By Debbie Gregory.

Let us begin with a frightening statistic!  Do you know that every three- and one-half seconds brand new cybersecurity threats arise?  Small businesses are typically the targets for these threats as they typically do not have strong cybersecurity practices. This article will review where the most common threats come from so you can be forewarned and forearmed.

1.)  Passwords:

A hacker with your password can access any of your private information and data. Hackers learn these passwords in a variety of ways.  The most common way is called a “brute force attack.” These types of attacks utilize specially designed bot programs that generate and try every possible combination of letters, symbols, and numbers out there to obtain your information.

How can you protect against this type of attack?

Creating and using a unique password of upper and lowercase letters that is at least ten characters long can substantially slow down these brute force program attacks. It can take them years to find your password if it is more complex.  It is also important that you do not use the same password over and over and you frequently change your passwords.

2.)  Phishing

Phishing is a technique used to trick people into willingly handing over their information to a hacker. These types of attacks target all types of personal data including, but not limited to passwords, bank account numbers, credit card numbers, Social Security numbers, and more.

How are these types of attacks performed?

Usually a hacker will pose as a reputable source asking their victim to allow them access to their computer or to click a specific link. They impress upon their victims that the reason for doing so is incredibly important and they must provide key personal information. These types of attacks happen via phone, email, and text message.  Often, they have what appears to be a legitimate email address but when you really look at it, you will see they are not who they pretend to be.   Be on the alert and never ever click on a link or open a document from someone you do not know or a generic email address because they are after your personal information.

3.)  Pharming:

Pharming is the term for website spoofing. In this type of attack, the hacker has compromised the naming system in the website’s server so that a visitor to the legitimate site is instead redirected to a fraudulent one. Once on the fraudulent site, the victim is prompted to provide their sensitive data, such as a credit card number or Social Security number.

4.) Malware

Malware is malicious software that is specifically designed to gain access to or to cause damage to a device. The goal is usually stealing personal data such as passwords, bank account numbers, credit card numbers, Social Security numbers, and more. Malware comes in many forms from adware to spyware to Trojan horses. All are extremely dangerous.

These are only a few of the potential risks your business faces. Other common attacks include point-of-sale hacks, drive-by-downloads, and ones that are so new they haven’t even been named yet. The best thing you can do is to take the time and effort to create and enforce strong cybersecurity policies. Stay on top of what is happening in the world of cybersecurity and help protect yourself, your employees, and your business.

By Debbie Gregory.

To grow your Small Veteran Owned Business, you must get out the word and grow your business to new potential customers.   This means you need to focus on marketing and more marketing.   This article will help you evaluate ways to attract new customers to your business and retain and engage your current customers.   There are a multitude of marketing channels available today and one or all of them might be a good fit for your business.

Email Marketing:

Email marketing is both effective and an inexpensive way to reach new and existing clients.   It requires a solid list of contacts and engaging content.   The content can tell your story and include special discounts, coupons, tips, and important information that concerns your market.

Work on building a list of contacts by capturing the email addresses of your clients, referrals, and business colleagues.   You can build this list from asking customers to fill out or register on your website or blog, live and industry event and subscriptions.   It makes sense to offer those that register value too.  Keep those on your list engaged by sending them emails regularly with a concise and strong subject line or call to action that tells those receiving your email your message.   Always include something of value in your message such as valuable information or discounts.

There are excellent email services available that are fairly cost effective to assist you.   These services will help you design, compose with content, and deploy your emails.  Additionally, they will help you manage your contact lists and view the results of your emails to learn what works best. Some of most popular services include iContact, Constant Contact, MailChimp, AWeber and GetResponse to name a few.

Direct Mail:

Direct Mail should be included on the list although it can be much more costly than email marketing.  Direct mail includes catalogs, postcards, flyers and can help build the identity of your brand and business.  Printed materials are something more tangible and will get attention since as they are mailed.  You will need the snail mail addresses of your customers and potential customers.  You can use your own list and/or supplement it by renting a list from a direct mail vendor.

Social Media:

Social media is an excellent way to truly engage your customers and potential customers as well as learn their preferences. There are five major social media platform and they include:

• Facebook that has over one billion users and allows you to post, invite and use targeted ads. Many feel that Facebook can provide the biggest bang or return on investment.
• Twitter is a huge platform that allows you to share ideas, information, and insights concisely with a limit of 140 characters.
• LinkedIn is a professional networking site that enables you to connect with other businesspeople and post insights and join like-minded professional online groups that will increase the reach of your business.
• Instagram is visual and you can share images, photos, and videos to showcase your product line and/or service.
• Blogging is an effective way to tell the story of your business and share your products and expertise.

It does not matter if you use one or all of them.  It is important to post regularly, respond to comments, complaints, and inquiries and really listen to what prospects are telling you online.

Advertising:

This is one of the most effective methods to let potential customers know about your business.   It can be expensive, so it is imperative to plan carefully and identify your target market to time and place ads in the best venues for your needs.  Place ads where your customers go for information on the products and services that you offer.  Print ads are very expensive, and you may wish to consider digital ads that are much less costly and reach a larger audience.  Some options for digital advertising include Facebook, Twitter, LinkedIn and pay-per-click ads.

Some free advertising to consider and claim are online directories including Yelp and Google Plus. These reach a huge audience and the best part is they are free so be sure to complete your business profile and ask satisfied clients to post positive reviews.

By Debbie Gregory.

Your existing customer base are vital to the success of your Veteran Owned Small Business.  It is always nice to gain new market share and customers but keeping the ones you have and generating greater revenues with them should be a major focus for you.   You have a much great likelihood of almost 70% to sell to an existing customer than only perhaps 20% likelihood of selling to a new prospect.   The message is that never take existing customers for granted.

Some marketing strategies are obvious and common sense but it is always good to have more than one in your arsenal. Below are some marketing strategies to assist you in retaining and increasing business from your existing clients:

Get Personal: Send out thank you cards by snail mail or email cards thanking your clients for their orders(s) and letting them know that you appreciate them.   You might also consider sending out birthday, anniversary or seasonal greetings too.   You can customize communications to engage and interest your clients.  This is an excellent way to build loyalty.

Reward Loyalty:  Make your existing clients feel special by holding exclusive sales or offering special loyalty discounts.   You can also offer gift cards or a free gift to those existing clients who refer friends and family to your business including those who spend a certain amount with you.

Send Out Newsletters:  Communicate by sending out a newsletter with valuable information such as upcoming events, sales and advice.   This is highly effective in staying in touch with your existing client base and keeping you front and center with them.  You should also encourage your clients to share your newsletters with others that will generate more business.

Hold Customer Events:  If possible and many of your clients are local, host in-person social events such as a dinner or wine tasting.  Now in the times of COVID, you can host virtual events including a wine-tasting event via Zoom.  Events are a wonderful way to show how much you care and stay in touch.

There are different marketing vehicles that will work best for you, so it is important to make the right choices in terms of what works, what is cost- effective in time and expense.  Below are some marketing components to consider:

Understand Your Unique Value Proposition (UVP):  A Unique Value Proposition UVP) is simply a concise statement that summarizes and persuades why potential and existing customers should patronize your business.  This should be to the point and in way is your “tag line”

Create Your Customers’ Profile:  Define exactly who is your perfect customer in detail including demographics such as age, gender, marital status, income, locations, likes, dislikes, etc.  This will assist you in selecting the right marketing vehicles and how to place them including your messaging that will resonate with your target audience.

Evaluate Your Customers’ Marketing Options Through Their Buying Cycle:  Learn where your customers and prospects go for information about the types of products and services you offer.  This knowledge will assist you in deciding how to convey your Unique Value Proposition and how to move customers through a successful sales cycle.

Define Your Marketing Budget:  You need to figure out how much you need to spend on marketing and every business is unique.  You may want to begin modestly and as you increase revenues, add to this budget as you find out what works and what is not effective.  Test out different options and do not spend more than you can afford too.

Create Your Marketing Plan:  Memorialize in writing your Unique Value Proposition, the profile of your customers and the marketing options you will use to achieve your goals with your budget.   Use this as a guide and modify it as you test and learn what works best.

Buy a Customer Relationship Management System (CRM System):

This system will be  your “customer Bible”.  It will enable you to organize the information you obtain on existing customers and prospects to effectively manage your marketing.   There are many types of Customer Relationship Management Systems (CRMS).  Choose careful in terms of one that is easy to use, can grow with you and fits your budget.

Marketing to retain and increase revenues is an evolving process, a work in progress.  You will be learning so much and the more you know, the greater your revenues.

By Debbie Gregory.

The federal Small Business Agency known as the SBA has a few new ways to help small businesses stay in business while we all navigate the COVID crisis. Thanks to H.R. 748 the SBA has been able to expand their loan programs with new offerings for small businesses as well as some specific options for large corporations.

What Other Assistance does H.R. 748 Provide?

The program also provides $17 billion dollars to small businesses that have existing SBA loans. These funds can be used to pay six months of principal and interest payments on existing SBA loans.

1.) Additionally, the program provides $10 billion dollars for disaster loans and emergency grants. Each of these types of loans are limited to $10,000 per small business. These types of loans are quite like the Paycheck Protection Program or PPP described in part one of this mini article series.  They can be used for other operational expenses beyond payroll, mortgage or rent, and utilities.   In theory, any small business that applies for an economic injury disaster loan receives an advance, within 3 days, of $10,000 regardless of whether they eventually are approved for the loan. This $10,000 advance does not need to be repaid either. The loan itself can be for up to $2 million dollars at a low interest rate (currently it is 3.75% for small businesses and 2.75% for nonprofit organizations). Repayment terms vary. You can apply for this loan directly from the SBA here> https://covid19relief.sba.gov/.

2.) The program also provides $265 Million dollars for SBA business development services. The SBA offers Small Business Development Centers (SBDCs) that provide no-cost services for small businesses and entrepreneurs that will assist in critical business areas such as:

• Consulting
• Mentoring
• Training services
• Business development services
• and much more

What Other Financial Assistance Programs Have Been Added for Businesses that Do Not Qualify for Other SBA Programs?  

The COVID-19 pandemic is having severe economic consequences all over the United States. Many larger businesses are ineligible for SBA programs. However, the goal of H.R. 748 is to assist large employers as well. Some of the additions that can help larger companies include:

1.) H.R. 748 states that the Federal Reserve can now make loans, as well as loan guarantees, to businesses not covered by other programs.  They can also now make loans to state and local governments. Unlike the SBA programs for small businesses, the Fed cannot forgive these loans and borrowers must repay them.

2.) H.R. 748 also provides the federal -19 pandemic. The funds are as follows:

• $25 billion for loans to passenger air carriers
• $4 billion for loans to cargo air carriers
• $17 billion for loans to businesses critical to maintaining national security
• $32 billion for additional financial assistance to air carriers and related employers (such as caterers and airport contractors)

Small Business or Large Corporation – if you need help to keep your business afloat while the COVID-19 pandemic continues to rage across the United States, then check out what is available to you from the SBA and H.R. 748.   We advise that patience is in order.

If you are not yet a member of VAMBOA, the Veterans and Military Business Owners Association, we invite you to join.  Please be advised that there are not any dues or fees and you can use our seal on your collateral and website.   You may register for membership here:   https://vamboa.org/member-registration/ ‘’

Everyone stay safe and healthy!

By Debbie Gregory.

Did you know that the Small Business Administration (SBA) helps small businesses obtain the loans they need? The federal SBA provides a wealth of financial assistance, and other services to small businesses across the United States. Recently they have added quite a few new programs to help thanks to H.R. 748.

How does the SBA determine whether or not your business is considered a small business? The SBA determines whether you are a small business using either your revenue numbers or your employee headcount (the headcount varies by industry).

The main SBA program most business apply and qualify for is a loan guarantee program. The SBA may repay a portion of the amount borrowed by qualified businesses in cases when the small business borrower cannot repay the loan. Loan guarantees reduce the overall risk to the lender, thus enabling the small business to obtain more favorable terms, such as a lower interest rate or longer term.

The SBA also directly makes low-interest loans to businesses and nonprofit organizations following declared disasters. A disaster loan may be for either covering repairs and replacement of physical assets damaged in a disaster or covering small business operating expenses after a disaster.

What is new?   H.R. 748 is!

In general terms, H.R. 748 provides $349 billion dollars for forgivable small business loans. This program is called the Paycheck Protection Program (PPP) and was designed to subsidize small businesses so that they can continue to pay their employees and overhead costs while their revenues have been reduced due to the COVID-19 pandemic.

Unlike a typical SBA loan, businesses will not be required to repay these loans if the money is used exclusively to pay:

• Employee wages
• Employee benefits
• Mortgage or rent for the business’s location
• Utility bills for the business’s location

Instead, the loans will be forgiven after eight weeks. The business is required to clearly document how the money was used to ensure adherence to the loan program’s rules. If the business has not properly documented spending the loan money, or spent the money on other things, they will be required to pay all of it back in full at an interest rate of four percent (4%).

Is $349 Billion Enough to go Around? 

The program has enough to provide every eligible employer a forgivable loan for up to 2.5 months of payroll.   With this said many are receiving so much more including businesses that you might not characterize as small businesses.   For example, large public companies and major sports teams have received PPP funds and the the money has been depleted once already and refunded.

Who is Eligible for Assistance? 

All businesses and nonprofit organizations with fewer than 500 employees are eligible. There are also a few businesses that will qualify even though they have more than 500 employees. For example, a business may have more than 500 employees per location. Some sole-proprietors and self-employed people are also eligible for relief. Loans are available on a first-come, first-served basis.

How Much Money can you Get? 

You can qualify for about 2.5 times your average monthly payroll, or up to $10 million dollars. You do not even need to prove that you could potentially pay back the loan; instead, you simply need to prove that you have been running your business prior to February 15, 2020. This sometimes translates into the money going to businesses that don’t need it and there has been some widespread fraud.

Stay tuned for part 2 of this mini article series.   Part 2 will provide information on other assistance programs that H.R. 748 provides. There are even a few programs designed for specific types of large corporations.

VAMBOA, the Veterans and Military Business Owners Association believes that small veteran and military business owners should benefit first.   They made huge sacrifices for our nation.  We are disheartened to see huge corporations receiving this money and the program running out.

If you are not already a member of VAMBOA, the Veterans and Military Business Owners Association, please consider joining.  We do not charge dues or fees and members can use our seal on your collateral and web site.   Here is a link to register to join:  https://vamboa.org/member-registration/