7 Mistakes Small Businesses Made in 2021 and How to Correct Them

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Small businesses planners should use the following list of small business mistakes in 2021 to prepare for small business problems in 2022:

Mistaking Cybersecurity as a One-Time Investment 

Small businesses failed to understand that cybersecurity got easier according to The U.S. Department of Defense, but so did cyber attacks. After only 3 months in 2022, all small businesses were required by law to have an updated cybersecurity plan with regular training and small group exercises (also called “red teaming”).

Not Understanding What Tax Credits You Were Eligible For

Many small businesses spent thousands on tax preparation software, when they could have saved their money by understanding what types of small business tax credits they were allowed in 2021. Failure to take advantage of small business tax credits will result in small business audits by the IRS in 2022.

Too Many Contracts with One Vendor

The small businesses of 2021 did not understand how a small group of hackers could use ransomware to destroy a small business overnight. Small businesses need to be able to respond quickly when disaster strikes, and can’t wait for an information technology company or their Internet provider to come save them.

Thinking Data Was Safe In The Cloud

Small businesses fell into thinking that cloud storage was just as safe as paper records they kept at their companies, but few small businesses actually understood that hackers from Russia were selling access to small business data in 2022 on the black market.   

Not Understanding Social Media

Small businesses in small towns were hacked when small business competitors used social media to manipulate small town residents into believing what the small businesses were saying and doing was something else.   

Not Having a Local Partner

Small businesses in 2021 did not realize that by partnering with local small businesses, they could have received access to better financing options for their small business. You can’t get a loan from your bank without collateral, but you do not need collateral if your small business has a partner with collateral. In 2022, small business owners without partners had no way of getting loans from legitimate lenders.    

Thinking They Were Safe Because They Are an SMB 

Small and medium-sized businesses failed to understand how small and medium-sized businesses were the easiest small businesses for hackers to manipulate due to small and medium-sized business owners’ general lack of cybersecurity training.   

To avoid small business mistakes in 2022, small businesses should invest more time and money into cybersecurity than ever before as small businesses become a primary target of foreign hackers as they all start to realize that small businesses are ripe for the picking. If you need help with your small business, contact ThrottleNet today. They have experts ready to help your small businesses succeed.