It’s that time of the year again, every scammer out there is sending emails pushing their luck and trying to catch an innocent person out. Today, online fraud is a large-scale and highly lucrative criminal enterprise. Amongst the most popular of the scams out there are scammers claiming to be from SARS or other investment schemes and of course the ever popular “cash prize” – claiming that you have won a ridiculous amount of money (even though you had never even entered a competition to begin with!).

The scariest part is that it doesn’t take much for a hacker to create an email that helps them to pretend to be from a trusted bank. Once they have convinced you that they are from a reliable bank or are a trusted retailer, they ask for your login details and then obtain your confidential information in a few easy steps! There are over 200million scam emails (formally known as “phishing” emails) sent every day – so there is a pretty good chance that one will land in your inbox! Unfortunately it’s the small and midsize companies that are often the main target because they don’t always have the capital to spend on IT security infrastructure. So how do you prevent falling into this trap and what are the things to look out for? We have identified these and listed them below…

LOOK OUT FOR THE FOLLOWING TO DETERMINE WHETHER OR NOT THE EMAIL IS A SCAM:

1. Hover over the “from column” with your mouse, the name that comes up should always match the domain name.
2. A scammer will more than likely use poor grammar or spelling in their email. They have learnt that people who respond to a poorly written email are normally an easy target for their scam.
3. A legitimate email is usually accompanied by a logo and or pictures and formal signatures, if the email is plain or looks different to what you are used to receiving from that company then it is best to ignore and delete the email.
4. If you are asked for personal information or asked to update current information via email, it is probably a scam. The scammers use this to get you to click on URL’s or download attachments that aim to infect your computer or take information.Your bank should never request sensitive or personal details over email!
5. Your financial institution should never send attachments via email either. Watch out for the following file types in particular; .exe, .scr, .zip, .com, .bat.
6. If an email seems too good to be true, it most likely is! This one is pretty obvious…You will not have a random bank or person requesting details urgently to transfer money into your account!

WHAT TO DO IF YOU RECEIVE A SCAM EMAIL?

• NEVER;
• Click on any links in the scam email.
• Reply to the email/contact the sender in any way.
• Open any attachments that arrive with the email.
• If you clicked on a link in the email by mistake, make sure that you do not supply any information on the website that may open.
• If you think that you have in any way compromised the safety of your details or have lost money in a fraudulent scheme, it is important to contact your bank immediately.
• If SARS says that you are due a refund and it looks suspicious or they are trying to put money in your bank account – check with your Accountant straightaway!

What To Do With Your Money

1. The first step is to make a spreadsheet. It is necessary to construct a spreadsheet prior to opening a business. This spreadsheet should include what amounts should be allocated to raw materials, rent, taxes, insurance, a marketing budget, staff wages and any other costs pertaining to your business. Remember that these are estimates and it is therefore advisable to cut some slack and make sure that there is more than enough money saved up for unforeseen circumstances. Do this before starting your new business, expanding your current business or taking on new employees.
2. Another tip for your current business would be to cut costs where possible, relook at these every quarter or so, so that you are not losing out on money. Small business owners should draft budgets more periodically than bigger firms as business circumstances are more likely to change more frequently.

1. Don’t be afraid to shop around for suppliers or services you need to outsource for your small business. Budget is the heart of a small business and its importance should never be overlooked or underestimated.

Set Goals

Every business needs goals regardless of where they are in the business cycle. We need goals to be able to succeed, grow and maintain enthusiasm for our businesses.

1. It is important to define long-term goals and short-term goals. Start by jotting down all your dreams for your business, no matter how unattainable they may seem.
2. The next step is to categorise these ideas, goals or priorities. You can base them on the SMART goal setting concept. This means setting goals that are specific, measurable, attainable, relevant and time-based.
3. Now start to put this plan into action, remember, if you don’t map out a plan now, it will be difficult to see where your small business is going in the future!

“Chase the vision, not the money; the money will end up following you.”
–Tony Hsieh, Zappos CEO

Make Sacrifices

It is also important to note that small businesses require a lot of time and sacrifices in order for them to succeed. You may need to give up things like family time in order to put all your energy into your business, especially in the growing phases of the business life cycle. If you are planning on starting a small business, you need to be aware of the fact that it will require huge dedication. Is is also important to learn how to delegate some of the work, hire the right people so that they can share the work load with you. PATC can help with all your financial requirements, including the beginning phases of starting up a business. It makes sense to start with a business plan.

Your Business Plan

We all have big ideas for our businesses but the problem comes when we require the financial aid for these ideas. When you approach investors or banks to assist you, you need to present them with a professional business plan. This is like a CV that you would send to a prospective employer. PATC will help you with this business plan so that you do not need to feel overwhelmed with terms like; proposed site, start-up capital, collateral or security loans, interest rates, balance sheets, forecasted income statements, cash flow projection…and the list goes on!

Make an appointment so that we can guide you through the above process. The first +- 1 hour meeting is on us – we want to see you make a success of your business.

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