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THE FACEBOOK SAGA CONTINUES…

Mark Schiefelbein/Associated Press

Mark Schiefelbein/Associated Press

The Facebook saga continues…  Hello everyone!  It’s quite clear (in our opinion), that Facebook puts profits ahead of preserving the privacy of its customers’ data.  Once an organization shares client data with any other organization, control (retaining and maintaining the privacy, security and integrity of that data) is lost…period.  Facebook cannot control third-party organizations and how they use/abuse/share the data once the data leaves its organizations’ infrastructure.  We’ll probably never know just how much individual personal data has been compromised by this social media giant.  Here’s the latest update in a New York Times article that Facebook itself states, “Facebook has data-sharing partnerships with at least four Chinese electronics companies, including a manufacturing giant that has a close relationship with China’s government, the social media company said on Tuesday.”

Does this surprise you?  It shouldn’t by now…at least it doesn’t surprise us.  In fact, it appears that there has really been no leadership within the Facebook organization from the beginning to current day who seriously spearheads organizational protocols for addressing customer data privacy, security and integrity.  What do you think would be happening if whistle blowers hadn’t come forward with this abuse of customer data?  Do yo think Mr. Zuckerburg would have come forward with his rather pathetic excuse/public apology for NEGLECTING the privacy, integrity and safekeeping of his customers’ data?  Or would they be rolling along as they have been for many years staying the course of business as usual?  We understand that Facebook most likely isn’t the only social media company that treats its customers’ data with such disregard of customer data privacy in exchange for revenue.  We’re sure there are others that do the same, perhaps they just haven’t been exposed…yet.

All said, it’s a lack of concern and at the least, a lax policy of safeguarding customer data privacy, as well as, perhaps taking advantage of using their Client Agreements to mask or bury the rights of what Facebook can do with customer data in the small print that is written far beyond the comprehension level of most its customers.  It’s practices like these that makes you wonder what else has been done or IS being done with our data without our knowledge?  The specific concern we’re expressing here isn’t so much focused on businesses using Facebook for business promotional and marketing purposes (it is important, but not the focus of this post), it has to do more with the individual personal users and the privacy of their data that concerns us the most.  Businesses are usually quite savvy and discreet when it come to publishing information on Facebook and other social media platforms, however the general public isn’t, and that’s where the problem and abuse of data privacy is of greatest concern to us.

We fully understand that there are challenges in how we function as businesses and as individuals in this digital age of social media communication (SMC).  As we all understand, SMC can be extremely powerful for business use and personal communication.  It can also be very destructive if abused by companies entrusted with the privacy and security of individuals data and the companies with which they share the data.  As time moves forward, and industry leaders think through and work through their business models and the responsibilities they have to their customers, and as the court rooms and congress begin to settle cases and draft legislation establishing boundaries of what are acceptable and unacceptable practices with consumer data privacy,  we are hopeful and optimistic that there will be better data privacy and security laws established and business protocols put in place , as well as greater transparency and responsibility regarding the privacy of individuals data.  That said, only time will tell… yet at what cost?  All we can say is be careful with the data (text and media files…all data files) you upload to Facebook and other social media platforms.  Do your own research into this problematic business practice of sharing your personal data with other organizations domestically and internationally without your expressed knowledge or consent, then use your own wisdom and discernment as to whether or not this is acceptable to you, and whether or not you decide to use the various social media platforms available that may exploit your personal data.  

GMS Business Consulting – provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow and operate their businesses more effectively and efficiently.  We do NOT provide investment advice.  Contact Us  if you are interested in learning more about our services, and in particular about M.A.P.(our 3-phase business development solution), designed to help you strategically focus and tactically grow your business.  We would welcome the opportunity to speak with you.

info@gmsbusinessconsulting.com

707-218-3135

John 14:15

GMS Business Consulting No Comments

The Coming Economic Crisis

Charles Schwab - Summer 2018 Issue - On Investing

Charles Schwab – Summer 2018 Issue – On Investing

Good morning everyone…this morning’s post is on how to prepare your practice for the coming economic crisis.  As the saying goes, a picture is worth a thousand words…  The chart above is taken from the Charles Schwab Summer issue of “On Investing” (pgs. 20-21).  While we don’t give clients personal investment advice, we do guide clients through their business planning, strategizing and implementation through various economic cycles.  We have been warning clients for quite some time that markets are over-valued, and when they are over-valued, there is inherent risk…both to their personal net worth and to their business.  We guide clients to better prepare and position their businesses for economic upturns and downturns, and in our opinion, there is a looming monumental shift in our economy and in the financial markets on the horizon…

As the above chart shows, the stock market has gone to stratosphere levels during a time when interest rates (until VERY recently) have been at historic lows, yet the amount of U.S. and global debt has more than tripled since the 2008-2009 economic crisis!  Does this sound like a healthy economy?  Or does this better describe a stock market and an economy that has been inflated by excessive debt?

The tides are beginning to change…interest rates have been slowly increasing, and perhaps may even invert (signifying a coming recession…or perhaps worse), and costly fuel prices have been on the rise.  In our opinion, the stock/bond/real estate markets are all at frothy states of dangerous optimism.  Our advice to clients, family members and friends willing to listen is to:

  1. Shore-up your business and personal cash reserves.
  2. Re-position your business/practice Strategy to take advantage of the soon coming economic downturn.
  3. Re-position your business/practice Operations both offensively and a defensively to position your practice to survive and thrive in the soon coming economic storm.  (by implementing our M.A.P. solution)
  4. Re-position your business/practice Business Development initiatives both offensively and a defensively to position your practice to survive and thrive in the soon coming economic storm.  (by implementing our M.A.P. solution)
  5. Re-assess your business Value-Proposition to help your clients navigate a successful course through the coming economic head-winds.
  6. Define your desired target market industries within your sphere of professional expertise and influence that you can assist and add value to, then deliberately and consistently communicate your perspectives and value-proposition to them.
  7. Implement a M.A.P. (your Master Action Plan) to guide you step-by-step through all the fore-mentioned strategies, processes and procedures to successfully meet your clients needs, and ultimately meet your business goals and objectives.

To better understand how our M.A.P. can help successfully guide you and your clients through the coming economic crisis, Contact Us.  We would welcome the opportunity to speak with you.

GMS Business Consulting – provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow and operate their businesses more effectively and efficiently.  We do NOT provide investment advice.  Contact Us  if you are interested in learning more about our services, and in particular about M.A.P.(our 3-phase business development solution), designed to help you strategically focus and tactically grow your business.  We would welcome the opportunity to speak with you.

info@gmsbusinessconsulting.com

707-218-3135

John 14:15