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Changes In How We Do Business in the Post-Pandemic World

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By James Pruitt, Senior Staff Writer

As we’ve gotten the COVID-19 pandemic more under control, we’ve noticed an acceleration of existing changes in business practices. In-house employment is still the norm, and we all still depend on brick-and-mortar stores. However, an escalating trend toward online ways of doing business has become more conspicuous.

Obviously, many businesses simply can’t go online. Imagine if Caterpillar decided to go completely remote when its business relies on producing construction vehicles. Furthermore, imagine life without the local thrift store. Finally, we’ll never forget the trials of the “essential workers” in our local grocery store during the Pandemic.

At the same time, most businesses these days do need some sort of online presence just to establish their legitimacy. Potential clients may not trust a company, even a home business, without an online footprint.

Business owners should always put themselves in their customers’ shoes. We’ve all grown dependent on the Internet and on our phones. That first Google search may give prospects their first taste of the services your company offers. Also, remember that customers expect more now than ever. Some guidelines for new Veteran Small Business Owners might include:

1. Assuming you have a website (which you should), make sure multiple channels are at your prospects’ disposal. Many small business owners don’t want an overwhelming amount of business. However, all small businesses do need a certain degree of marketing. 

These days, an Internet search often gives customers the first glimpse of your company’s offerings. Business owners should keep this in mind and consider a “multichannel” approach when possible. “Multichannel” involves multiple routes to contact representatives of your business, whether by phone, chat, or email.

2. Customers now a day are more demanding than ever. We all know the “Karen” phenomenon. Of course, most of these “Karens” (or “Chads”) have been totally out of line. However, most new small business owners often can’t afford the drama of talking back. It’s not fair, but best practice is insulating your business from these kinds of complaints before they occur. 

To stay on the safe side, business procedures should go the extra mile to ensure a seamless experience for the customer. Satisfying that demanding customer before an issue arises could save a lot of time, energy, and heartache, as well as lost business. Generally, the best approach is in fact to make sure your product is, for example, perfectly packaged, or that your advertising is absolutely consistent before your product or service enters the stream of commerce.

3. Empathize with the Customer and Remember the Importance of the “Customer Journey.”

Today, the small “corner store” is not behind us. Customer service matters, possibly now more than ever, especially as we emerge from the isolation of the Pandemic. In fact, you can see a revolution in small businesses, since the Internet allows business owners to cater to far more niche groups. 

From start to finish, your relationship with your clientele matters. Remember the importance of establishing a friendly relationship. Also, consider getting creative with novel promotions and marketing opportunities. Your company’s charisma should help draw your prospects down a pleasant ride through the “sales funnel.” Smaller companies often can’t afford to come off in the same ways as huge corporations.

In conclusion, a few closing thoughts: Remember these principles still apply to “business-to-business” relationships. Finally, remember that your online presence will show up differently on your phone than on a desktop, so make sure everything shows up effectively on mobile as well as on other media. 

Small Veteran Business Owners should never forget traditional customer relations practices. At the same time, entrepreneurs do need to respect the changes to the economy that have only accelerated over the past few years. The Pandemic (or the Internet) hasn’t changed who we are, but both have changed aspects of how we conduct business.

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 spark behind most small businesses transcends the profit motive. However, none of us can expect to make money while ignoring our clients. We all need to eat. At the same time, we also need fulfillment in our mission in life.

Let’s look at Elon Musk. He started his projects with the best intentions, then consistently found himself burned. Now, his projects have certainly amounted to a net positive for the good they’ve done in the world. At the same time, I think we could debate whether he’d do everything the same if given the chance for a do-over.

Few people go into a business enterprise with purely selfish motives. However, we rarely find companies with totally altruistic motives. We call those companies “nonprofits.”

A smaller company with a mission should find a community willing to share in its bounty. Perhaps this community may consist of “vegans.” Maybe “conservationists,” or maybe even “school board activists.” However, smaller companies should realistically balance their goals with their needs.

As one way to start, Veteran Small Business Owners should consider the causes they most care about. As a next step, consider your community, and what you may offer that community. Maybe you have gardening expertise. Maybe you can repair cars. You may have learned any number of trades during your time in the military. Never underestimate the power of your connections. Also never underestimate the power of your own convictions.

Involvement in the community can do wonders in expanding your business in the right direction. For example, the Danish firm Lego has teamed up with nonprofits to support Syrian and Burmese refugees. We all remember Legos not only from our own childhoods but also as we pick their detritus off the heels of our feet any time we walk around a child-centered household. Whoever came up with the idea for that toy was going somewhere.

Obviously, most of us are not Lego. However, smaller companies may use any of their own resources similarly. As the main point, smaller businesses, even home businesses, should use their offerings to reach out to their community. Brand loyalty itself can multiply your customer base. Maybe you have your own “Lego” idea that can engage your local community. 

Anything from your craftsmanship, your property, your trade skills, or even your good intentions may provide the seeds for a lucrative enterprise. One key word is “engagement.” Remember, your “goodwill” is marketable. Never underestimate the value of community connections. Also, never underestimate the value of time spent building these connections. Your own convictions and passions can launch your enterprise as much as any angel investor.

Smaller businesses often have products or services that may fit just right into the local economy. Rarely do small business owners reach the level of prominence of Elon Musk. However, good intentions do have value. In some cases, those good intentions may even propel a new business into prominence. New business owners should consider the resources they have and make the best use of anything they have to offer. 

 

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/

Making Customer Satisfaction a Priority

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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/ 

 

Data Breach Consequences for your Business

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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/ 

 

Private Source Small Business Loans

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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/

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