4Thought Blog

4thought graphic - blog 2020

Michael Bilby

Recent Posts

Cybersecurity for Small Businesses: Consider This Flexible Strategy

Posted by Michael Bilby on Tue, Oct 27, 2020

Cybersecurity has become increasingly important to companies over the past several years. As technology continues to become more central to all areas of business, it is vital that companies consider cybersecurity not just as an IT function but as an integral part of their overall risk management strategy.

Small businesses are often faced with a dilemma; they are vulnerable to cyberattacks and other cybersecurity issues but often lack both the financial and human capital resources to properly mitigate the risks.

However small businesses cannot ignore the importance of cybersecurity and should have strategic initiatives to address the risk of cyberattacks and better protect their critical assets and operations.

Read More

Topics: Business consulting

Proactive Cyber Security Prevention Methods for Businesses & Nonprofits

Posted by Michael Bilby on Tue, Sep 29, 2020

It is no secret that cyberattacks are a serious and significant risk to businesses and organizations of all sizes. As more companies and organizations migrate their data and IT operations to the cloud and adopt the remote working environments necessitated by the COVID-19 pandemic, the importance of cybersecurity has never been greater.

There has been a 67% increase in security breaches over the past five years and the cost of cybercrime has increased 72% during the same period, according to a recent study by Accenture. A successful cyberattack can cause considerable harm and result in loss of valuable data, money and customer confidence.

No company is immune from a cyberattack; in fact smaller organizations are often more susceptible to the tactics of cyber criminals due to having fewer IT resources and to the lack of a comprehensive plan addressing cybersecurity.

So is your company or organization prepared for a cyberattack? Below are several questions that every small business or nonprofit organization should ask to better assess their preparedness for a cyberattack.

Read More

Topics: Business consulting

Common Business Cyber Attacks – and How to Prevent Them

Posted by Michael Bilby on Thu, Aug 27, 2020

As the world continues to deal with and recover from the COVID-19 pandemic, the danger from digital threats remains a significant and growing challenge to the business world and the economy at large.

Cyberattacks on businesses and other organizations result in billions of dollars in financial losses each year, cause disruption and damage to operations and supply chains, and inflict reputational damage from impacted customers, investors and other key stakeholders.

Read More

Topics: Business consulting

Calculation or Valuation Engagements – Which is Best for Your Business?

Posted by Michael Bilby on Thu, Nov 29, 2018

When it comes to business valuations, not all valuation reports are created equal.

In fact, the professional standards for both the American Institute of Certified Public Accountants and National Association Of Certified Valuation Analysts specify two distinct types of valuation engagements: a calculation engagement and a valuation engagement.

While the reports produced by both engagements share many common characteristics, it is important for business owners to understand the key differences and appropriate uses with each engagement.

Read More

Topics: Business Valuation

Buy-Sell Agreements are a Must for Closely-Held Business Owners

Posted by Michael Bilby on Tue, Oct 2, 2018

For closely-held businesses with multiple owners, it’s certainly a best practice to have a buy-sell agreement signed and in place.

A buy-sell agreement is a contract between the co-owners of a business which stipulates the terms and conditions for the buyout of an interest in the company should one of the owners need to leave. Simply put, the agreement acts as a sort of “pre-nup” between the owners that addresses the exit conditions in the event of an owner’s death, divorce, disability, personal bankruptcy or violation of a company contract or policy.

Read More

Topics: Business Valuation

Business Valuation Methods: Pros & Cons for Business Owners

Posted by Michael Bilby on Thu, Jul 12, 2018

Valuing an interest in a closely-held business is often more art than science. There is no perfect calculation or analysis that can always answer the question “What is it worth?”

While there are certainly subjective elements to any business valuation, there are three main approaches to valuation that are widely accepted and most often used by Certified Valuation Analysts (CVA) and other professionals that perform such services. These approaches are the asset or cost based approach, the income approach, and the market approach.

Let’s look at the pros and cons, as well as situations where their use is most appropriate.

Read More

Topics: Business Valuation

Subscribe for more Timely Tips for Businesses

Recent Posts