By James Pruitt, Senior Staff Writer

The social media age has brought attention to the various Instagram, Twitter, YouTube, and TikTok accounts of countless well-known influencers. Such influencers can range from celebrities to smaller-scale social media personalities. 

Some of these influencers have great recipes, some design beautiful clothes, and some developed a following through their own inertia. Endorsements from these personalities can bring huge profits. However, many ask for high prices in return. Smaller business owners can find their own niche partnering with users with their own localized networks in their own industries.    Below are a few suggestions:

(1) Consider your strengths, interests, and motives for becoming a small business owner:

Most small businesses start with special expertise, interest, or hobby. These days, fellow travelers are often online. Joining a community is the best strategy. Within your interest group, you may find communities. Within one of these communities, someone may happily promote your product on their YouTube channel, Facebook community, or other localized sites. The trick? Find people with a genuine understanding and interest in what you have to offer.

(2) Always respect micro-influencers, especially those who operate within your own niche:

Kim Kardashian charges a fortune to promote a product on her Instagram and other social media sites. Small business owners need not look for endorsements from a Kim Kardashian or a Paris Hilton. Small businesses tend to work through their own specialized niches. Obviously, paying Kim Kardashian or Paris Hilton a fortune to advertise your brand-new transmission generator would increase sales short term. 

However, a more cost-effective strategy would zero in on the local industry, as well as local hobbyists and business people who might have used it for such a contraption. These localized groups may even have distribution networks that can place your new product or service in front of the right interested parties.

(3) Remember the power of free stuff:

After zeroing in on the right community, business owners with a new concept may benefit from distributing samples of a new product itself. Free samples have long promoted new recipes, inventions, and contraptions. Innovations like YouTube can spread the word throughout your interest group or industry. 

As a first step, a business owner should find the right group of people. Luckily for our generation, the Internet can help to foster that process. Next, an independent businessperson can share their innovations with the relevant community. Next, hopefully, a satisfied well-wisher may provide an online demonstration! 

(4) Try to develop a long-term plan:

Baby steps can grow your concept further. Business owners with a new idea can slowly reach their tendrils outward by reaching out to fellow travelers. Depending on your goals, profits should come first, and profits come from you and your partners doing what you best. Perhaps your plans entail only a small business that can keep you personally fulfilled while keeping you comfortable economically. Perhaps you have wider ambitions. Either way, never underestimate the strategic use of social media micro-influencers. 

Remember, though, practicality is key. Extravagant use of widely visible personalities can only waste time and misdirect efforts towards people who will roll their eyes at a promotion of the product that neither they nor the influencer has any genuine interest in. However, in the age of the Internet, plenty of lucrative micro-influencers may give you a foothold right in the industry where you mean to take root.

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

Vast deposits of excess stock can leave small business owners bewildered or perplexed in the wake of a “failed” marketing attempt. Remember, excess inventory generally has some value to someone. However, prevention generally spares entrepreneurs storage expenses and manufacturing costs. 

Whatever happened to the Avon Lady? Multilevel marketing schemes are back with a vengeance. These companies can famously leave a garage full of excess merchandise. But what about the tribulations of small business owners who manufacture their own products?

As a general principle, unused products are a liability for small businesses. Such products gain the moniker of “deadstock” after collecting cobwebs in the back shelves of warehouses.

The Pandemic has brought fluxes in inventory to all sectors of the economy. Supply chain disruptions have plagued the worldwide economy since March of 2020. Skeleton crews on all fronts have left companies alternately oversupplied or undersupplied, even as demand has mushroomed since the early part of this year.

Inventory shortages are nothing new. First, demand fluctuates naturally due to a variety of market forces. Fashions move forward, circumstances change, and consumer needs oscillate accordingly. 

Second, businesses sometimes rush to meet demand. In the process, quality may suffer, leading consumers to search elsewhere. Over-eager business owners sometimes churn out subpar products to meet demand. The result leaves the owner in the lurch for storage and disposal. No one wants a trove of shoddy “skinny jeans” manufactured in 2008, especially in 2021.

Third, some businesses may lack effective inventory management systems. Internal operations may well disrupt a good balance between different types of products. Good online inventory management programs may include Fishbowl, Netsuite, and Quickbooks, although options for businesses are vast, and may include proprietary options as well. Also, consider the everyday operations of a company outside the computer system.

Fourth, the business may be marketing one product at the expense of another. Marketing resources may gravitate in one direction, based upon the expertise or biases of the company staff. Leadership on hand may know more about one product than another. Sometimes leadership and staff simply prefer one product over another. Such cases may simply present a human resources challenge.  Enthusiasts of one type of product on the marketing front may compensate for an oversupply of fans of another.

Finally, one person’s trash is another’s treasure. Remember that disastrous ET video game from the early eighties? Most ended up in a landfill. The landfill was excavated, and some collectors of vintage arcade games paid over $1000 for cartridges of a terrible but historically significant video game. Even in most cases of overstock, hope remains.

Best practice avoids excess supplies of unmarketable products from the outset. However, as with most of life’s problems, excess inventory is often unavoidable. With the resurgence of multilevel marketing, overstock has reached new levels in some quarters. However, certain business practices have long resulted in inventory imbalances, even before the Pandemic. 

In Part I of this two-part series, we examined strategies to prevent excess deadstock, to begin with. In Part 2, we will examine strategies to dispose of excess inventory, online and otherwise once such stock inevitably accumulates.

VAMBOA, the Veterans and Military Business Owners Association hope that this article of this two-part series 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 has given us the term “the New Normal.” The new “work-from-home” paradigm also entails the term “Digital Nomad.” Are “Digital Nomads” synchronous with “the New Normal?” Many define “Digital Nomads” as workers with the independence to produce anywhere, anytime. 

“The New Normal” developed at the outbreak of the Pandemic, only a year and a half ago, and provides workers the flexibility to work at home as necessary. “Digital Nomads” are nothing new. However, these “extreme” remote workers have seen their roles expand and develop considerably during this period.

A few small countries have even started allowing “digital nomad” visas for workers who want to “work in paradise.” These countries include Bermuda, Mauritius, and Montserrat, as well as several European countries. But is a “digital nomad” really the same as a hybrid worker? Let’s flesh this out.

Who are Digital Nomads?

“Digital Nomads” live out-of-reach of their office headquarters. Younger workers, as well as retirees, have increasingly adopted these arrangements. Many employers have decided to focus on output rather than “presenteeism” Such arrangements have even become more common indirect employer-employee relationships, and are no longer the sole domain of freelancers and casual workers.

Communication Issues

Such an arrangement could be perfect for many business relationships. Other relationships, not so much. Good candidates for “digital nomads” may include creative workers using their own resources, as well as positions with limited client contact. Such “extreme” remote positions should allow relative independence from management. 

“Digital nomads” are not people who need detailed instruction in office processes. Oftentimes, such workers are creative workers who function successfully as their own mobile small businesses. Workers who might need to be called into the office periodically are not good candidates for “remote work visas.”

For example, in some cases, an employer may require a worker’s presence in an in-person client meeting. Successful employers and contractors foresee these demands before committing to arrangements such as, for example, procurement of a remote work visa.

Security Issues

Employers should consider possible security breaches when considering the scope of remote relationships. Some workers may have access to secure information. These workers may need a closer relationship with their home base. For example, each device containing secure information presents a security risk. Assuming the presence of sensitive information, loose monitoring of such devices is bad practice.

Expenses for Remote Work Visas

A visa for “working in paradise” generally costs several hundred dollars for the visa itself as well as proof of income. “Paradise” can include diverse remote island countries as well as several European countries including Germany, Portugal, Iceland, and Croatia. Each country offers its own price for the visa itself, in addition to income thresholds levels to prove robust links with the employer.

“Hybrid Workers” versus “Digital Nomads

Business owners should distinguish between workers who might qualify for “hybrid roles” and workers who might become full-blown “Digital Nomads.” “Digital Nomads” can work in far remote locations with no physical contact with management. The employee’s role should be established and meticulously carved out before initiating an entirely remote arrangement. 

VAMBOA, the Veterans and Military Business Owners Association hopes 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

No company is a fortress, least of all small businesses. However, threats from outside are very real. Outside hackers as well as internal saboteurs can ruin a company. As the Internet comes of age, the good business practice requires that business people grow in sophistication just as the motley crew of potential scammers does the same.

1) Relationships with Employees

Creating a culture of security can save a business. One data breach can ruin a company. Access to a company’s online records merits careful consideration.

On an ongoing basis, workers should receive education about the dangers of online interlopers. Not every computer operator may understand even basic security concepts, such as the dangers of opening attachments. Periodic security courses can refresh employees’ knowledge regarding outside scammers, and the education can even benefit the employee in the long term.

At the very least, measures should be taken to ensure the separation of online life between work and home.  The use of workplace confidential information on unsecured home devices could make easy marks for scammers hungry for confidential information they can sell online.

Assuming the employee has an email account, the employee should know the basics of online scams such as “phishing,” fake online antivirus scams, and any of a host of more insidious schemes that may install malware or spyware onto company computers. Here is a link to some of the most common scams: https://uk.norton.com/internetsecurity-online-scams-5-most-popular-scams-in-2020.html.

Additionally, former employees commonly defraud small businesses with the information they carry off from the worksite. Employers should be as realistic about their own needs as they are about their relationship with their workers. As employees leave the team, their logins should be deleted immediately. Password management software may help with this process. Applications such as Dashlane or Lastpass may prove invaluable in managing IT aspects of any sort of offboarding.

In any case, good business practice demands (1) careful education of employees regarding good security practices, and (2) consideration of the terms of employee separation.  

2) Consider Industry Standards: Different Industries may have Different Forms of Sensitive Information

Some businesses may handle specialized information subject to unique legal requirements. For example, medical records may constitute PHI (Personal Health Information). In such cases, contracting businesses need to adopt practices under HIPAA (the Health Insurance Portability and Accountability Act) to ensure compliance. These practices may include seemingly extreme measures including computer privacy screens, injunctions against in-office cell phones, and measures to keep medical records out of the open air. Such measures may seem silly but are important for small businesses contracting with medical organizations that handle protected health information (PHI). Violations of HIPAA may range from medical ridicule to identity theft. These violations may also result in any range of consequences from jail time to monetary fines.

Other similar privacy laws may include the Family Educational and Privacy Act (FERPA). Many smaller businesses handle confidential information under FERPA and HIPAA. Protection of such information is crucial and may require special training under each statute.

3) The “Right” Security Expertise

Many companies now outsource their information technology needs. As these companies become more affordable, Veteran Business Owners should research IT services that best fit their niche. Many independent companies specialize. For example, legal, medical, and educational IT companies may provide the right expertise for various relevant companies. The expertise of such companies may provide crucial expertise for the unique logistical and legal demands of smaller companies handling sensitive online information.

Finding the right security software can present another problem. The tricky landscape of online security can daunt the most discerning business managers. Some online security applications are outright scams. Others may not quite provide the necessary airtight protection against the most skillful breaches. Many small businesses find larger, established companies such as Norton satisfactory. Others choose to do their own research.

The Bottom Line

In sum, honesty and common sense should prevail in the management of company information. The most sensitive information may include private customer information, gatekeeping data such as passwords, and internal proprietary information hidden within company records. In fact, the standard should be airtight security whenever possible, rather than mere due diligence.

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 Debbie Gregory.

With all the new social media terms popping up all the time, it certainly can be very confusing to keep up with all of them as well as trying to understand what they mean or how to use them. Below are even more terms to add to your glossary.

Social Selling

Social selling is the practice of using social tools to find leads, connect with prospects, and nurture business relationships.

Snap

Snap is the company that owns Snapchat, the photo- and video-messaging app launched in 2011. Each post on Snapchat is also called a Snap. Users can add filters, text, drawings, or emoji to their content before sending it. Direct messages last only up to 10 seconds before they disappear forever and are erased from the company’s servers. Snap Stories allow users to share re-playable Snaps for up to 24 hours.

Spam

Spam is unnecessary, unwanted, or repetitive content that clogs inboxes and clutters social media feeds. The term “spam” has been used to refer to junk messages since the earliest days of the Internet.

Sponsored Posts

Sponsored posts are social media posts in which an influencer or celebrity highlights a brand or product that they have been paid to promote. These posts must be identified as ads using a hashtag like #ad or #sponsored.

Sticker

Stickers are a feature of stories formats like Snapchat and Instagram Stories. They allow users to add extra information to a post, like a hashtag or location. Some stickers offer interactive features such as questions and polls.

Stories

Stories are a form of ephemeral content on Facebook, Instagram, or Snapchat that disappears after 24 hours.

Tag

A tag is a keyword added to a social media post to categorize content. You can also tag someone in a post or photo, which creates a link to their social media profile and associates them with the content. Users have the option to remove unwanted tags from their profile.

Targeting

Targeting is the practice of selecting a specific audience for social ads to maximize conversions. Social networks offer many targeting options based on factors like demographics, location, and interests.

Thread

A thread is a string of messages that make up a conversation. Threads begin with an initial message and then continue as a series of replies or comments. Threads are essential to keeping track of conversations in most forms of online communication, including social media and email.

Throwback Thursday (#TBT)

Throwback Thursday (#TBT) is a hashtag used to share old photos on social media.

Trending

A trending topic or hashtag is one that is popular on social media at a given moment. Trends are highlighted by social networks such as Twitter and Facebook to encourage discussion and engagement among their users. The “trending” concept was first popularized by Twitter and has since been adopted by other networks. The trends that you see on Twitter and Facebook are based on your location, who you follow, and the content you like.

Troll

A troll is a social media user who makes deliberately offensive or annoying postings with the sole aim of provoking other users.

Tweet

A Tweet is a Twitter post. Tweets are limited to 280 characters and can include photos, videos, and links. They are public by default.

Unfollow

To unfollow someone is to unsubscribe from their social media account. If you would prefer to maintain the social connection but don’t want to see their posts, you can mute them instead.

URL

URL is short for Uniform Resource Locator. It means the address of a website page or other resource on the Internet. URLs can contain codes called UTMs that help with tracking and analytics.

URL Shortener

A URL shortener is a tool that condenses a long URL into a shorter (and more social media friendly) format. URL shorteners such as ow.ly can also provide link tracking capabilities, which allow businesses to measure click-throughs from social media and attribute website conversions to individual social messages.

User-Generated Content (UGC)

User-generated content is content created by the regular people on social media, rather than brands. Brands collect that content through contests, branded hashtags, or simply reaching out to ask permission. When brands re-share that content with their own followers, they are implementing a UGC campaign. User-generated content can help increase brand awareness and loyalty by allowing businesses to tap into the excitement and creative energies of their customers.

Vanity Metric

A vanity metric is an analytics item that can be measured but is not a signifier of real return on investment. Examples include the number of followers, likes, or comments. These metrics are best contextualized by more concrete numbers such as click-through rate or visitor-to-lead conversions.

Vanity URL

A vanity URL is a web address branded for marketing purposes. Vanity URLs replace common URL shortened formats with something related to an organization’s branding. For example, Time Inc.’s vanity URL is ti.me. The New York Times uses nyti.ms.

Verified

To be verified on social media means that you have proven your identity to the social media platform provider and gained a verified label in return, usually in the form of a checkmark. This is usually reserved for brands, journalists, and other public figures as a way of preventing fraud and protecting the integrity of the person or organization behind the account.

Viral

To go viral on social media is to have a specific post bring in an unusually large number of engagements. An exceptional number of shares is the clearest sign of going viral, as your post spreads across the internet like a virus.

Virtual reality (VR)

Virtual reality immerses the user in an experience so that what they are doing looks or feels real. VR headsets are a common way of engaging with virtual reality.

Vlogging

Vlogging is a combination of the words, “video” and “blogging.” It means to create and post video blog content. Someone who vlogs is known as a vlogger.

Webinar

Webinar is a combination of the two words “web” and “seminar.” A webinar is a digital broadcast of a presentation intended to educate or inform. Webinars allow users to watch a presentation from their computer or other device, and often interact directly with the presenter or fellow attendees through chat or video.

Whew! That is a one long list.  VAMBOA hopes it is valuable and you learned some new terms.   Please print out your glossary and share this article.   Everyone stay safe, healthy and we wish you prosperity!