By James Pruitt, Senior Staff Writer

The past few years have brought an intense transition in the face of new challenges, such as the Pandemic. These challenges have also brought opportunities for productivity in a wider range of contexts. The Pandemic didn’t create this new era of remote work. The events of the past few years simply hastened a trend that had been long in the making. 

We have seen new management challenges now that the physical workplace is no longer the default work setting. Trust has never mattered more. At the same time, individual responsibility has gained new importance. Countless shifts have occurred in a relatively brief period, which presents new challenges for business owners but may also provide management freedoms to direct their energies in new directions now that workers hold greater autonomy. 

Below are only a few ways to shift workplace culture to allow greater flexibility in these changing times.

1.Prepare for the New Era of Hybrid Workplaces

As we’ve discussed previously, remote work is here to stay. Employers should adapt their workplaces to accommodate those workers who, for whatever reason, might prefer to perform some of their tasks outside of the office. Fortunately, technology is now widespread, so the modern workplace should prepare for an online presence whenever possible.

2. Communicate With and Counsel Employees

One idea for improving communication may be the implementation of regular feedback sessions regardless of performance. Such a policy might ensure appropriate facetime while allowing both employees and management to raise any issues that need to be addressed. Managers should integrate these sessions into the workplace routine. A “call to the office” should not feel ominous for the worker. Regular, standardized feedback can do wonders for improving the channels of communication.

3. Find Appropriate Ways to Communicate for the Hybrid Era

The popularity of Zoom and similar forums provides boundless opportunities to expand the reach of new businesses. At this point, a business would be lax to ignore these innovations. These new forums afford flexibility that has become crucial for retaining good talent in many industries. 

4. Implement New Technologies

Remember, if you don’t keep up with the times, your competitors will. Small Veteran Owned Businesses should always stay in touch with any emerging trends. Recently, applications like Slack, Microsoft Teams, and Zoom have expanded at warp speed, but also stay in touch with the different technological offerings specific to your industry.

5. Maintain Flexibility

If there’s anything the past few years have taught us, it’s to expect the unexpected. A business’s bottom line should always account for the unknown. Whenever possible, businesses should prioritize in a fashion that minimizes the burdens on employees. Adjusting a company’s priorities helps employees stay motivated with the tasks at hand.

Remember, the Pandemic has permanently changed the business landscape, in many ways for the better. Businesses that don’t adapt may have a hard time competing in the new economy. The physical workplace is no longer by default the home base for a business’s operations. Hence, managers need to innovate to ensure the work gets done and gets done right. However, effective management does not preclude trust. In fact, trust is the basis for any solid business relationship.

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/

By James Pruitt, Senior Staff Writer

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Twitter:  https://twitter.com/VAMBOA

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

By James Pruitt, Senior Staff Writer

1. Registering your corporation has Benefits. . . and Liabilities

One important consideration during tax season is your company’s organization, including any registration with government bodies.

Many small businesses outgrow their initial registration types. As a small organization grows, often the ownership needs to choose different organizational strategies.

Each business structure has its own “fit.” The simplest corporate structures retain the status of pass-through businesses. This category includes sole proprietorships, LLCs (limited liability corporations), and S corporations. Some of these business structures may not pay a corporate income tax.

On the other hand, these companies may lose out on other benefits. For example, companies that pay corporate taxes may receive asset protection against creditors, such as when a natural disaster forces bankruptcy and the ownership justifiably seek to keep their private assets separate from those of their enterprise.

Consider a balance of the different considerations at each stage of the development of your business. A sole proprietorship or home business almost never requires any kind of registration. Such a measure would only bring tax liabilities and nothing else. As a business grows in complexity, perhaps the benefits of registration may outweigh the tax liabilities.

1. Charity Work Can Provide Low-Cost Marketing While Freeing You from the Taxman

As described in other posts, involvement in the community can market your ideas, services, and products. Never forget the importance of tax breaks as well. The advantages of community engagement can lift hearts and spread the message of your company far and wide, but never forget the tax advantages. Charitable contributions are deductible, as are expenses in the pursuit of community enterprises.

1. Consider How you Treat your Employees: Tax Benefits can Arise

The IRS provides many incentives to treat employees well. For example, retirement benefits can not only improve employee retention but can also help pinch pennies when tax time comes.

For example, a 401(k) account for your employees, or even for yourself, can allow deductions in the amount of any contributions you make. As an alternative, a SEP may provide some of the same benefits to employers

More importantly, especially considering the coronavirus pandemic, several plans allow credits for employers who work to minimize the impact on their employees during the pandemic. Consider the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security Act (CARES), the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA), and the American Rescue Plan Act of 2021 (ARPA).

Without going into too much detail about each of these Pandemic-era legislation measures, this legislation applies to employers who paid their workers during periods of lockdown, who provided benefits to such employees, and who allowed paid time off for the purpose of getting vaccinations.

The Bottom Line

Some changes may provide increased opportunities for Veteran Small Business Owners during the 2022 tax season, not least due to the pandemic. Overall, the best strategies for minimizing tax liability may arise from investigating the right organizational strategies. Remember to apply a holistic approach to balance the right strategies not only to avoid the worst tax liabilities, but to maximize benefits to yourself, your employees, and your community as well.   This article addresses generalities, and we highly recommend that you consult a tax professional with your specific questions.

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

(1) Know how your clientele thinks:

Veteran Business Owners should understand the habits, needs, and proclivities of their target consumers. The best services in the world may fall flat if the delivery fails the customer. Consider the everyday habits of their clientele, and which practices most conveniently serve each party’s economic base.

For example, the geographic location of a physical business may provide access to a busy, out-of-way community, or may place it out-of-the-way from the ideal markets. The best fertilizer in the world may rot unsold in a downtown Manhattan warehouse, away from the farmers who might benefit. Similarly, imagine the hottest nightclub with the coolest DJs, open only weekdays from 7 AM to 6 PM. In both examples, employees and resources would idle, and waste away your resources as well.

Idle hands are the devil’s work. But these are extreme, comical examples. In the everyday sphere, businesses should stay integrated with the surrounding community in order to keep establishments profitable, at full capacity, and catering to the needs of all concerned parties.

(2) Also know the distinct needs of different segments of your clientele:

Understanding the larger habits of the greater community does not suffice for a company seeking to maximize its profit margin.  Veteran Business Owners need to consider the diverse needs of each constituent of that community. Directed marketing efforts may sort these constituents according to demographic or interest groups.

Family-oriented clients may seek different offerings from your company than singles looking for thrills. Additionally, as discussed in previous blog posts, often a certain customer base shares unique interests and hobbies. Marketing efforts that break into these sometimes isolated (and often online) communities can benefit all concerned parties.

(3) Keep a well-trained staff:

All good bosses should invest in effective hiring and training programs. Remember, every business is different, and workers always face unique challenges adapting to their niche. 

Good staff should know how to address various customer demands, and these demands may vary based on the services the company provides, as well as intangible factors such as the surrounding community and the company’s resources and economic fortunes. Hence, the employees, as well as the managers, should have the knowledge to face these demands in order to maintain positive word-of-mouth end a healthy reputation. 

(4) Give deals, free items, or services when possible:

As the purveyor of fungible goods and services, at times every business owner finds themselves stuck with a surplus. Companies should try to see these opportunities not just to unload merchandise or services. These opportunities can spread positive word-of-mouth, as well as memorable experiences for the patrons or their families. 

Free stuff always tastes/feels better. Giveaways and freebies give an opportunity for that positive initial interaction with customers. Remember, business owners should get their customers hooked early. 

(5) Whenever reasonable, consider the customer is always right.

Consider “yes” the default answer to customer requests. This philosophy ensures the good karma necessary to recycle positive word of mouth, maintaining a healthy reputation. When possible, honoring special requests, including for children, friends, and other family members can ensconce your establishment in someone’s imagination as their favorite go-to institution. Such an overarching philosophy can do wonders in your ongoing project of maintaining the network of well-wishers and happy customers necessary to keep your business prospering.

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/