N.Y. manufacturing index plunges back into negative territory

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The benchmark index measuring manufacturing activity in New York state returned to negative territory in May. The Empire State Manufacturing Survey’s general business-conditions index plummeted 43 points in the fifth month of the year to -31.8 as business activity “declined significantly,” according to a May 15 report from the Federal Reserve Bank of New York. […]

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The benchmark index measuring manufacturing activity in New York state returned to negative territory in May.

The Empire State Manufacturing Survey’s general business-conditions index plummeted 43 points in the fifth month of the year to -31.8 as business activity “declined significantly,” according to a May 15 report from the Federal Reserve Bank of New York.

The index had climbed 35 points in April to 10.8 with an uptick in business activity after falling 19 points in March to -24.6. The general business-conditions index is the monthly gauge on New York’s manufacturing sector.

The May reading — based on firms responding to the survey — indicates business activity “fell sharply” in New York state, the New York Fed said.

A negative index number indicates a decline in the sector, while a positive reading shows expansion or growth in manufacturing activity.

The May Empire State survey found 17 percent of respondents reported that conditions had improved over the month, while 49 percent said that conditions had worsened, the New York Fed said.

Survey details

The new-orders index collapsed 53 points to -28.0, and the shipments index plunged 40 points to -16.4, indicating that both orders and shipments declined after increasing in April.

The unfilled-orders index fell to -13.2, a sign that unfilled orders were lower. The delivery times index dipped to -5.7, suggesting delivery times “shortened somewhat,” the New York Fed said. The inventories index fell to -12.3, indicating that inventories moved lower.

The index for number of employees remained negative for a fourth straight month at -3.3, and the average-workweek index held below zero at -3.5, pointing to a slight decline in employment and hours worked.

The prices-paid index was little changed at 34.9, and the prices-received index held steady at 23.6, suggesting the pace of price increases was little changed.

The index for future business conditions edged up to 9.8, suggesting that firms do not expect activity to improve much over the next six months.

New orders and shipments are expected to increase, and employment and the average workweek are expected to “edge somewhat higher.”

The capital-spending index fell to 0.9, its lowest level in three years, suggesting that capital spending plans “weakened,” and the technology-spending index fell to 1.9, the New York Fed said.

The Federal Reserve Bank of New York distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.

LGS SPOTLIGHT: William Nicholson, Community Action Partnership for Madison County

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(Editor’s note: This new feature is a partnership between CNYBJ and Leadership Greater Syracuse (LGS), spotlighting graduates of the civic-leadership training program and their community involvement.) LGS Class of 2019 Job Title: Community Services DirectorHometown: Syracuse Home today: Manlius Pride & Vision What makes you proud to be a Syracusan? Syracuse is where I became

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LGS Class of 2019

Job Title: Community Services Director
Hometown: Syracuse
Home today: Manlius

Pride & Vision

What makes you proud to be a Syracusan?

Syracuse is where I became what I am today. My parents met in Syracuse. My grandparents came to Syracuse as immigrants. As a struggling single parent, I moved from neighborhood to neighborhood in Syracuse — living on the Northside, Eastwood, Westcott, and Lyncourt at various points. I learned to value and harness the power of the indomitable underdog spirit, in Syracuse. What is your vision for Syracuse?

What is your vision for Syracuse?

I believe that it is by actively cultivating diversity that we build strength and lasting resilience. I believe in deliberately removing barriers to resources and in strategically creating spaces for honest, authentic collaboration. To that end, I envision a region where meaningful resident engagement leads every decision, where disagreement is not dismissed but is embraced as a learning opportunity, and where conflict is productive without needless escalation.

About Your Community Work

How do you help strengthen our community?

Most of my life has been spent working in direct service to underrepresented populations, people living with disabilities, people with mental illnesses, and individuals wrestling with poverty — and all that goes with it. My effort has always been to insist on full inclusion and rights, with dignity and respect for all members of our collective community, regardless of social standing. At a moment of deep personal reflection, I came to understand that the best use of my remaining days and energy, in order to have the most meaningful positive impact, would be to address poverty and its many implications for individuals, families and communities. Today I am proud to continue waging President Lyndon Johnson’s War on Poverty, at a community action agency.

Causes Supported

What causes, issues, or organizations do you actively support?

So many of the most important influences and heroes throughout my life have been women, and their lasting positive impacts upon my perspective and life course have made me a strident advocate for supporting women in positions of authority and power. I joined the board of a startup refugee women’s organization in 2018 to help get them on track; I helped a local refugee woman start a childcare facility to serve other working refugee mothers; I assisted with fundraising for a startup doula organization focused on serving black mothers; and I continue working to elect and support women in local, regional and state government.

ABOUT LGS

Share an LGS memory

My most important memory of the LGS year is that I learned to lean into discomfort, to go directly where I thought I might not find agreement or comfort and start dialog there. It has enhanced my perspective, my work, and indeed my personal life and lasting relationships. Some of the deepest friendships and collaborations have been with my LGS cohort.

Feldmeier moves forward with 3rd-generation leadership

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DeWITT, N.Y. — The grandson of company founder Robert Feldmeier, Sr. and nephew of most recent president and CEO Robert Feldmeier is now leading the company. Feldmeier Equipment Inc. has announced the appointment of Colby Clark as its next president and CEO. Feldmeier Equipment is a DeWitt–based stainless-steel processing equipment manufacturer. Besides the CEO role,

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DeWITT, N.Y. — The grandson of company founder Robert Feldmeier, Sr. and nephew of most recent president and CEO Robert Feldmeier is now leading the company.

Feldmeier Equipment Inc. has announced the appointment of Colby Clark as its next president and CEO.

Feldmeier Equipment is a DeWitt–based stainless-steel processing equipment manufacturer.

Besides the CEO role, the firm also made additional personnel announcements as the “third generation steps in to lead new era of accelerated sales growth and continued technology innovation,” per its announcement.

About Clark

Clark joined the family business in 1998 and served in multiple roles in purchasing, estimating, purchasing, plant management, and most recently, as vice president of operations.

Since 2011, he’s been responsible for day-to-day operations and the company’s strategic growth. In his new role, Colby will be responsible for Feldmeier’s growth strategies, will lead the executive committee, and preside over the company’s workforce.

With Clark’s appointment, Robert Feldmeier, Jr. assumes the role of chairman of the board. During his tenure, Feldmeier led the addition of two new manufacturing facilities in conjunction with the board of directors and his sisters, Jeanne Jackson and Lisa Clark, the firm said.

In an e-mail to employees, Feldmeier praised Clark, saying, “Colby’s many years of hard work and dedication to our company are greatly appreciated, and this promotion is well deserved. Colby will be responsible for the leadership of all aspects of the Feldmeier Equipment business.”

Additional roles

Besides Clark’s appointment as CEO, the company also announced Jenny Jackson Donohoe takes on the role of VP of community relations and corporate culture in addition to being a member of the executive committee.

Donohoe is the granddaughter of Robert Feldmeier, Sr. and niece of Robert Feldmeier, Jr., per the announcement. Donohoe has been with the company for more than 12 years, most recently as the head of human resources.

In this new role, Donohoe will “drive the integrated approach to community impact efforts, build new and deepen existing initiatives and partnerships, work with leadership to redefine the organization’s core values, and incorporate these values into everyday operations,” the firm said.

Dave Pollock, Feldmeier’s former VP of sales, assumes the role of COO. Before joining Feldmeier, Pollock previously served as president of Burns Cascade and Modular Biopharm Systems, both based in Syracuse.

In addition, Amy Lawler joins Feldmeier in the newly created position of CFO. She brings more than 20 years of financial experience, most recently at Anoplate and CenterState CEO, the firm said.

Elroy Moore was recently promoted to director of manufacturing, where he oversees all aspects of Feldmeier’s manufacturing and production operations at all seven Feldmeier facilities. Moore brings 45 years of fabrication experience in the tank industry with both Feldmeier and its predecessor, Cherry-Burrell. He was most recently the plant manager at the firm’s Little Falls location and also serves on the executive committee.

Kyle Brown was promoted to director of research and development/technical operations, where he is responsible for the innovation of technology to enhance the manufacturing process, and equipment designs and overseeing complex customer needs. Brown brings more than 20 years of manufacturing experience at Feldmeier as a vessel-design engineer, project engineer, Little Falls plant manager, and most recently as Feldmeier’s director of engineering for the past eight years. He also serves on the executive committee.

Le Moyne looks ahead to competing in Division I Northeast Conference

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SYRACUSE, N.Y. — Bob Beretta, athletic director at Le Moyne College, said the path to Division I and the Northeast Conference (NEC) has been “quite a journey.” It follows more than a decade of conversations, deliberations, and discussions regarding the “rightful divisional alignment” for Le Moyne’s intercollegiate athletics program. “By rising to Division I, we

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SYRACUSE, N.Y. — Bob Beretta, athletic director at Le Moyne College, said the path to Division I and the Northeast Conference (NEC) has been “quite a journey.”

It follows more than a decade of conversations, deliberations, and discussions regarding the “rightful divisional alignment” for Le Moyne’s intercollegiate athletics program.

“By rising to Division I, we will offer our student athletes the opportunity to test themselves on the biggest stage,” Beretta noted. He spoke during a May 11 formal announcement inside Le Moyne’s Grewen Auditorium.

Le Moyne College has accepted an invitation to become a member of the NEC in Division I athletics starting this fall.

In joining with the eight other institutions who are NEC members, Le Moyne’s 21 NCAA sports teams will move from Division II to Division I, allowing them to “showcase its athletics programs in some of the nation’s largest markets while competing at the highest level of collegiate athletics,” the school contended in its initial May 10 announcement.

NEC schools include Wagner College; Central Connecticut State University; Fairleigh Dickinson University; Long Island University; Merrimack College; Sacred Heart University; St. Francis University in Loretto, Pennsylvania; and Stonehill College of Easton, Massachusetts, per the NEC website.

The decision to make the move is one that follows a “comprehensive study and discernment process involving all key campus constituencies,” Le Moyne stated.

Formal announcement

In her remarks, Le Moyne College President Linda LeMura called it an “incredibly momentous occasion.”

“And you might be saying ‘Now how momentous really?’ I will tell you. This could be as big as Le Moyne College opening as the first co-ed, Jesuit institution in the United States of America. It could be that big.”

Isaiah Salter, a graduate student who plays for the men’s basketball team, called the moment “undeniably historic” and believes all Le Moyne student-athletes are “honored and blessed” to be part of history.

As his remarks continued, Salter also referenced the wisdom of a Greek philosopher.

“The great philosopher Socrates has a quote about change where he states the secret to change is not focusing all of your energy on fighting the old but on building the new,” Salter told the gathering. “And as I reflect on my own personal journey here at Le Moyne College, I’ve come to appreciate that with an open mind and an open heart, change can be an essential catalyst for growth.”

The May 11 event also included a video about the school’s move to Division I that was narrated by Jim Deshaies, a 1982 Le Moyne graduate, a former Major League Baseball pitcher, and a current color analyst for Chicago Cubs broadcasts.

Also, 1986 Le Moyne graduates Chris Granozio and Don Familo, who handle radio broadcasts for Dolphin basketball, emceed the event.

In his remarks, Beretta also noted that Le Moyne needed to “pay tribute” to its past and its history in Division II and the Northeast-10 Conference

“It is important that we continue to recognize and celebrate those moments and unbelievable achievements. They have shaped our past and provided a solid foundation upon which to build,” he said

NEC Commissioner Noreen Morris noted that it was standing room only in Grewen Auditorium for the announcement, and she reacted saying, “I love this.”

Morris called it a “win-win partnership” and believes “it’s evident that the Dolphins are ready to swim into the deep waters of Division I athletics …

She then invited LeMura, Beretta, and Pete DiLaura, chairman of the Le Moyne College board of trustees, to come to the stage to try on their NEC ball caps.

Morris and LeMura ended the formal announcement gathering with a document signing in front of the audience and gathered media members.

The process

In accepting the invitation to join the NEC, Le Moyne concludes a 15-month-long process, which included hiring an outside consultant to conduct a feasibility study.

In June 2022, the school formed an ad-hoc committee that included members of the Le Moyne’s leadership team, faculty and trustees. The committee met regularly, conferring with the college’s faculty senate, alumni, members of the Jesuit community, student-athletes and their parents, and community leaders.

The process also included consultation with presidents who have moved from Division II to Division I athletics, as well as others who provided insight into the changing landscape of intercollegiate athletics, the financial implications of competing in other conferences, and the “relative risk of staying in Division II.”

Upon the conclusion of its work, the committee voted to support a reclassification to Division I, followed by a vote by Le Moyne’s board of trustees in favor of the move.

Le Moyne has competed in Division I athletics in some sports in the past, most notably men’s baseball and women’s lacrosse.

Chatbots add new twist to cybercrimes

Law, Accounting & Taxes, Regional News, Subscriber Only, Technology

UTICA, N.Y. — It used to be that poor grammar and language made it a bit easier to spot phishing emails and avoid falling for them. Enter ChatGPT. Developed by OpenAI, ChatGPT is a large language model chatbot that predicts the next word in a series of words. In plain speak, it can “write” conversationally.

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UTICA, N.Y. — It used to be that poor grammar and language made it a bit easier to spot phishing emails and avoid falling for them.

Enter ChatGPT.

Developed by OpenAI, ChatGPT is a large language model chatbot that predicts the next word in a series of words. In plain speak, it can “write” conversationally.

And scammers are already utilizing the chatbot — available in an app to just about anyone — to craft phishing emails that sound legit.

With New York state ranking third in financial losses due to cybercrime, according to an analysis by security-compliance automation platform Sprinto, of data from the Internet Crime Complain Center, it’s important that businesses take steps to protect from these enhanced phishing attacks.

“The tactics are getting a little bit more sophisticated,” says Alex MacDiarmid, VP and chief technology officer at Quanterion Solutions, Inc., in Utica.

According to the Sprinto analysis, businesses in New York state lose an average of about $32,000 per fraud complaint. Business-email compromise is the costliest type of fraud.

ChatGPT can be beneficial to businesses in the area of customer service and can boost customer engagement and satisfaction, but there are downsides to the technology as well. Already an issue in the classroom with more than one-fourth of teachers catching students using chatbots to cheat, according to study.com, the risks are spreading.

Phishing emails are sneaky, MacDiarmid says, and chatbots make them even trickier to detect. Such emails are often made to look like they are coming from someone at the company.

One step businesses can take to protect against such attacks is to set up the email system to label any emails that come from addresses outside the organization, MacDiarmid says. That helps end users recognize an email that isn’t legitimate, he adds.

Cully Patch, senior program manager for cybersecurity and intelligence at Quanterion Solutions, suggests businesses follow the cybersecurity framework outlined by the National Institutes of Standards and Technology. Businesses should identify critical processes and assets, have a strategy to protect them, implement processes to detect attacks, develop a plan to respond to attacks, and outline the steps to recovery after an attack.

“Each one of these has got a plan behind it,” Patch says. He also touts the three Ps of cybersecurity — policy, patching, and persistence. Policy should involve both human resources and the IT department in addressing end-user weaknesses. Patching is important because hackers will exploit known software vulnerabilities. Installing patches and updates is key to removing those vulnerabilities. And persistence is a reminder that cybersecurity isn’t a one-and-done deal. It’s an ongoing process, Patch says.

According to the Sprinto analysis, the most frequent types of cybercrime in New York are non-payment/non-delivery, personal data breach, credit-card fraud, identity theft, and social media. Organizations lose an average of 5 percent of revenue to fraud each year, and the estimated cost of fraud in the United States was $4.2 billion in 2021.

MV Chamber Alliance honors small businesses in Guglielmo’s memory

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UTICA , N.Y.— Earlier this month, the Mohawk Valley Chamber Alliance celebrated the area’s small businesses and honored a longtime champion of those businesses with the presentation of the inaugural William K. Guglielmo Legacy Award. “He and I were the best of friends,” Raymond J. Durso, Jr., president and CEO of The Genesis Group says

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“He and I were the best of friends,” Raymond J. Durso, Jr., president and CEO of The Genesis Group says of Guglielmo. The MV Chamber Alliance is part of The Genesis Group.

Durso says he enjoyed not only a friendship with Guglielmo, who served as president of the Rome Area Chamber of Commerce for a quarter century, but also a strong working relationship. “I learned a lot from being with him,” Durso notes.

Guglielmo retired from the Rome Area Chamber in January and passed away on Feb. 23. While he served as president since 1996, Guglielmo’s chamber career actually spanned 50 years. He first began working there in 1973 as a staff assistant. Later, he was promoted to director of government affairs and membership development, administrator, and executive VP — before eventually becoming president.

Durso recalls his friend always being there for the small businesses the Rome Area Chamber serves. Guglielmo would never skip out of the office early, he says, because a member might need him.

It was only fitting to honor that devotion to the area’s businesses by creating an award for small businesses in his honor, Durso says. “It’s really important for me to keep his legacy alive, because there will never be anybody else like him.”

With Guglielmo’s wife Luba’s permission, along with the seal of approval from the Rome Area Chamber, the MV Chamber Alliance created the award. The alliance spans across six counties — Oneida, Herkimer, Madison, Otsego, Fulton, and Montgomery — with 3,000 member businesses and 24 chambers of commerce and other organizations involved.

“We all believe small businesses are the backbone of the community,” Durso notes, adding that they also realize how challenging it is to run a small business. “How about the community saying thank you?”

The awards do just that by honoring business owners and managers who not only invest in their business but also invest in their community. “There are a lot of businesses that meet those criteria,” Durso says. This year, the MV Chamber Alliance honored eight.

The inaugural recipients of the William K. Guglielmo Legacy Awards are:

Indium Corporation — Headquartered in Clinton, the company operates worldwide as a materials refiner, smelter, manufacturer, and supplier to the electronics, semiconductor, thin-film, and thermal management markets.

Sherrill Manufacturing, Inc. — the Sherrill company produces Liberty Tabletop flatware, the only flatware produced in the United States, and other kitchen products in the former Oneida Ltd. manufacturing facility.

Hummels Office Plus — Based in Mohawk, the office-supply company operates from an 80,000-square-foot distribution center and serves customers from Syracuse to Oneonta and Amsterdam to Old Forge

Mohawk Valley Garden Corp. — Headed up by former National Hockey League player Rob Esche, the company handles all operations for the Utica Memorial Auditorium and was key to securing the area’s American Hockey League team, the Utica Comets.

A&P Master Images — The Utica company, owned by Amanda and Howard Potter, continues to grow its facilities, client list, and offerings to help its clients with all of their branding needs from custom apparel, promotional products, marketing materials, and more. “It was truly an honor to be one of the first recipients of the William K. Guglielmo Legacy Award,” A&P Master Images CFO and co-owner Amanda Potter says. “It is humbling to know that people in the community see us in the same amazing light that Bill always showed to everyone in the community.”

Utica Coffee Roasting Company — Company President Frank Elias formed the company in 2002. It has since grown into two cafes, a roasting and education center, and a production facility. Utica Coffee can be found in many local stores and the coffee is also served by establishments throughout upstate New York.

Giotto Enterprises —With seven affiliate companies, located in the greater Utica–Rome area, and involved in the manufacturing of components used in the fiber optic, broadcast, automotive, compressor, pump, safety relay, and firearms industries, the company employs 450 people and continues to grow.

Coldwell Banker Faith Properties — Based in Utica, the agency employs more than 50 real-estate agents and sells upwards of 1,000 properties annually.

Greater Oneida Chamber to host event on cybersecurity

Health Care, Nonprofits, Regional News, Small Business, Sports, Entertainment & Tourism, Subscriber Only, Technology

ONEIDA, N.Y. — The Greater Oneida Chamber of Commerce on June 14 will host a virtual lunch and learn event with TALAS Security on the importance of cybersecurity. The event, held online from 12-1 p.m. is titled, “The Case for a Cyber Security Program.” TALAS Security will provide information on developing a cybersecurity program that

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SBA recognizes Central Square animal hospital as Woman-Owned Business of the Year

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CENTRAL SQUARE, N.Y. — The Upstate New York district of the U.S. Small Business Administration (SBA) has awarded its 2023 Woman-Owned Business of the Year Award to Dr. Alex Hawthorn, owner of Highland Animal Hospital in Central Square. Bernard J. Paprocki, director of the SBA Upstate New York District, presented the award at the business

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Bernard J. Paprocki, director of the SBA Upstate New York District, presented the award at the business as part of National Small Business Week. He was joined by Oswego County Administrator Phil Church and James Weatherup, chairman of the Oswego County Legislature, at Highland Animal Hospital at 12 Gertrude Drive in Central New York.

The SBA Upstate New York District selected Hawthorn’s animal hospital for the Woman-Owned Business of the Year for “strategically” growing the practice since purchasing it in 2019. Hawthorn then expanded the animal hospital to a new building.

With her commitment to care for clients and staff alike, Hawthorn led her team through “uncertain times, high stress and increased demand” during the pandemic without losing a single employee, the SBA said. Hawthorn also has a “passion” for shelter medicine, and she works with many local animal rescues to provide discounted veterinary care and surgical services weekly.

TD Bank approved an SBA 7(a) loan for Hawthorn in 2022 to construct a new 7,200-square-foot facility on a property abutting the existing operations, which is currently 3,000 square feet.

The Oswego native designed the building with the needs of her patients and staff, preparing to double her staff and “fill a critical urgent-care gap” for Central New York’s pets, SBA said.

“Helping and healing animals is tremendously rewarding. We are excited to expand our services to our surrounding community,” Hawthorn said in an SBA news release. “It has been such a pleasure working in the Central New York area over the last four years. We are fortunate to have the most wonderful patients and clients, and we can’t wait to continue these relationships for many years to come!”

In the few years since Hawthorn has taken over the practice, Highland Animal Hospital has already increased its client base by 50 percent, doubled sales revenue, added five new staff members, rebranded, and modernized equipment, according to the SBA.

State budget health-care funding includes millions for cybersecurity

Law, Accounting & Taxes, Subscriber Only, Technology

ALBANY, N.Y. — The new state budget provides a $1 billion, multi-year, health-care capital program to drive health-care investments, including $500 million for investments in technology and cybersecurity. That’s according to a May 3 announcement from the office of Gov. Kathy Hochul focused on spending plans to “create a stronger health-care system for the future.”

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VIEWPOINT: Moving too fast makes you the perfect target for cyber fraud

Business Mentors, Subscriber Only, Technology

Feeling busier than usual? Whether it’s the ongoing struggle to fully staff positions, trying to meet customer needs despite inflationary pressures, or just keeping ahead of rapidly changing economic news, it seems like businesses are stretched for time and business owners are feeling stressed and overwhelmed. People have used the adage “haste makes waste” since

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People have used the adage “haste makes waste” since the 1500s. It’s an enduring phrase because it’s just as true today as it was back then. Rushing can lead to costly mistakes —especially for smaller businesses. There are two areas in business where moving too fast can really cost you: fraud and reactive decision-making.

Fraud is on the rise, and criminals are hoping that you’ll be too busy to critically examine that link in an email or question that odd request.

Larger businesses have the infrastructure and budget to put in place measures that protect them from a lot of fraud and cybersecurity issues. That doesn’t mean they are never a target; it simply means that it’s harder for criminals to break through their defenses.

You may think that the fraudsters will be after the “larger” businesses, but with limited budgets and staff, small businesses can be prime targets for bad actors. Criminals seek out weak spots to wreak havoc and steal from your business. Some of these weak spots — such as phishing emails or spear phishing phone calls — become even more effective tools of fraud when managers and employees are feeling rushed.

Fraud is an ongoing problem, and issues can arise when you — or your employees — are tired and distracted. Anyone with an email address who has access to their company’s computer systems should always be trained to spot fraudulent activity. All it takes is one person to click on a link in a phishing email to take your entire system down or hold your data hostage.

Employees who have access to sensitive information, such as online-banking access, should receive additional training on a tactic known as “spear phishing.” This is when someone calls, pretending they are with a financial institution, asking for someone who can verify account numbers or passwords. A criminal could also pose as a vendor, saying they didn’t receive payment and need to process it immediately, asking for account information.

One of the most important things you can do as a business owner is to take the time necessary to ensure controls are in place. For instance, make sure you are checking your banking accounts regularly. Keep an eye out for small, unexpected charges that could be testing electronic access to the account — criminals try this first with small amounts that may get overlooked, rather than flagged as fraud.

Reactive decision-making can happen when a business faces multiple challenges in a short period of time. These challenges could include things like the loss of a key staff member, an expensive piece of equipment unexpectedly breaking down, or industry-specific issues that may arise. While any of these things happening independently could be hard enough, having two or more happen in the current economic environment can lead to a potential rash decision being made. This is why taking a proactive approach in your banking relationship before problems like these, or countless others, is more important than ever.

Some of the services that banks already offer are designed to help small businesses. From fraud controls to personalized attention from someone who knows your business and understands the local market, your financial institution should be a go-to resource for help.

Establishing a routine of checking in with your business banker means that you’ll have a personal relationship with someone who knows you and your business, which is a helpful foundation when challenges arise. Having someone who understands your short-term and long-term business goals means you have access to an objective voice to provide advice when you need it most.

Don’t let the current interest-rate environment or the fact that there seems to be ongoing changes to the current economic and business cycle allow you to take your eye off the ball. Stay in touch with your financial institution and make sure it always knows what you are facing. Communication with your business banker and/or banking partner is more important now than ever.

Jonathan Spilka is a senior VP and business banking business development manager at NBT Bank. He is responsible for leading business banking production for a team of regional managers across New York state.

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