By James Pruitt, Senior Staff Writer

Marketing is its own field within the business world. Specialists in marketing often come out of school with vast coursework and little experience. The generalities acquired by “professional marketers” often fail entrepreneurs seeking their niche in the economy. 

Every company is different. Each entrepreneur likely has their own set of values, as well as their own understanding of the niche of the economy they seek to occupy. Outsiders may provide guidelines and principles, but the core of a marketing strategy must come from the source of the business idea itself. Successful marketing ultimately comes from within.

Remember the sitcom Family Ties from the eighties? Consider the episode “The Spirit of Columbus.” In a classic standoff between money-obsessed Alex P. Keaton and his opposite, the artist Nick, Alex usurps Nick’s greatest artistic triumph and markets the sculpture “in volume” as home decor. In several fabulous colors to boot. 

These days, marketers rely largely on online strategies. Professional marketers know the web, social media, and other such channels. Entrepreneurs know their own hearts and the goals of their companies. Efforts of marketers fall impotent absent coordination with the leadership of their clients. Consider the ongoing lament of online gamers in the face of recent waves of offbeat, sometimes offensive marketing campaigns. “Why do they do this? The game is nothing like that!”

Entrepreneurs do their best to market themselves, often with advice from ad agencies. Marketers should stick to their roles. These days, marketers do have irreplaceable functions on the online and social media fronts. However, unless the marketer and entrepreneur are one and the same, no one can sell that great idea better than its originator. A marketer can filter the idea. A marketer can find the right channels. However, no one can express the idea’s heart and soul better than the entrepreneur themself.

There are strategies that business owners can use to market themselves. First, no matter the niche product or service, business owners should make their outreach efforts personable. Sometimes, a little creativity can liven up not only the brand but even the lives of its patrons. Perhaps the Michelin man can be an example. The iconic 120-year-old character is as old as the company itself. Over the years he has evolved from grease-monkey to symbol of fine dining. The Michelin brothers needed no marketing agency to accomplish that.

Second, entrepreneurs should ensure focus on their fundamental message. Marketing ideas should have organic roots in the core ideas of the company. Whatever the original focus of a business venture, a marketing campaign should beam this inspiration into their target clientele with laser intensity. A “meeting of the minds” does wonders between owners and clientele, at least in the early stages. Third-party marketers have the potential to complicate this process. Business owners should always stay in control of their message, at least until the enterprise diversifies and becomes too complex.

In the end, business owners should never allow third parties to market their idea in far-off directions, at least in the early stages. Marketers have their place and their own expertise, especially in the age of social media and other forms of online exposure. However, while the business owner provides the capital, the business owner provides the leadership. When the visionary separates from the vision, only broken dreams loom on the horizon.

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

Inflation has become a growing concern as cash has flowed into consumer’s hands following the outset of coronavirus. In theory, businesses should increase prices, especially as labor becomes more expensive. In fact, the economy is more chaotic and unpredictable. Business owners should consider sound realities before they jump to conclusions about how to price their products in the post-pandemic economy.

As discussed in previous blog posts, the pandemic sent the trend toward online consumerism into overdrive. Consumers know they can now resort to online sources that maintain a low overhead. This development bodes poorly for “brick and mortar” stores. Unfortunately for such establishments, the balance of power may continue to shift in the direction of online consumers.

What can a small business owner just out of the military and looking to apply their newfound skills do, especially in this strange new economy? Fortunately, many strategies can simplify marketing efforts.

• First, human interactions, in general, have become more online over the past few decades. The possible end of the Pandemic will not change this trajectory. During the Pandemic, online interactions only became more sophisticated and established. websites and social media have only gained importance. Every economic participant, including veteran business owners, should become more Internet savvy. 
• Second, unpredictable shifts in price can leave entrepreneurs unprepared. Given confusing shifts in the economy, business owners should understand current market circumstances in the here and now. For this reason, entrepreneurs should stay vigilant about direct competitors. Confusion may arise from assumptions and inaccurate predictions from the media. Mindfulness about the here and now should prevail.

“Staying vigilant” does not mean cutthroat behavior. “Staying vigilant” means an understanding of a ballpark range for goods and services catering to your specific clientele. Everyone benefits from some level of cooperation. Consider networking groups or your local Chamber of Commerce. Of course, backstabbing tactics only draw the worst kinds of attention.

Learning spreadsheets can help new business owners compare themselves most accurately to rivals in the current, uncharted online market. Microsoft Excel, as well as Apple Numbers and Google Sheets, may provide tools to compare prices with similar online marketers. 

• Third, new business owners should consider their own costs and capacities. Many analysts divide these costs between variable and fixed costs. “Variable” costs shift with demand and changes in the economy. “Fixed” costs may include contractual obligations such as overhead, payroll, and the costs of maintaining websites. The goals and resources of the business owner may determine the outcome.
• Fourth, consider profit margin and your own economic needs. Profit margin tends to vary by industry. Usually, profit margin consists of the difference between the cost of maintenance and the income from sales. Great damage can occur when the owner has invested heavily in the business, and profit margins stay low. A home business may need only a low-profit margin, and a restaurant or auto shop inevitably requires a much higher one, due to the cost of equipment.
• Fifth, underpricing may ruin a business. Many entrepreneurs try to achieve brand recognition through discounts, sales, and cheap products. Misguided attempts at market penetration can leave consumers turning their noses when entrepreneurs need to raise prices to simply pay the bills. 

In short, pricing depends largely on the circumstances of the business owner. Generally, higher investments in overhead and equipment necessitate much more careful analysis. Always, the best price for a product or service depends on the relevant market. Hairbrained schemes such as underpricing rarely serve anyone. Veteran Business Owners need to balance their own circumstances and those of any other market participants, including clients and competitors. 

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

Technology has sparked a boon in self-employment, and thus a spike in interest in consultant work. More and more people have discovered an interest in transforming their special knowledge or passion into a career path advising other business people.

But what does “consultancy” mean? What qualifies a consultant, exactly? The definition is straightforward; a “consultant” is simply “a person who provides expert advice professionally,” according to the Oxford English Dictionary.

A “contractor” is widely understood as a worker whose main relationship is not with the organization itself. A “temp” is a person whose relationship has a set time-limit with a company. But as for “consultant,” the definition is much more fluid. The nature of the position depends on the knowledge and talent the consultant has to offer, as well as the demand. Hence the independence of the consultant, as well as the increasing desirability of the career path.

Technology has revolutionized outreach for newcomers to the field. Networking is often the greatest challenge, and the internet has multiplied opportunities to sell one’s wares. Whether through social media, websites, or directed email marketing, with the proper expertise and talent, a new consultancy firm can start from the comfort of one’s home.

Various Considerations Stand Out for A Prospective Consultant:

1) Most important, a prospective job- seeker should consider their qualifications. A consultant must have the expertise, credentials, and education to advise their clients properly. Part of remaining qualified is staying up to date on current news and trends within the field.

2) Organization is crucial to maintaining an independent practice. Consultants are generally independent business people. As such, the new business-owner must have the self-discipline to plan their day and manage their time. Keeping records and managing workflow must be done independently and efficiently.

3) Many fields recommend special licensing and certification. For example, companies may expect a specialist in a certain software to receive certification by the manufacturer of that software. On the other hand, such certification is not likely necessary for a more general specification.

4) Networking is important. As a free agent, a new consultant will need to build contacts to bring in work and stay at the top of their field.

5) Consultants must set goals. These goals should stay realistic with the requisite time, resources, and energy needed to build such a business.

Demand abounds for consultants in many fields. In 1997 US businesses spent over $12 billion on consultants, according to the Association of Professional Consultants in Irvine, In 2019, the United States was the world’s largest management consulting market. In that year, management consulting services were valued at approximately 71.2 billion U.S. dollars.  The global management consulting market was valued at 160 billion U.S. dollars in 2019.  According to Statista.com   This is extraordinary growth in this industry.

Anyone can work as a consultant these days. Nothing limits the scope a consultant’s practice other than their talents and passions. The trick is to recognize a marketable niche in one’s background and repertoire of skills. Perhaps during of years of volunteer experience, the new consultant has developed expertise in event-planning or public relations. Perhaps a computer enthusiast can put their years of tinkering to use in the IT field. Whatever the worker’s experience or niche, for an in-demand skill, a drive and passion for excellence is the key to success.   With the pandemic and the new normal, more companies will rely on consultants.

By Debbie Gregory.

Veteran-owned small businesses have a lot to offer, to their customers, their communities, and to prospective employees. Despite the focus and push for veteran employment through diversity and inclusion, there needs to be greater focus on supplier diversity for veteran owned businesses.  I also believe that corporations need to integrate their Supplier Diversity, Inclusion and Diversity and Veteran Affinity and mentorship groups for real success.

Some interesting stats according to the Small Business Administration (SBA):

• Veterans are a key part of any supplier diversity program.
• Veterans are one of the most successful groups of business owners in America.
• 1 in 10 businesses are veteran-owned.
• Veterans are 30% more likely to hire other veterans.
• 5% of VOSB’s operate in the professional, scientific, technical services industries, and the construction industry.
• 1 % are in wholesale and retail trade.

Don’t Just Hire Veterans – Do Business with Them! There are many good reasons to work with veteran-owned businesses.

• Know the Rules

The federal government requires 3% of the total value of all prime contract and subcontract awards go to Service-Disabled Veteran Owned Small Businesses (SDVOSBs).

• Finding Veteran-Owned Businesses

The very best way to find a veteran-owned business is to search connect with and sponsor trade associations such as VAMBOA with huge memberships of Veteran Business Owners.   VAMBOA, the Veterans and Military Business Owners Association can connect the RFIs and RFPs of your corporation with our network of over 7,000 members.

I believe that time is at a premium for small Veteran and Service-Disabled Businesses as it is for the corporations that are required to have a diverse supplier network.  Instead of spending the time of staff and the expense of attending conference, become a VAMBOA sponsor and we will place your message online to our large membership and on social media with almost a quarter of a million fans and followers.

• Do Your Research
  There are good vendors and bad ones. Simply having a federal VOSB/SDVOSB certification does not mean that the vendor is experienced or any good at their job. Always ask for work examples or references as you would with any vendor, supplier, or potential employee.

Any company can slap a “veteran-owned” sticker on their location or product but some may not be honest, and fraud is a concern. Most states will certify a business as VOSB/SDVOSB if they have their federal VA certification. Before doing business make sure that you request a copy of that certification.

• Get Management on Board

You will need to gain the support of your senior management in order to add veteran-owned businesses to your approved supplier lists. Veteran-owned businesses now provide almost every type of product or service you can think of.  Make sure the entire company is on the same page about including VOSB/SDVOSBs. Veterans hit all the boxes as they are diverse group including minorities, women and disabled.

• Educate Your Purchasing and Contract Departments
  Once you are sure that you have clearly outlined your goals for including veterans in your diversity supplier efforts, provide well researched lists to your key personnel of veteran-owned businesses to help jump-start the process. The most common internal pushback is lack of access to known veteran-owned businesses. If you cannot find them – it is hard to work with them. Make it as easy as possible for your employees to include VOSB/SDVOSBs when your company is looking for a vendor or supplier. The very best way is to become a VAMBOA sponsor.  Contact us.
• Tipping the Bidding Scales in Your Favor
  Sometimes working with veteran-owned businesses can bring you a competitive edge when bidding a job. Certain agencies will give preference to companies that utilize VOSB/SDVOSBs. Each federal agency sets participation goals for small businesses in procurement contracts. Regulations require Federal purchases over $10,000, but less than $250,000 to automatically reserve, or set-aside, a portion of the contract monies for small businesses.

Working with VOSB/SDVOSB can help you, the VOSB/SDVOSB you work with, and our economy in general. Next time you need a new supplier, vendor, or partner it may be in your best interest to find one being run by a vet.   Contact VAMBOA.

By Debbie Gregory.

There never seems to be enough time in the day to finish everything you need to do. This is especially true for Veteran Small Business Owners.  Below are some ways to help better manage your time and fit more into your day.

1.) Take care of the toughest tasks first thing in the morning:

Getting done the most unpleasant, or time-consuming tasks first thing does a few things for your entire day.  It will provide you a feeling of peace as you move onto tasks that are more appealing.  It will also start your day in a very productive way and can help you clear your head.  Often we have more energy first thing in the morning and as the days go on, we are use it up.

2.)  Group similar tasks together:

When you group similar tasks together and get into a “groove” of accomplishing them, you will end up saving yourself a ton of time. Switching gears can be tricky and you tend to lose your momentum getting ready for the next task.

3.)  Focus:

Multi-tasking is not a great idea when you are trying to accomplish a lot in a short amount of time. Keep your focus on one task at a time. Trying to tackle too much all at once can feel overwhelming and will slow you down.

4.) Track your time:

You know how long it takes you to accomplish most of your day-to-day tasks. Try to plan your day according to how long it will take to do the things you need to get done.

5.) Take breaks:

This may sound counter-productive but taking short breaks can help you be MORE productive. A short break can help you restore your focus, clear you head, rejuvenate some energy and balance your mental state. We are all human, not robots. Even if you only take a five- or ten-minute break to take a quick walk outside, you will feel better and be able to focus more on the tasks you need to complete.

6.)   Plan for tomorrow:

At the end of your day, it is always a good idea to plan ahead for the next day. List out the most pressing or difficult tasks to tackle first thing in the morning and budget the rest of your time based on what you already know about how long each task will take you.

Taking the time to really understand your time needs and planning appropriately will not only save you time, it will make you much more productive.