News & Insights

2.9 billion records, including Social Security numbers were potentially compromised according to USA Today. This breach highlights the increasing vulnerability of personal information in today's interconnected world, raising critical questions about how to better protect such sensitive data.

Read the rest of entry »

Embracing failure, understanding what went wrong, and using those lessons to drive future success are vital steps in recovering from a setback. The first step in bouncing back from a failed business idea is to accept and acknowledge the reality of the situation. Denial or avoidance will only hinder the learning process. Recognizing that the idea didn't work out is important since it's a common experience in the entrepreneurial world.

Read the rest of entry »

It's important to differentiate between perseverance and the costly pursuit of a failing idea. Recognizing when your business idea is not working can save you from financial loss, emotional burnout, and wasted time.One of the most telling signs that your business idea may be doomed is the absence of market demand. No matter how innovative or exciting your product or service is, if there isn’t a significant market for it, success will be hard to come by. According to a CB Insights report, 42% of startups fail because there’s no market need for their product​. This is a clear indication that market research is critical before fully committing to an idea. If you're not seeing customer interest or market traction, it might be time to reassess.

Read the rest of entry »

The sunk cost fallacy is a cognitive bias that significantly impacts decision-making in business environments. This phenomenon occurs when individuals or organizations continue investing in a project or venture simply because they've already invested heavily, even when it's no longer rational. A study by the Project Management Institute found that organizations waste an average of $97 million for every $1 billion invested in projects and programs due to poor project performance, often linked to the sunk cost fallacy.

Read the rest of entry »

Consistency in branding is not just about looks; it's a strategic imperative that can significantly impact customer loyalty and your bottom line. According to a study by Lucidpress, consistent brand presentation can increase revenue by up to 33%. Furthermore, a report by Edelman revealed that 81% of consumers need to trust a brand before making a purchase decision. Additionally, a survey by Accenture Research found that 65% of customers are frustrated by inconsistent experiences across different channels.

Read the rest of entry »

The No-Fee Summer Celebration is ending on August 31st, 2024. Integro Bank's new fee schedule for personal accounts will be effective September 1st, 2024.

Read the rest of entry »

Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA), announced $3 million in new funding under the Cybersecurity for Small Businesses Pilot Program. Three grants will be awarded to state agencies to provide training, counseling, and other tailored cybersecurity services for startups and emerging entrepreneurs. “With small businesses accounting for 99.9 percent of all American businesses and employing nearly half of the private workforce, any cyber threat to our small businesses is a threat to our country’s overall economy,” said SBA Administrator Guzman.

Applications will be accepted from July 2-Aug. 2, and applicants can apply for awards ranging from $1,000,000 to $1,045,000 for a performance period of 24 months ending September 2026.

Read the rest of entry »

Check fraud remains a significant threat to businesses of all sizes. According to the Association for Financial Professionals' 2022 Payments Fraud and Control Survey, 65% of organizations experienced actual or attempted check fraud in 2022, with checks being the payment method most often targeted. The losses from these incidents can be substantial - the Great American Insurance group found the median loss reported was $1,988. That’s more than six times the median loss on all frauds tracked by the FTC. 

Read the rest of entry »

Regulatory compliance is a critical aspect of running a small business that often feels overwhelming. According to a survey by the National Small Business Association, 44% of small businesses reported spending more than 40 hours per year dealing with federal regulations alone. However, understanding and adhering to rules is essential for avoiding penalties, maintaining reputation, and ensuring smooth operations.

Read the rest of entry »

One of the most significant challenges small businesses face is the perceived lack of negotiation power compared to their larger counterparts. Small businesses often feel disadvantaged due to their size and limited market influence. To counteract this, small business owners should focus on their unique value propositions. Highlighting specialized expertise, personalized service, or niche market presence can make a significant difference. Testimonials and case studies that demonstrate the value your business brings to the table can also bolster your negotiating position. According to a report by the Small Business Administration (SBA), 29% of small businesses cite limited purchasing power as a significant barrier in negotiations.

Read the rest of entry »