By James Pruitt, Senior Staff Writer

The race to innovate has propelled itself to center stage as technology has advanced. Companies need to constantly rebuild themselves to stay competitive. In other words, companies should deeply integrate forward-thinking mindsets into their cultures. So, what does this mean? 

Twenty-five years ago, a fleet of internet-capable computers could cost several thousand dollars each. Now, a small company can buy these computers in bulk for hundreds per workstation. But in today’s economy, Veteran Business Owners need to consider the cost-effectiveness of such an investment.

Consider the industry. These days, many tech-centered businesses may really need fast, up-to-date computers to simply get the day’s work done. Other companies may need to keep closer track of innovations in their own fields. Such companies may include restaurants, clothing manufacturers, and machine shops. Depending on their needs, such companies may even benefit from saving money on expensive computer equipment, while concentrating on the latest innovations in their own fields.

As a bottom line, companies in these times need to keep track of industry trends. In fact, to stay competitive, most companies need to integrate forward-looking mindsets into their company culture. Veteran Business Owners can implement the following mindsets in order to take their companies down this path:

1. Get Ready for Cross-Industry Partnerships

Vastly different companies sometimes have operations that complement each other. In many cases, one business may have discovered a new methodology that might benefit a separate one. Consider, for example, delivery methods. Maybe a business in one field has begun to use drones or self-driving cars. One company could even act as a supplier for the other, and hence vertically or horizontally integrate the operations of each. Finally, consider that businesses in different fields might not be in competition.  As a bottom line, remember the importance of networking for reaching the best outcomes for each party.

2. On a Similar Note, Never Forget the Power of Collaboration and Partnership

Competition can provide us with the drive to press forward. However, sometimes extreme rivalries between companies might prevent the spread of new ideas. Extreme competition may be toxic. It is true that the legal system enforces noncompete covenants and antitrust laws, and for good reason. However, Veteran Business Owners should trust themselves and each other to join forces in many cases where partnerships might benefit each. Your own method may work for you, but in some cases, teamwork with others in your industry may yield the best fruit.

3. Some Industries May Completely Disappear Or Even Morph to the Point Where They Are No Longer Recognizable

Remember the metaphor of the frog boiling so slowly in a pot that it doesn’t understand it’s being cooked? Business owners should keep in touch with trends in their field and understand when and why they need to innovate. Time flies, especially for busy people. Your field could gradually disappear absent a willingness to innovate. Even within many of our own lifetimes, at one point we had telegrams, then we had FedEx, then email. 

Successful companies see trends and innovations as they arise and adapt accordingly. Those who stick their heads in the ground may find themselves boiled alive as advancing new technologies eat away at their core business.

4. Remember the Importance of Social Responsibility for Public Image

These days, companies need to stay aligned with changing ethical sensibilities. Businesses that fail on this front risk finding themselves in a two-front war. Customers may abandon their products even as governments start regulating them. The combined social forces could spell doom for a small business, regardless of what short-term opportunities may come their way. For example, don’t expect many new tobacco companies any time soon. 

In conclusion, any business owner needs to stay “in touch” with the business environment surrounding them. New Veteran Business Owners most of all need to remain self-aware. The need for innovation can arise at any moment, so all of us need to contribute to company cultures that seep these forward-thinking concepts as deeply as possible into the souls of any new business.

Stay tuned for part two of this mini-series.

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

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/

By James Pruitt, Senior Staff Writer

As your business grows, your need for customer service grows with it. No matter what the quality of your product or service, and overall high-quality business requires established, reliable, good practices for interacting with their clientele. Remember, customers expect consistency.

Even before you acquire your first support staff, you need to start considering your customer service policies. Responses to customer demands should be consistent. Here are some ways to maintain consistency when growing your business.

“Professionalism” is the bottom line. In your business’s early stages, formulating consistent policies and ongoing practices may seem daunting Imposing these practices on any staff you may have may seem to pose an even greater challenge.

As your company grows, your brand grows. As you build your brand, remember the importance of consistency in quality control and service speed.

The following strategies might create a more consistent, professional customer service style:

1. Remember the importance of deadlines. No one will do business with you on an ongoing basis if they can’t plan their own schedule due to your unpredictability.
2. Your client’s priorities are your priorities. Your customers have their own bills to pay and expectations to meet. Your unpredictability may interfere with your client’s ability to meet their own obligations. In the early stages of your business relationship, you should get to know your client’s business and gain an understanding of how to accommodate their own schedule, as well as their supply and staffing issues.
3. Consider your website’s analytics and consider the SEO for your website. Search engine optimization has brought predictability and standardization into many industries. The right keywords and SEO practices can help bring your business practices in line with whatever clubs you want to join and those industries that you want to align with.
4. Keep your own business practices reliable and make sure your products meet the standards in your industry.
5. Place customer feedback at the forefront. Your customers help build your brand. Remember their importance in creating the most reliably satisfying product.
6. Keep in touch with technological developments and innovations. Take advantage of any measures to stay in touch with industry standards, including journals, word-of-mouth, and product updates.
7. Understand client schedules and respect them. Your clients may have their own clients, and each may have its own demands. Disrespect for their schedules disrupts the lives of many down the supply chain and is not good for your business or the business of your customers.
8. Please, no drama! Professionals should plan to minimize the unexpected. Business owners should plan for emergencies, keep proper insurance, and avoid excuses when things go wrong. Clients and contractors pay you for things to go right. They do not pay for drama and may expect recompense when a wrench gets thrown into their business plans.

When customers and clients contract with you, they pay for reliability. Veteran Business Owners should plan to keep their business practices consistent. Remember to research best practices in your industry and keep your own practices reliable enough that your clients and suppliers always know they will get what they bargained for.  

 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/