Bridge Firm Recovery March 2019

Bridge Firm Recovery March 2019

Recovery Reader The March 2019

www.bridgefirmrecovery.com (269) 359-0814

FROM THE DESK OF Dan

Do you hope to have “the luck of the Irish”when it comes to your tenants? Or do you use a solid screening solution to “make your own luck” and enjoy a great tenant experience? We regularly see that good tenant selection is HUGE in producing that “good luck”when you work with your tenants. That is one reason why our screening service, Preferred Screening Profiles, provides that solid solution for you. One of our landlords called the other day, saying that many of the applicants were just not qualifying for his property during this winter season. Be aware, many of the perspective tenants available off- season are moving because they were evicted from their last property! Ouch! Screening Tip: When experiencing an off-season vacancy in your property, consider offering a lease for 14-16 months to reset your expiration to coincide with the spring moving season. Thinking of that eviction, did you get a judgment thinking there was a “pot of gold” at the end of the rainbow? And found out there wasn’t?

Cybersecurity is a notorious boogeyman for small-business owners. The problem is that many entrepreneurs either believe that cyberattacks are not a direct threat to their livelihood, or they cannot afford to put robust network security in place. In a time when digital threats exist in unprecedented abundance, this kind of thinking couldn’t be more dangerous —or irresponsible. After all, underinvesting in IT doesn’t just put you at a disadvantage to your tech-savvy competitors; it also calls the very future of your organization into question. When a Fortune 500 company gets hacked, they shell out millions of dollars and make headlines. But when an unprotected small business comes under serious fire by cybercriminals, it often collapses quickly —without fanfare or much of a fight. This is why poor cybersecurity“represents an especially pernicious threat to smaller businesses,”SEC Commissioner Luis A. Aguilar said in 2015.“The reason is simple:”he wrote, “small and midsize businesses are not just targets of cybercrime; they are its principal target.” With that in mind, it’s essential that you do everything you can to protect yourself and your employees from cyberattacks. Here are three things you can do today to strengthen your network security and prevent a crisis. 2WAYS TO IMPROVE YOUR CYBERSECURITY NOW, NOT LATER Batten Down the Hatches—or Face the Consequences

Our decades of experience in judgment recovery can fill that“pot of gold”and recover those lost rents.

Have a great month, maybe spring is finally here!

Dan Larson

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1. TAKE A CLOSER LOOK AT YOUR CYBERSECURITY BUDGET (OR SET ONE). It can be overwhelming to set a firm budget for any aspect of your business, but this is especially true of IT, because many business owners aren’t often sure what type of security their company needs or how much it will cost. According to CIO magazine, you should spend around 4–6 percent of your annual revenue on cybersecurity. If your current cybersecurity budget falls under this range, it’s time to re-evaluate. Will your current IT system protect your business should a cybercriminal target it? If the tech you use every day gets hacked for hours or even days, will your company survive? Most companies simply cannot afford that much downtime, much less the loss of precious >Page 1 Page 2 Page 3 Page 4

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