By James Pruitt, Senior Staff Writer

Businesses need to engage with customers in order to succeed. A good relationship requires demonstrated concern for the client’s well-being and satisfaction. 

1. Communicate with the customer in a manner they feel comfortable with.

Businesses should adapt to the communication preferences of their clientele. Many people find email time-saving because they can respond at their leisure. Others prefer texts because of the instant notification. Others prefer the familiarity of a phone call. Some who speak English as a second language feel more comfortable with a written message.

Additionally, not everyone uses Twitter, Ticktock, or Facebook, but assuming your clients do, why shouldn’t you? Proprietors and clients should sync with their clientele in the digital world as well as the real world.

2. When professional and practical, extend the relationship outside the business realm.

We’re talking about building friendships, or at least familiar customer relationships. Of course, we are excluding businesses that maintain professional boundaries, such as doctors and lawyers. However, owners of small shops, restaurants, and manufacturers have every reason to incorporate their personal relationships into their businesses. These kinds of relationships can help form a community of collegial, like-minded people who love your product or service. 

Here’s one funny strategy: Many companies recognize micro-holidays such as National Red-Apple Day, National Peanut Day, and World-Wide Volkswagen Beetle Day. Extra points if the holiday is relevant to your business!

Also, many companies make a small celebration out of the birthdays of customers and employees. A small card can go a long way in reminding your client of the importance of your practice. Even an internet celebration can soften hearts and create a familiar mood.

3. Product education can build a relationship

Especially with technical products, effective customer support can build rapport with the company. Different techy products may require different measures, depending on the industry. One example may be sponsorship of training classes for your product, if practical. As another option, a launching event for a new product may provide another option to build a community of loyal customers. Make it a party!

4. Find small ways to go above expectations

As we’ve said before on this blog, if you have extra inventory that you absolutely can’t get rid of, give it away for free. You may or may not want to give a birthday scene for the birthday boy or girl at a restaurant. But a more discrete strategy to make a connection may be a small birthday deal or gift. Polite, discrete ways to make customers feel special never hurt anyone and will increase your popularity with your customers.

Overall, whenever possible, always try to go above expectations when the opportunity arises. Maybe during a slow time, going the extra mile with a service or product just may keep the customer coming back. These measures are important not only to increase revenue but even to provide further online reviews.

5. Conclusion

Never forget the importance of a community of loyal customers to boost your brand. Only customer satisfaction can build your business to capacity. Even with the best conceivable product or service, only good marketing can build success for a veteran entrepreneur. Remember these maxims from this blog and those to follow.

VAMBOA, the Veterans and Military Business Owners Association hope that this article has not only been valuable but provided some unique perspective.  We work hard to bring you important, positive, helpful, and timely information and are the “go-to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here:  https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

Do not forget that VAMBOA members receive significant discounts on technology needs.   Check them out here: https://vamboa.org/dell-technologies/ 

By James Pruitt, Senior Staff Writer

The Pandemic proved one fact to consumers and businesses: Remote ways of transacting are here to stay. Coronavirus only accelerated existing trends. In other words, even nontraditional online strategies can work, in some cases better than the old ways.

Some of the newer trends are the following:

1.Working from Home

Many workers simply work better from home. Also, many businesses function better this way as well. For example, remote work can eliminate problems with the commute. Working from home can also ease the burden on employers in the recruiting process. Accountants, real estate workers, and IT professionals, for example, often can work from home, even as many other professionals cannot. 

At the same time, other companies do need in-house workers. In fact, many prefer them even when they can subsist with a remote workforce. For example, in-person work often makes feedback easier to give and receive, and facilitates team building and group work, even in industries where remote work is quite doable.

In 2022, we now recognize the possibilities of at-home work, although the permanence of the traditional employment model goes without saying.

2. Reaching out Remotely to Customers

The Pandemic was a boon for online companies like Amazon since customers found themselves confined as they sheltered in place. In fact, the Pandemic made clear to a wider audience the potential of online marketing. While brick-and-mortar enterprises will never die, these past couple of years has incentivized wider use of online strategies.

3. Importance of Social Media Influencers

Along the same lines, the Pandemic forced many of us to turn to social media for socializing. Significantly, influencers have gained more influence in a wider range of fields. A “nano-influencer” might promote a niche specialty or a unique service. A “micro-influencer” might have more followers but remains within a niche field, hobby, or profession. A “macro-influencer” probably has more than 100,000 followers and a wider range of influence. A “mega-Influencer” would have over a million followers and leagues of devoted fans hanging on their every word. Kim Kardashian would be an example of a “mega-influencer.”

These one-person marketing machines have gained more respectability and wider roles. Only recently have we seen their utility as an option for promoting new brands. 

4. Consumers Have More Options: Brand Loyalty Has Declined

Here is another economic trend that the Pandemic has accelerated. In the past, in-person businesses have had captive audiences. Businesses catered to their own communities. However, the online world has exposed us to a much wider range of options for whatever goods or services we might need. 

One of the saddest trends in economic history was the replacement of mom-and-pop businesses with chain stores in the early 1900s. The Pandemic has complicated this trend by driving home the indispensability of the internet. 

Small business owners shouldn’t fret. One benefit of this process is that now even they can compete with larger business owners simply because they have a wider audience, and better means to promote still better goods and services. This is bad for stores like Sears and Nordstroms, but good for Veteran Business Owners.

Conclusion

In short, the Pandemic accelerated trends that started decades ago. Now, any number of enthusiastic, charismatic individuals can become influencers or business owners. In other words, we have new techniques of marketing and new styles of entrepreneurship. These trends will continue, and while older ways of doing business will always stay relevant in this diverse economy, the newer ones are here to stay.

VAMBOA, the Veterans and Military Business Owners Association hope that part one of this two-part mini-series has not only been valuable but provided some unique perspective.   Stay tuned for the next article.  

We work hard to bring you important, positive, helpful, and timely information and are the “go-to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here:  https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

Do not forget that VAMBOA members receive significant discounts on technology needs.   Check them out here: https://vamboa.org/dell-technologies/

By James Pruitt, Senior Staff Writer

The Information Age has its bounties and its pitfalls. More and more, we see the problem of data theft looming on the horizon. Every week the news tells us about one more cyberattack, one more online scam, and yet another careless leak due to some software vulnerability or social engineering scheme.

Data breaches can devastate a growing company. Here are some of the main risks Veteran Business Owners should plan for after a breach:

• Expense  

First off, a data breach costs money in several different ways. The direct theft of information itself can unduly burden your business. Indirect expenses multiply that weight.

Thieves might steal your information, your client’s information, or that of your partners or contractors. The thief may even be a competitor out for confidential trade secrets. Further, think about the expensive process of catching the thief, fixing the breach, and paying your employees in the meantime. Finally, corporate victims of data breaches lose a lot of business in the meantime, while trying to catch the thief and plug the leak.

Poor security can wreck a company. Whoever the vandals are, they can get a business from the inside out. In the past, a sneaky worker might have simply lifted a piece of paper. These days, the Internet has exposed us to a world of shady characters waiting to ambush us at any minute.

• A data breach can harm your credibility

Larger companies can attract media attention after a security breach. Ethically, smaller companies must promptly explain to customers, employees, and partners about the compromised data. If they don’t, the victim will learn about it later. Clients can feel violated, contractors may look elsewhere, and partners may lose their trust in you. You may even lose employees’ respect.

The best way to preserve your credibility is to follow best practices, to begin with. However, even the best efforts can fail against the smartest hackers. The battle may seem like a pain but fortifying your business against online thieves is necessary to secure your reputation as a trustworthy business.

• Data breaches take a lot of time to repair 

Say goodbye to your free time after someone hacks you. In virtually every case, a data breach needs to be fixed. There are no minor breaches. Even with, for example, disclosure of a patient’s medical records, at the very least, you’ll have to jump through legal hoops to maintain the integrity of the business. The worst-case scenario would be the use of that information to steal the person’s identity. 

In the case of a larger breach, only extensive repairs can plug the leak. The information that’s already escaped will take on a life of its own and do its own damage in the meantime. Time will be of the essence, and the longer you wait, the more extensive the damage. The more clients need to be contacted, the more contractors need to be warned, and the more employees need to be informed and even questioned. Time is money, and data breaches steal a lot of it.

• Data breaches can land you in trouble with the law.

Poor handling of data can lead to regulatory action as well as lawsuits. The litigants might be as varied as angry customers, the SEC, or even the FTC. Problems with the court system have their own expenses, both financial and emotional. Business owners due care to avoid such a catastrophe.

Conclusion

These days, widespread dependence on the online world has multiplied the risk of intrusions into a business’s private space. Some of the good-old-fashioned preventative measures still matter. Employees should be vetted and properly trained. Online security measures are the most significant development, and require a great deal of preparation, but can prevent incredible heartache. A careful understanding of both is de rigueur these days for a successful company. 

VAMBOA, the Veterans and Military Business Owners Association hope that part one of this two-part mini-series has not only been valuable but provided some unique perspective.   Stay tuned for the next article. We work hard to bring you important, positive, helpful, and timely information and are the “go-to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here: https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

Do not forget that VAMBOA members receive significant discounts on technology needs.   Check them out here: https://vamboa.org/dell-technologies/ 

By James Pruitt, Senior Staff Writer

The Age of Cell Phones has brought new challenges to the workplace, both for managers and their staff. Cell phones can distract managers, the employees themselves, and coworkers, and relevant policies should address all safety and productivity concerns.

Cell phones these days permeate society, and workers may see them as a necessity. Hence, blanket cell phone prohibitions may only hurt morale. Accordingly, managers should consider the right times and places, as well as the correct uses, for cell phones. Considerations may include safety, relevant work tasks, and proximity to other workers. 

For example, bans on cell phone use while driving go without saying. In these cases, employers may need to ensure the phones are not only off, but possibly even out of reach. Also, consider job tasks that implicate the privacy of others.

These safety concerns are the most obvious problems. Operators of heavy machinery, delivery people, and health care workers can not only sabotage their own work but that of others with careless cell phone use. Some companies in such cases may even go so far as to ban the physical presence of cell phones on the premises.

However, outright bans are generally unnecessary and often backfire. Absent a life-or-death situation, “reasonable use” should govern the management approach. After all, cell phones have become a day-to-day necessity, and have so thoroughly permeated life that strict cell phone policies could even damage employee retainment, not to mention everyday morale. Excessive bans are simply not good practice.

Employers report a 28% increase in mistakes after a phone call, and 75% of employers estimate that distractions slice over 2 hours of productivity from the workday.

Overall, employees should exercise proper etiquette with cell phone use. However, we all have our slips, foibles, and blind spots. Hopefully, workers know to turn off their ringers, take calls in private, and of course not take their phones into the bathroom. Finally, texting may replace loud talking on the phone. Habitual offenders may need a discussion with the boss.

As for concrete policy recommendations, the following common maxims could address any problems:

• Workers may not use work cell phones for personal tasks.
• Personal cell phones may not be used for work tasks.
• Due to the possible use of cameras, no cell phones should be used in proximity to confidential information.
• No use of cell phones for gaming or surfing the internet during work hours.

Other policies may vary depending on the workplace, especially those related to safety.

Remember the importance of balance between the interests of employee, employer, and coworkers. Fairness dictates that no one employee neglect their work due to cell phone use. After all, some studies suggest that 55 % of distractions do come from cell phones. 

No one, managers or employees, wants to pry into a worker’s use of their own property. However, one worker who is always on the phone easily can burden the rest of the office, the business, and indirectly, customers. Hence, offices should implement clear cell phone policies as well as actively encourage mindfulness and good manners, while respecting reasonable use when necessary.

VAMBOA, the Veterans and Military Business Owners Association hope that part one of this two-part mini-series has not only been valuable but provided some unique perspective.   Stay tuned for the next article.  

We work hard to bring you important, positive, helpful, and timely information and are the “go-to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here: https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

Do not forget that VAMBOA members receive significant discounts on technology needs.   Check them out here: https://vamboa.org/dell-technologies/ 

By James Pruitt, Senior Staff Writer

Small business loans help entrepreneurs build, maintain, or expand their companies. Getting a business loan for your company doesn’t always require walking into a bank and securing funds.  There are also a variety of online small business lenders to consider, which may have easier qualifications and faster applications.

Small businesses account for a significant chunk of American economic activity.  The United States Small Business Administration (SBA) estimates that there are 32.5 million small businesses across the country. While the nature of each one varies, many hold one major thing in common: the need for business financing.

Remember that loans don’t provide the only recourse. Money for a small business may come from any of many sources, including grants and lines of credit. Each option comes with its own benefits depending on the business owner’s circumstances.

As for loans, good terms can provide crucial growth fodder for your enterprise. However, smaller businesses need to do their homework before taking the plunge. Consider how much your business needs as well as your eligibility. Alternative lenders, such as OnDeck and SGB Funding, can provide support for new business owners without a strong credit history, but only in exchange for less favorable terms. 

Business owners may obtain good credit by:

• Signing up for a business credit card,
• Establish ongoing relationships with suppliers, which may include obtaining trade credit. Many suppliers may extend credit which they report to credit agencies.
• Ensure prompt payment of any debts. Also remember that if you choose to incorporate your business, the business itself transforms into its own entity. The credit agency’s relationship is now with the business rather than you personally.
• Carefully monitor your progress with each of the credit agencies.

As for the application process, lenders generally look for evidence of a strong, consistent cash flow. These lenders tend to ask for, at a minimum:

• A recent statement of profits or losses
• Personal and business tax returns going back 2 or 3 years
• Business plan
• Any legal filings, such as Articles of Incorporation
• Any business licenses you or the other owners hold.

Credit scores can vary, but a score of over 700 should ensure good terms for a loan.

When choosing a lender, consider the types of loans available. These loans may include:

For example, “franchise startup loans” can allow a purchase of a branch of a larger company. Some entrepreneurs may purchase a franchise office for a larger company such as Mcdonald’s, 24 Hour Fitness, or any of a variety of other larger companies.

A “professional practice loan” may provide an option for a Veteran who’s just finished school. Some business owners need startup money even after they’ve gone through graduate school and received a license. Think doctors, lawyers, speech therapists, nurse practitioners, accountants, and Certified Physicians Assistants. 

Yet another example: “working capital loans.”:  Short-term loans are meant to keep the enterprise running, often through a crisis or downtime. Several Pandemic-era loans rescued various restaurants and entertainment venues during lockdowns to keep them alive through those difficult months.

Some loans may specialize even further. Many lenders offer “equipment loans” for business owners who need specialized equipment to stay running. Examples may include restaurants that need specialized cooking equipment and clothing companies that may need embroidery equipment, looms, and other devices. 

Check with the direct lender before considering any of these types of loans. Overall, different lenders provide different pathways to obtaining funding. A good relationship with the direct lender and an inquisitive approach to interactions with that lender could make all the difference. Getting the right information at the right time provides the best long-term outcome with a commitment to a small-business loan.  

VAMBOA, the Veterans and Military Business Owners Association hope that this article has not only been you have enjoyed this second and final article in this mini-series and that it provided you with some valuable information. 

We work hard to bring you important, positive, helpful, and timely information and are the “go-to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here:  https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

Do not forget that VAMBOA members receive significant discounts on technology needs.   Check them out here: https://vamboa.org/dell-technologies/