By Debbie Gregory.

VAMBOA, the Veterans and Military Business Owners Association is pleased to provide this mini-series of articles on Inventory Management for our Veteran and Military Business owners.  The first article in this series is about the right Tracking Software for your Business.  We hope that these articles answer your questions, offer you valuable information and are enjoyable.

Proper inventory management is a valuable tool that makes running your business so much easier. If you do not have a system in place, you will need to find and select the right one that will work for your company size, inventory size, and your budget.

Below are the main factors you need to consider before selecting your inventory tracking software platform:

1.) Cost:

The cost of purchasing and/or upgrading your system is one of the major concerns for any business. This is certainly one of those “you get what you pay for” items.  You need to be sure that the system can handle your specific business needs right now as well as allowing you room to grow with what you anticipate needing in the not too far off future. Do not select a system that is so inexpensive and cannot handle what you need it to do.  At the same time, do not select the most expensive and feature-rich option if you are not planning on growing into a major national retail chain.  In other words, do not buy more than what your needs will be now and going forward.

2.) User-Friendly:

The next biggest concern is how easy the system will be to integrate and use. You need to find a system that is user friendly so that you don’t waste a ton of time and energy trying to figure it out and training yourself and others.

3.) Integrations:

You need to be sure that the inventory software integrates with your other business tools.  For example, your inventory management software should be able to integrate with your accounting software, shipping software and your email newsletter provider. Integrated systems should allow you maximize your free time of on some of your other daily tasks.

4.) Detailed Reports:

You will likely need an inventory tracking system that provides detailed reports about your inventory. You need to be able to easily see which products are the most popular in your product offerings and which ones are not so you don’t waste money with the unpopular ones that are not selling.

5.) Product Customization Options:

You need to be able to change your products quickly and easily and not just the quantity. You need to carefully select the right software that allows you to quickly change item prices, shipping, and other important information.

6.) Customer Support:

This is very important from the get-go when you are trying to implement the new system or if there is a major update to the system later. You need to select a platform from a reputable company that you believe will be in business for some time. Additionally, it is very important to make sure that they include support in the purchase of your new system. Test out and call support prior to your purchase and make sure they are there to easily respond to your needs.  Make sure that customer support answers call and emails in a timely manner. If they do not, you might seriously consider another vendor.

We hope that you enjoyed this first article in our series.   VAMBOA also wants to let you know that we have partnered with Dell Technologies and if you need to update your computers and peripherals, please check out the special discounts just for VAMBOA Members and Friends here:  https://vamboa.org/dell-technologies/

By Debbie Gregory.

As a public service to VAMBOA’s Veteran and Military Small Business Owners, we are bringing you this fraud/scam alert to keep you informed.   Please be vigilant and do your homework to check out so that you are not a victim to grant fraud, load fraud and phishing.

From the Small Business Administration’s Office of Inspector General:

The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19).

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times.  Be on the lookout for grant fraud, loan fraud, and phishing.

Scams and Fraud Schemes

Grants:

• SBA does not initiate contact on either 7a or Disaster loans or grants.  If you are proactively contacted by someone claiming to be from the SBA, suspect fraud.

Loans:

• If you are contacted by someone promising to get approval of an SBA loan, but requires any payment up front or offers a high interest bridge loan in the interim, suspect fraud.
• SBA limits the fees a broker can charge a borrower to 3% for loans $50,000 or less and 2% for loans $50,000 to $1,000,000 with an additional ¼% on amounts over $1,000,000. Any attempt to charge more than these fees is inappropriate.
• If you have a question about getting a SBA disaster loan, call 800-659-2955 or send an email to disastercustomerservice@sba.gov.
• If you have questions about other SBA lending products, call SBA’s Answer Desk at 800-827-5722 or send an email to answerdesk@sba.gov.

Phishing:

• If you are in the process of applying for an SBA loan and receive email correspondence asking for PII, ensure that the referenced application number is consistent with the actual application number.
• Look out for phishing attacks/scams utilizing the SBA logo.  These may be attempts to obtain your personally identifiable information (PII), to obtain personal banking access, or to install ransomware/malware on your computer.
• Any email communication from SBA will come from accounts ending with gov.
• The presence of an SBA logo on a webpage does not guarantee the information is accurate or endorsed by SBA.  Please cross-reference any information you receive with information available at sba.gov.

Report Fraud

Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online at, https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline.

Small business owners, including veteran and military owned small businesses are dealing with a multitude of challenges now.  It is unfortunate and sad, that on top of everything else, there are people and groups out there with the goal of scamming or committing fraud.  Unfortunately, this is the reality so please check everything and make sure you are sure that you are dealing with legitimate entities.  It is better to be safe than sorry.

By Debbie Gregory.

There has been a huge surge in both business owners and employees working remotely from home because of the pandemic. This change has been well received all around.  Projections show that remote work may be here to stay. Employees are still able to effectively communicate, productivity has not gone down, employee satisfaction has gone up, and businesses are saving quite a bit of money on overhead such as office space rent.

While there are a lot of benefits of remote work for both the employee and the business, there are also a lot of concerns and challenges to address. We are all exploring new issues with productivity, boundary setting, and personal relationships. Employers are worried their workers at home are too easily distracted with everything going on in their home life. They worry they do not have as much control over their remote workers and have concerns on effectively managing them; even while they feel that the work-life balance for employees is the greatest benefit of remote working.

With all the challenges, most small business owners have worked from home for years. A vast majority of them work from home and that number is even higher amongst the younger business owners.  It seems that age plays a big role in how remote work is perceived. A recent study found that the younger the owner, the more positive they are about their employees working remotely. Younger business owners tend to feel that remote workers are more productive, more positive, and overall harder workers than those working in a traditional office setting.

Should You Have Your Employees Work Remotely? This is a hard question to answer. In order to figure out if a remote workforce would be best for your business, you need to consider the employees’ specific job duties, their ability to work effectively from home and their ability to work securely from home.

Below are a few ideas to consider:

• Is the employee safer at home than in your office?
• Would your business benefit from lower overhead?
• Does the employee have the equipment and technology at home to work efficiently and effectively? If not, are you willing to provide it?

FYI – VAMBOA is partnering with Dell Technologies to provide significant discounts on computers and you can check them out here:  https://vamboa.org/dell-technologies/

• Does the employee work with highly sensitive business data? If so, do you have security practices and solutions in place to safeguard that data when accessed remotely?
• Does the employee have the tools to provide customer service or customer support?

If you choose to allow your workforce to continue to work remotely, you will need to put in place policies on how they will work, how you will manage them and how you will deal with the various challenges that will come up.

Below are some of the things you will need to work on:

• Make sure you put in writing your new remote work policies and distribute them to your team so that everyone is on the same page.
• Schedule and conduct regular check-in calls, video chats, or meetings to ensure everyone stays on the same page and works together.
• Provide opportunities for remote social interaction. Even though you are not all working in the same location, team building and bonding is still very important. Schedule and conduct virtual happy hours, trivia contests, team luncheons, etc.
• Make sure to deploy the correct technology to keep your employees connected and collaborative. Things such as video conferencing tools, instant messaging, office productivity software, and more. This is also an excellent time to update your computers and other equipment.  You may want to transition from desktops to laptops
• Additionally, take the time to assess how working remotely is going for your staff. Schedule one-on-one talks and ask your employees how things are going for them and if they need more support from you.

People were already adopting remote work; the pandemic simply accelerated the popularity of the trend and it seems to be growing significantly. More and more companies are looking to expand the remote team model and shift a large portion of their workforce to remote work for good. Since more employees now have the technology and equipment they need to work remotely, it is easier for companies to offer that ability going forward.  Small business owners should seriously consider moving to this model too.

As employers and employees alike experience the benefits of working remotely, more companies will inevitably decide to make the leap. In the future, once the pandemic has finally passed, there will be a dramatic rise in fully remote companies with no physical workplace and providing savings.

Speaking of savings, VAMBOA is pleased to announce that we have partnered with Dell Technologies to provide VAMBOA members and friends significant discounts.   Please check them out here:  https://vamboa.org/dell-technologies/

By Debbie Gregory.

It does not matter whatever area your small business is in; it looks very different today than it did last year. Unfortunately, it might never look quite the same again. The COVID-19 pandemic has forced every industry to drastically change the ways in which they conduct business to keep both their employees and customers safe.

Below are a few powerful lessons that you can take away from this pandemic and ones that will assist you in changing your business for the better:

1.) Be Flexible:

COVID-19 tossed a massive wrench into all our plans this year. Regardless of when you re-opened, when you plan to re-open, or if you never closed your doors, you must be flexible and creative when solving current problems. If you can embrace these challenges, your business will not only survive, but should grow once the pandemic has passed.

2.) Consider Alternatives to The Standard Office:

Many businesses have been forced to close entirely or work with a very limited amount of staff in the office while the rest worked remotely from home. Many businesses are now choosing to allow their employees to stay remote indefinitely as they close physical offices to save on overhead. If you can do it, now is the perfect time to embrace working with reduced overhead while providing your employees more flexibility in their work schedules.

3.) Utilize Technology:

Utilizing tools such as Slack, Zoom, and Skype businesses are keeping employees connected, focused, and on-task. These tools also continue to facilitate camaraderie by allowing virtual team lunches, meetings, happy hours, and more.

Technology is also helping companies keep on top of customer service with chatbots, messengers, newsletters, and other online tools; as well as helping companies expand their offerings with things like online stores. Technology has made the transition from traditional office to home-office incredibly simple as well as boosted how companies can find and communicate with their customers. Helping to keep business marching forward, keep up morale and keep everyone feeling connected to one another.

VAMBOA recognizes that many small businesses may need to update their computers and technology.   For this reason, VAMBOA has made the decision to partner with Dell Technologies to VAMBOA members and friends significant discounts on their outstanding technology products.  Here is a link to check out what they offer:  https://vamboa.org/dell-technologies/

4.) Involve Your Customers:

When looking for new and creative ways to boost your business during these challenging times, it is an excellent idea good to involve your current customers.  You need to find out from them how you can better serve them.  They may have a few ideas that you would never have thought of without their input. Some businesses have pivoted to online sales, at-home kits that are delivered, virtual meetings or gatherings and much more. Your customers know what they want and adding their desires to your offerings may open up a whole new revenue streams for your business.

5.) Pivot:

If your business is not open, you need to find a new way to get your offerings into the hands of your customers. If you have not yet added other services or ways for people to purchase your offerings, now is the time to do so!  If you are a restaurant then offer curbside pickup, online ordering, delivery services, or at-home meal and dessert kits. If you are a retailer then open an online store. Find ways to bring people together and connect your products and services to them.

The COVID-19 pandemic is far from over and will continue to dramatically change the way small businesses operate as we head into the future. To survive and thrive, you need to find new and unique ways to continue to serve your customers.

Please check out the discounts for VAMBOA members and friends offered by Dell Technologies to upgrade your computers and technology here:

https://vamboa.org/dell-technologies/

By Debbie Gregory.

The COVID-19 pandemic has continued to financially impact small businesses negatively.  Consider a crowdsourcing campaign might help your business to stay afloat and prosper.

Nearly every small business across America has been impacted by the coronavirus pandemic.   Some have had to their operations or shut down completely. The financial impact of state lockdowns and social distancing has been a very challenging burden for many business owners, especially those who can no longer afford to pay their employees and bills.  Even with government stimulus packages such as PPP loans in the CARES ACT, many local businesses simply cannot wait for state or federal aid to come happen and remain in business.   Some have turned to their loyal clients and wider communities to help them meet their immediate needs in these uncertain times. Service businesses that cannot operate remotely, have launched coronavirus crowdfunding campaigns to help them support employees who have been temporarily laid off or had their hours cut due to COVID-19.  This has been very popular in the restaurant business.

If your business is considering a crowdfunding campaign to mitigate COVID-related financial losses, below is what you need to know and a few popular platforms to consider.

Where to Launch a Coronavirus Crowdfunding Campaign:  As with a regular crowdfunding campaign, it is important to do your research and find a platform that best suits your business needs and goals. Below are a few popular crowdfunding sites to check out:

• GoFundMe:  This Crowdfunding site was founded in 2010, GoFundMe is a popular crowdfunding platform used to raise money for emergencies and charitable causes. GoFundMe can be used by both individuals and businesses, but the most successful campaigns tend to center around service-based causes. Unlike other popular crowdfunding platforms, your campaign does not have to meet a deadline or goal requirement, meaning you keep everything you raise minus a 2.9% processing fee and 30 cents for every donation.
• Kickstarter. Kickstarter is a rewards-based crowdfunding platform designed to “help bring creative projects to life.” To launch a campaign, you set a fundraising goal, deadline, and different pledge levels for backers to choose from. Each pledge level provides something in return, such as a small gift, early access to a product, a personal experience and so on. Kickstarter is an all-or-nothing platform. A campaign that does not reach the fundraising goal within the timeline will go unfunded. For successful campaigns, Kickstarter charges 5% of the total funds raised, plus payment processing fees that range between 3% and 5%.
• Indiegogo. Like Kickstarter, Indiegogo campaigns are usually centered around creative works, charities or start-up businesses. Unlike Kickstarter, a campaign can be fixed or flexible. A fixed campaign is all or nothing, whereas a flexible campaign allows you to keep all the funds whether you meet your goal or not. If you do not meet your goal on a fixed campaign, you will not be charged any fees. For flexible funds, you will be charged a 5% fee plus a 3% processing fee, plus 30 cents per transaction.
• Kiva. Unlike other crowdfunding platforms, Kiva is a non-profit organization that connects entrepreneurs who need a loan with people who want to loan money. Kiva is ideal for individuals who are considered “unbankable” by traditional financial institutions because they have no collateral, no credit history or are otherwise seen as a “risky” investment.

What Can I Use My Crowdfunding Proceeds for?

According to the crowdsourcing site, GoFundMe, businesses that have used its platform to cover coronavirus losses have used the money they have raised for any or all the following:

• Health insurance for employees
• Monthly rent or mortgage payments
• Health insurance for employees
• Paid sick time for employees impacted by COVID-19
• Crisis pay for employees who are not sick but are out of work.
• Employees who need time off to care for their children.
• Other operational expenses you are struggling to pay.
• Matching discounts for their donation spread out over time.
• Discounted gift cards for when business is back to normal.
• Priority booking for service-based businesses.
• Free upgrade or add-on service.
• Buy one now get two during the first week back in business.

Unique ways to reward your customers for their support

While not every crowdfunding platform requires you to offer a “reward” in exchange for a donation, some platforms like Kickstarter and Indiegogo do. Even if your chosen platform does not, it may be a nice gesture to offer your patrons a “thank you” for their support, even if it’s just a coupon for a future purchase.

Here are a few unique ideas for thanking your customers for their generosity:

• Matching discounts for their donations spread over time
• Discounted gift cards for when your business is back to normal
• Priority booking for service-based businesses
• Free upgrade or add-on service
• Buy one now and get two during the first week back in business