craft or franchise…keyword is “Your Mark”.

The Mark

Putting your mark on any business, implies, setting up your business in a way that reflects your beliefs, shared values, principles and to an extent, your personality.

Just like it takes visionary founders and entrepreneurs to build visionary companies, a vital component of your business brand outlook starts from you the owner.

The first step therefore in choosing a brand images for any venture is taking a deep personal introspection into oneself to identify what values and beliefs you share and how you intend communicating those beliefs to others through your business and the services it offers.

Take for example, you can’t build a business that gives priority to quality and standards if you, as a person (The founder) are all about cheap, substandard and cutting corners.

Everyone speaks about the iPhone and Apple as a company, but that brand image of Innovation, genius, originality and thinking differently are all tied to Steve Jobs core as a person.

Branding therefore is not the product nor the company, but their way of life, shared values, beliefs and what makes them different and influences people’s choices in that field.

Personal Brand

A personal brand is a generally agreeable perception of an individual by his/her community or industry based on that individual’s expertise, accomplishments or actions in that field or industry.

Your personality and your personal brand are both important in developing a brand for your business. While your personality refers to the intangible attributes a person poses, your personal brand relates to a particular skill set, abilities and influence a person has in a particular field.

Business Brand

Business Branding is a way of creating and telling people your business message. i.e. What your company represents or stands for using logos, names, colors etc.

Do note however, that these are mere representations and the perception of your business by others will depend on the way you do business, service your customers and keep to your brand promises.

Personal Brand Vs Business Brand

Your business and personal brands are important and both should be developed as difficult as it may be.

For example; If you are a freelancer without any company structure, it is advised you build a personal brand image by creating content around your work, getting exposed by showcasing your work and finally building influence.

However, it is also important to give your brand a business structure and create a business brand from there. This increases your authenticity and range for doing business.

Focusing on your personal brand alone (You as a person) without regard to your business name, logo, etc, puts your actual business brand behind the curtain.

Building a business brand without a personal brand is common but in recent times, if you can, also build a personal brand for yourself and if any of your teammates or staff has potential for having a personal brand, encourage them, provided it is in line with your company brand values.

Finally, just as important as a brand name is its brand message.

An Online Marketplace

The idea of marketplaces is as old as business itself and while the medium of transactions and technology has changed over time, marketplaces remain a viable way for buyers and sellers from vastly far geographic regions to find each other and transact.

Fundamentally, every business in modern times needs a business website, and rightly so, but just like in physical stores, the flow of traffic or customers in any major market can hardly be compared with stores on the streets or other locations away from major markets.

The same way it is for Online marketplaces vs your business website. Both are important and have different roles in marketing your brand or business.

In this article, we share some important reasons why your business, asides having a business website, should be part of an online marketplace.

• Traffic
• Save Cost & Time
• Brand Exposure (Build Brand Trust)
• Buyer Preference
• Business Analytics
• Network/Community

Using a marketplace effectively for your business has other added benefits, but let’s delve a bit into the few highlighted above.

Traffic
As stated, previously, traffic is king when it comes to reasons why businesses use marketplaces. This is simply because just like in physical marketplaces, different people with different needs and segments visit, search through marketplaces, and discover your business, goods, and services in the process.

Given that a good marketplace is an aggregation of businesses from different sectors, the higher level of content and request on marketplaces make them rank higher in SEOs when compared to an average website.
Again, marketplaces are all about marketing, that’s exactly what they do.

A good marketplace will spend more cash and effort on marketing all over the internet than you would do with a personal or business website.

Save Cost and Time
The last point brings Besides saving cost on marketing allocation, the low cost of setting up an online store contributes significantly to your business overall profit margin when compared to creating and maintaining your eCommerce store.

This is especially important to businesses just starting, if you are starting an offline or physical store, for example, you need to worry about renting a store, hiring staff, and operational expenses.

On the other hand, using marketplaces like spronet.ng, you won’t have to spend any money either as setup or maintenance fee, because the service is completely free and you only pay little commissions when sales are made…which we can all agree is fair and a win for everyone.

Brand exposure (Build brand trust)

Marketplaces provide a good avenue to inspire buyer trust in your brand especially to people making the first contact with your brand.

This is mostly because marketplaces act as a neutral community brand vetting platform.

The more people experience your products and services and leave positive feedback, the easier it will be for others to want to engage you both on the same marketplace, in your physical store/outlet, or your website.

A positive business brand approval inspires a chain of word of mouth (People telling other people) testimonies about your goods and services making even more people want to check you out.

FYI: We have put up an article about what branding is and the difference between personal and business branding… you can check it out here.

Buyer preference

Most buyers and consumers visit marketplaces because of choices.

They want to compare different products and services with their prices, find out what other people think or are saying about your products and services, before making a purchase.

Your own e-commerce store is controlled by you and therefore people may not trust the process as much especially if you’re just starting and haven’t yet established a good brand reputation.

Business Analytics

Business analytics is a good way to learn about the performance of your business at a glance without needing to do any calculation or math.

Good Marketplaces provide business analytics for your online to show you how your business is performing, what sales are being made and the product is performing better.

This is important as it informs the decisions you make as a business and areas to focus on to increase your chances for success.

Network/Community

Building a successful business either online or offline requires creating relevant business connections. Marketplaces like spronet.ng provide that leverage to meet, network, and interact with other businesses and customers alike.

Learn emerging developments, new tools, products, and ways of doing business. What other way to be abreast with happenings and trends in your industry, local or global business community, or even other industries.

Spronet.ng is a good way to expand your network and business reach as we go beyond buying and selling to provide valuable business connections and community to support your business.

To get started with growing your business through marketplaces, visit www.spronet.ng and register for free all you need is a CAC certificate (if your business is based in Nigeria).

To learn more about what CAC is and why your business needs a CAC certificate please check out our article here.

CAC Certificate

Do you own a small business and want to take that business to greater heights?

What if you have worked hard for years only to realize that your business name legally belongs to someone else who has registered it before you?
Perhaps, you got a life-changing opportunity to bid for a government contract or supply your products to a multinational organization…then the question comes…” is your business registered?”

This article shares some insights on why you need to register your business with CAC and how to go about it.

The Corporate Affairs Commission (CAC) in Nigeria, is the body charged with the responsibility to regulate the formation and management of companies in Nigeria.

Your business and its success result from months and years of consistent effort and hard work that should not be taken for granted and should be registered.

While it’s true registering your business with the Corporate Affairs Commission (CAC) might not be necessary for all types of businesses/transactions e.g (Hawkers and Roadside vendors which may be regarded as temporary business structures), it is advised that every well-meaning entrepreneur or business owner should ensure their business venture registered with the corporate affairs commission (CAC) and here is why.

Be The True Owner Of Your Business
Registering your business gives you exclusive legal rights and privileges as the owner. This means no one else can claim that particular business name and its attributes, giving you the right to sell the business if you choose.

Be Credible And Win Trust
People are more comfortable doing larger volumes of transactions/contracts with verifiable registered businesses. If you hope to win better and more high-end clients, you need to get registered ASAP.

Succession And Continuity
Registering your business gives it a better chance and the legal structure for your business to continue even long after you retire or are incapacitated.

Business Bank Accounts, Loans, Contracts, and Other Business Relationships
You’ll need to have your business registered if you intend to open a business bank account, huge loans, contracts, and other business relationships because as stated earlier, people and other businesses prefer working with registered and credible businesses.

Stay Safe From Fraudsters And Scammers
It is safer to deal with other registered businesses as their records can be traced in any case of fraudulent activities.

Gain Access To Spronet Marketplace For Businesses
At Spronet.ng we permit only registered businesses to upload their goods and services. Being a registered business gives you complete access and freedom to platforms such as ours to transact or showcase your goods and services.

Legal Liability And Protection
You gain some form of legal liability protection especially when you’re registered as a limited liability company. As a registered business, you will not be held personally responsible for certain accidents and other liabilities that your business may have generated.

Brand Identity, Reliability, And Reputation
Do you want your business to stand out as a brand? Then the first step in securing your company name legally before someone else does. Remember, you can lay claim to something you don’t own.

Some Reasons Why people don’t Register their Businesses?

It’s no news that some business owners have deafened their ears to registering their businesses legally, while this trend has changed drastically over the years, here are some reasons:

• Tax Evasion
• Misinformation and Ignorance

How To Register Your Business With CAC
Registering your business with CAC can be done in two ways:

Do It Yourself
The CAC launched an online portal through which businesses intend to register a Business Name (Doesn’t Apply for Limited liability companies-Ltd).

By following the instructions at https://pre.cac.gov.ng/home you can do your online business registration yourself.

However, there have been reports of delays both on the website and in the process. This approach is best suited for those that are tech-savvy.

Registered CAC Agent
A registered CAC agent might be all you need if you don’t have the time, skill, or experience to get your CAC done yourself.

Often, these registered Agents and professionals especially, Lawyers and Chartered Accountants, are recognized by the CAC to make the registration process stress-free and convenient for you.

Need a registered CAC agent to help you with your business registration process?
Contact us at Spronet Hub as we connect you to our pool of verified CAC agents to make the process affordable, stress-free, and fast. To get started:

Visit our office at Spronet Hub, 1st Floor Chaza Mall, Ada-George, Port Harcourt., send us an email at hub@spronet.ng, or call: 09037135958

Have your business registered if you haven’t and join thousands of other verified businesses to showcase your goods and services on spronet.ng for free. Give your business the needed exposure, win more clients, serious buyers, and contracts and grow your business.

To join our community of businesses for free and start selling online, go to https://spronet.ng and signup, verify your email address and create your business profile all at zero cost.

See also: What We Do At Spronet.ng – Spronet Blog

Find out what other businesses are doing to stay ahead during Lockdown

The Covid’s complimentary economic lockdown witnessed many go out of business, lose jobs and worse still accrue debts without any glimpse of when the nightmare will be over.

We can all agree it was really bad for most businesses. As bad as it was, other businesses thrived and even made exponential gains. Some made gains, because they were ready and better positioned as the only businesses available to serve the needs of existing and new customers.

Covid-19 Business Impact Report

The Impact of the covid-19 outbreak on the Nigerian economy, for example, shows that the Nigerian economy having been projected to experience a 2.5% GDP growth, was instead truncated by the pandemic.

Fate foundation & BudgIT’s (2020) studies on the impact of Covid-19 on 1943 MSMEs across the 36 states revealed that 94.3% of respondent businesses recorded negative results during the pandemic principally in areas of cash flow, sales, and revenue by over 74%.

In truth, wealthier Nations can afford to give business stimulus packages, loans, and grants to help impacted businesses get back on their feet. Unfortunately, that is rarely the case in developing nations like Nigeria where a large number of the population are already living below the poverty line.

It’s no news that the pandemic plunged many into suffering, poverty, unemployment, and even business closure which many are yet to fully recover from.

Businesses have the sole option of taking full responsibility in averting the direct impact of a strangled economy both now and in the nearest future.

Security Crisis

Besides the Lockdown due to covid-19, there have been a series of State-wide to Regional Lockdowns, especially due to conflicts and other security reasons. Various staged protests and sit at home, all to the detriment of businesses.

Business managers and CEOs still doing business as usual are often directly impacted by these lockdowns both immediately and in the long run.

It’s said that, “You can’t be doing the same thing, the same way and expect different results.”

New Threats

Despite the prolonged lockdown and how we abhor them, the truth is, we are yet to see the last of them.

From resistant strains of the Covid virus to civil unrest, all we can do is be better prepared.

According to a Premium Times report, The Nigeria Center for Disease Control (NCDC) announced in a statement, confirming that it has recorded its first case of the Omicron variant (B.1.1.529 lineage) of the Covid-19.

Businesses, therefore need to be prepared, before anything else, preparation is key to success, for anyone who fails to prepare, prepares to fail.

The Economic Impact of the lockdown has exposed businesses to find better alternatives to staying ahead and surviving while ensuring such history never repeats itself at scale concerning their business.

Businesses are now more than ever, smarter and better prepared to navigate a post covid economic era.

What Does This Mean?

Businesses large and small are looking for more sustainable ways to cut costs and optimize profits and operations while being on the lookout for developments such as covid.

Banks, Multinationals including International Oil Companies (IOCs) have drastically streamlined spending, operations in both sourcing & service channels. More than ever, organizations are becoming more global while adopting various online systems for service process optimization and automation.

More Businesses have Moved Online

From small and fragile to large and agile, everyone is now making sure they can be found online and have an online footprint both for operations and customer service.

More customers are online now…and so are businesses.

A Mastercard report suggests that 81% of Nigeria Consumers shop more online since the start of the pandemic.

This is not limited to Gen-Z, as even many procurement departments in large organizations have further strengthened their sourcing framework to give room for more online purchases.

Emerging Trends

While online shopping is gradually becoming the next normal, the pandemic has drastically changed how we gather information.

A higher number of organizations perform more market surveys online compared to pre-covid and as stated earlier are more likely to make an online purchase in a post covid world.

This is not only limited to goods but also services and suppliers.

What Other Businesses Are Doing To Stay Ahead of Lockdowns

One question every well-meaning business owner or organization should ask is…are you better positioned for the new normal?

In an event of a lockdown, do you have any process that will ensure business continuity? What about trusted suppliers to ensure you keep delivering value, can they be available for you during a lockdown?

If you don’t have any clear answers yet, you may need to re-evaluate how future-proof or resilient your business may be in a lockdown event.

Business success is about creating value while building and maintaining meaningful business relationships.

Being better informed should translate to being ready… which means giving your business an online presence. Not just a social media kind of presence…but an online marketplace presence for real, serious, and verified businesses.

Spronet.ng is more than a marketplace…but an online business community for verified businesses to find each other, transact and connect regardless of any lockdown.

Spronet.ng Empowering Businesses To Thrive

Have you tried sourcing for equipment, tools, materials, goods, supplies, services e.t.c to no avail?

Spronet is open for all types of verified businesses to connect and transact for free. There is no middle man as businesses, dealers, and manufacturers, or local producers across the country, connect directly with each other.

Spronet gives you a free online store and a unique website/business profile.

Besides having your business website, there are many benefits of being part of an online marketplace.

SEE ALSO: Why your business needs to be part of an online marketplace

Be found Online And Trusted

Do you know, many businesses and individuals resort to import after Local/Online sourcing efforts have failed? That’s your money leaving the country before you (Ha-ha).

With Spronet.ng online marketplace, we ensure your business, goods, and services are found easily by placing them to the right audience or customers both inside and outside spronet.

Contracts Should Be Won by Merits Not Bribe

Spronet.ng enables businesses to create and bid for contracts through our unique bidding system. Businesses are directly in control of the outcome of the bidding and section process. This way, even rare items/goods can be found easily.

It gets better because there is more value in store for every business.

See Also: What we do at spronet.ng

How To Get Started

Adding your business on spronet.ng is completely free and businesses have an unlimited number of products/services slots to showcase their goods and services.

To get started: Go to https://spronet.ng/signup

It’s free now…it’s always free. Be proactive and stay profitable.

Further Enquiries

Email Us:  contact@spronet.ng

Phone/Whatsapp:  +2349043718235

See Also: What we do at spronet.ng