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Top 5 Factors to Consider When Managing Small Business Data

by Eric
Managing Small Business Data

Did you know that small businesses account for 99.7% of all American companies? In fact, there are over 30 million small businesses operating right now in the US! Think of all the logistics involved in storing and managing small business data. Even the smallest companies aren’t immune to common cyber threats and other data breaches. How’s your current data management strategy? If it’s been a while since you’ve thought about it, there’s no time like the present. Keep reading for our expert tips to keeping your business data safe.

Your Business Goals:

There’s no point in redesigning your data management strategy until you’re clear on what you’re doing with all that data. You want to make sure you have what you need, but you don’t want to overcrowd your software (or your office space) with unnecessary information.

Start by outlining clear goals for your company, such as:

  • Better decision-making
  • Creating buyer personas
  • Improving or creating automation
  • Tracking customer patterns and buying habits

With this information, you’re in a better position to save, store, and manage relevant data.

Common Cyber Threats:

If you think only big corporations are at risk of cyberattacks, think again. The truth is that cyber terrorists often target small businesses because they lack the knowledge and resources to protect themselves.

Even if you only store the names and phone numbers of your customers, you need to keep that basic data secure. Educate yourself and your staff about the most common cyber threats, such as malware and phishing emails.

Where to Store Data:

Where are you storing business data? The benefits of the cloud are clear, but many small businesses have yet to make the migration.

Managing small business data from the cloud has never been easier — or more secure. Automatic updates ensure your sensitive data remains safe, while cloud computing gives remote teams and employees instant access to the files they need.

Your Data Requirements:

Ideally, you’ll have a combination of structured and unstructured data. The big questions now are:

  • How will you collect it?
  • Who will manage and update it?
  • How will you store it?
  • How will you ensure it’s used ethically?

For example, companies that need to worry about OSHA compliance could benefit from SDS online software. Meanwhile, medical offices have special data considerations with HIPAA regulations.

Knowledge of Data Management Strategy:

A big stumbling block for small businesses is simply a lack of knowledge about data management. Take an honest assessment of your own skills and knowledge, as well as your staff’s abilities.

Does your in-house team need more training, or is it time to onboard new talent? If you’re considering investing in technology, consider a cloud ERP software solution to automate your business process and centralized your business data for effective management.

Help With Managing Small Business Data:

A solid data management strategy is vital for businesses of all sizes. Bookmark this list and refer back to it to ensure your company’s data is safe and secure.

Now that you know more about managing small business data, what’s next? Our site is full of terrific tips and advice, so keep browsing!

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