By Debbie Gregory.

Good customer reviews can truly improve your revenues and small Veteran Owned Business.   When we are evaluating a new product, service, or website to make a purchase, most of us look over reviews to learn more before hitting the purchase button.  Every type of business needs good reviews.   Did you know that they can also improve your Search Engine Optimization known as SEO?   Good reviews and Search Engine Optimization or SEO work together to provide your business maximum benefits.

Search Engine Optimization or SEO is the process of maximizing the number of visitors to a particular website by ensuring that the site appears high on the list of results returned by a search engine.  In simple terms, search engine optimization is anything done to improve the ranking of a website on search engine page results.   The better your rankings, the more people and users will be able to find your Small Veteran Owned Business.   The web provides you a huge base of potential customers. The key to obtaining greater traffic and bringing potential customers to your website and business is integrating content with search engine optimization.  Revies, especially good ones are excellent content.

You might compare a customer review to a report card or grade.  It can tell potential customers all about your products, services, and business.   A good review can encourage more business and a poor review can make potential customers turn away.   If you have good reviews with four and five stars, then potential clients will also be willing to pay more and order greater quantities for your products.

Buying decisions are driven by customer reviews.   Did you know that over 90 percent of shoppers read reviews online before making any type of purchase?  Over 70 percent will not take any action until they read a review on your business.   Your reviews are tied to your success.  Your online reputation is very important and even more so now during this pandemic when so many consumers are purchasing products and services online.   It does not matter what your business markets, your online reviews will make the difference on whether a potential client makes a purchase with your company.  It will directly drive your success or failure.

More and more consumers are relying on search engines such as Google and expecting the highest-rated products or services to come up in their results from the best companies.  Google and other search engines need customer reviews to determine if a particular business is deserving of the highest search results.  This is how customer reviews and Search Engine Optimization, or SEO go hand in hand.   It is also important for you to reply to customer reviews.   We highly recommend that you create a Google My Business Profile.

It is important to ask your customers to review you on Google, especially happy and satisfied customers.  Perhaps you are shy and find it a little difficult or uncomfortable to ask for a customer reviews on Google.  Get over it!  More than likely your customer is happy to do so and if they decline, another customer will.

The best time to ask a customer for a review is when your customers or clients are very happy with the services or products that you provide.   You should ask all happy customers to write a review because the more positive reviews you have on Google, Yelp, or other search engines, the more you will be indexed and gain new clientele.    Maybe even offer happy customers a discount on their next purchase to show your appreciation.  It is always important to thank customers for good reviews too.

The best way to collect review is to set up a custom branded review landing page.   There is review management software.    The ten best we were able to find are:

• Podium
• myPracticeReputation
• Rize Reviews
• Swell,
• Birdeye
• Reviewinc
• Yext
• Get More Reviews
• Doctible
• MyReviewDashboard

Each offers specialized services such as its own personalized landing page with a dedicated URL to help you grow your customer reviews.

VAMBOA, the Veterans and Military Business Owners Association hopes you enjoyed this article and found it valuable to your business.  We encourage you to join VAMBOA.  There are not any membership fees or dues.   Here is a link for you to join:  https://vamboa.org/member-registration/

By Debbie Gregory.

To overcome the economic impact of the COVID-19 pandemic, many small businesses are being forced to seek external funding through alternative funding sources, government grants, and loans from traditional banking institutions.

You may whether small businesses normally applied for loans or is this a new behavior in response to the pandemic?

Earlier this year, Small Biz Ahead surveyed small business owners across the country to learn exactly how the pandemic was affecting their use of both traditional and alternative funding. Here is what the survey found:

Starting a New Business:

Prior to the pandemic, most small business owners were hesitant to use external funding sources.

• Less than 1% used a federal or state grant to start their business.
• 60% of all small business owners used their own personal savings to start or run their businesses.

Running an Established Business:

• 85% of small businesses sought zero external funding in the last three years.
• 28% of small business owners use their personal credit cards to pay for business expenses.
• If the business did need money, they were more likely to seek out traditional funding sources as 41% stated they would go to their main bank first.
• 25% stated that they would simply use credit cards or existing funds.

Does age affect the business owner’s thoughts on external financing?

They found that younger generations tend to be more open to applying for financing or loans though they are still a bit hesitant. However, they do typically turn to friends and family for loans first. The study found that about a third of small business owners between the ages of 18-34 currently use friends and family as their main source to finance their business. This drops dramatically for generations older than 34, just over 10% of 35-44 year olds and less than 2% of 45-54 year olds stated that they seek out loans from friends or family.

What do small business owners look for when selecting a financial provider?

The small business owners surveyed:

• 38% stated that interest rates are the most important factor in choosing where to obtain funding.
• 38% stated that the terms and conditions were the most important factor.
• 34% prefer a financial provider who they know and have a relationship.

Does gender affect where the business owner will look for financing?

The study found that men (38%) are much more likely to view an existing relationships as the most important factor when selecting a financial provider, whereas women (41%) typically go out of their way to look for less expensive funding and lower interest rates.

How Does Age Impact Funding Choices?

There was also a clear divide between the age groups:

• The 18-34 age group favored institutions that offered easy applications,
• The 35-64 age group favored institutions with less expensive loans and more competitive rates
• The 65 and over age group favored institutions that they had a prior financial relationship.

What about alternative funding (such as crowdfunding or peer-to-peer)?

According to the study, alternative financing is not used very often by small business owners in the USA:

• 2% of small businesses have used equity financing.
• 4% have used P2P (peer-to-peer) lending.

However, this is changing. Many small business owners (42%) stated that they were open to the possibility of using alternative financing in the future should the need arise. The 18-34 age group were the most comfortable with alternative financing options:

• More than 10% stated that they have used P2P lending.
• A bit over 5% stated that they have used crowdfunding.
• All in this group stated that they would consider using alternatives to traditional finance in the future.

VAMBOA, the Veterans and Military Small Business Owners Association wants to learn your opinions on financing and small business funding.  Have you needed to turn to external financing to survive the pandemic?   Please let us know by emailing us:

info@vamboa.org

If you are not yet a member of VAMBOA, we invite you to join.  There are not any fees or dues and you may use our seal on your collateral and website.   Below is a link to register to become a VAMBOA member:

https://vamboa.org/member-registration

By Debbie Gregory.

A data breech can cost companies billions of dollars in damages if the hackers are able to extract sensitive information.  These items may include credit and debit card numbers or social security numbers. The damage is also not limited to monetary costs.  There is also the negative press, drops in company productivity as everyone scrambles to handle the crisis as well as a dip in consumer confidence and trusting the company. These data breeches happen all the time to large corporations that employ very skilled cybersecurity teams and take all types of high-level precautions.  What this means is that small businesses are even more vulnerable and easy prey for hackers.  This article will provide you information on how to protect your small business from security risks like this.

Why are small businesses a hacker’s favorite target?

When it comes to easily grabbed data, a small business is the perfect prey. Small businesses typically lack strong security measures as well as the staff capable of handling hacking intrusions.

Most small business owners don’t make it a priority to:

• Monitor their server networks and data
• Ensure their Wi-Fi is secure
• Hire a true IT specialist to keep watch
• Learn about and train their employees in cybersecurity

Small business owners have a lot on their plate and cybersecurity tends to get pushed aside since most people assume that getting hacked will not happen to them. However, ensuring your company data as well as your customer data is secure, is essential for every business. According to recent reports, 60% of small businesses that had suffered a data theft were forced to close their doors within six months of the breech.

The Top 3 Security Mistakes Made by Small Business Owners:  

1.)  Trusting and using public Wi-Fi:

It is extremely tempting to jump on free Wi-Fi and work or catch up while in a coffee shop, restaurant, or public venue. However, hackers often go to these places and setup their own free public Wi-Fi hotspots to catch the unwary.  Logging into their “free” Wi-Fi provides them immediate access to the devices that you connect. Even logging in to the right network, public Wi-Fi offers little to no real security from savvy hackers.  Do not use unknown networks so you can protect yourself and your data.

2.) Not using and enforcing strong password standards

Strong passwords are incredibly important for every aspect of your life and business. This is the one area where  most people and small business owners make the most mistakes. Remembering complicated passwords can be challenging but it is worth the effort.

These password practices are not strong enough to withstand a password-related attack:

• Less than eight characters in length
• A lack of various letter cases, numbers, and special symbols – meaning not alphanumeric
• Allowing the use of the same password for multiple platforms and/or applications

Every password used by anyone at your business should be alphanumeric, longer than 8 characters in length, and only used once. You should also regularly change your passwords and utilize 2-factor authentication whenever it is available to use.

3.) Not having and enforcing a clear BOYD (Bring Your Own Device) policy:

Lots of businesses allow their employees to bring in their own electronics or mobile devices. Doing so has a lot of clear benefits for the company including cost savings and allowing your employees to be comfortable with the devices.

However, you need to have clear BYOD policies in place that include guidelines that spell out how employees can handle software updates, IT support, encrypted data options, or when and where employee-owned devices can be used for work. If you do not have such a policy, get on it ASAP! You are leaving your business very vulnerable to a data breech.

We advise you to be vigilant. There are many things that you need to do to protect your business from a hacker. However, the risks are simply too great to ignore proper cybersecurity.

If you are not already a member of VAMBOA, the Veterans and Military Business Owners Association, we invite you to join.  There are not any dues or fees and members can proudly display the VAMBOA seal for their collateral and website.  Below is a link to register for membership:

https://vamboa.org/member-registration

By Debbie Gregory.

Your existing customer base are vital to the success of your Veteran Owned Small Business.  It is always nice to gain new market share and customers but keeping the ones you have and generating greater revenues with them should be a major focus for you.   You have a much great likelihood of almost 70% to sell to an existing customer than only perhaps 20% likelihood of selling to a new prospect.   The message is that never take existing customers for granted.

Some marketing strategies are obvious and common sense but it is always good to have more than one in your arsenal. Below are some marketing strategies to assist you in retaining and increasing business from your existing clients:

Get Personal: Send out thank you cards by snail mail or email cards thanking your clients for their orders(s) and letting them know that you appreciate them.   You might also consider sending out birthday, anniversary or seasonal greetings too.   You can customize communications to engage and interest your clients.  This is an excellent way to build loyalty.

Reward Loyalty:  Make your existing clients feel special by holding exclusive sales or offering special loyalty discounts.   You can also offer gift cards or a free gift to those existing clients who refer friends and family to your business including those who spend a certain amount with you.

Send Out Newsletters:  Communicate by sending out a newsletter with valuable information such as upcoming events, sales and advice.   This is highly effective in staying in touch with your existing client base and keeping you front and center with them.  You should also encourage your clients to share your newsletters with others that will generate more business.

Hold Customer Events:  If possible and many of your clients are local, host in-person social events such as a dinner or wine tasting.  Now in the times of COVID, you can host virtual events including a wine-tasting event via Zoom.  Events are a wonderful way to show how much you care and stay in touch.

There are different marketing vehicles that will work best for you, so it is important to make the right choices in terms of what works, what is cost- effective in time and expense.  Below are some marketing components to consider:

Understand Your Unique Value Proposition (UVP):  A Unique Value Proposition UVP) is simply a concise statement that summarizes and persuades why potential and existing customers should patronize your business.  This should be to the point and in way is your “tag line”

Create Your Customers’ Profile:  Define exactly who is your perfect customer in detail including demographics such as age, gender, marital status, income, locations, likes, dislikes, etc.  This will assist you in selecting the right marketing vehicles and how to place them including your messaging that will resonate with your target audience.

Evaluate Your Customers’ Marketing Options Through Their Buying Cycle:  Learn where your customers and prospects go for information about the types of products and services you offer.  This knowledge will assist you in deciding how to convey your Unique Value Proposition and how to move customers through a successful sales cycle.

Define Your Marketing Budget:  You need to figure out how much you need to spend on marketing and every business is unique.  You may want to begin modestly and as you increase revenues, add to this budget as you find out what works and what is not effective.  Test out different options and do not spend more than you can afford too.

Create Your Marketing Plan:  Memorialize in writing your Unique Value Proposition, the profile of your customers and the marketing options you will use to achieve your goals with your budget.   Use this as a guide and modify it as you test and learn what works best.

Buy a Customer Relationship Management System (CRM System):

This system will be  your “customer Bible”.  It will enable you to organize the information you obtain on existing customers and prospects to effectively manage your marketing.   There are many types of Customer Relationship Management Systems (CRMS).  Choose careful in terms of one that is easy to use, can grow with you and fits your budget.

Marketing to retain and increase revenues is an evolving process, a work in progress.  You will be learning so much and the more you know, the greater your revenues.

By Debbie Gregory.

The federal Small Business Agency known as the SBA has a few new ways to help small businesses stay in business while we all navigate the COVID crisis. Thanks to H.R. 748 the SBA has been able to expand their loan programs with new offerings for small businesses as well as some specific options for large corporations.

What Other Assistance does H.R. 748 Provide?

The program also provides $17 billion dollars to small businesses that have existing SBA loans. These funds can be used to pay six months of principal and interest payments on existing SBA loans.

1.) Additionally, the program provides $10 billion dollars for disaster loans and emergency grants. Each of these types of loans are limited to $10,000 per small business. These types of loans are quite like the Paycheck Protection Program or PPP described in part one of this mini article series.  They can be used for other operational expenses beyond payroll, mortgage or rent, and utilities.   In theory, any small business that applies for an economic injury disaster loan receives an advance, within 3 days, of $10,000 regardless of whether they eventually are approved for the loan. This $10,000 advance does not need to be repaid either. The loan itself can be for up to $2 million dollars at a low interest rate (currently it is 3.75% for small businesses and 2.75% for nonprofit organizations). Repayment terms vary. You can apply for this loan directly from the SBA here> https://covid19relief.sba.gov/.

2.) The program also provides $265 Million dollars for SBA business development services. The SBA offers Small Business Development Centers (SBDCs) that provide no-cost services for small businesses and entrepreneurs that will assist in critical business areas such as:

• Consulting
• Mentoring
• Training services
• Business development services
• and much more

What Other Financial Assistance Programs Have Been Added for Businesses that Do Not Qualify for Other SBA Programs?  

The COVID-19 pandemic is having severe economic consequences all over the United States. Many larger businesses are ineligible for SBA programs. However, the goal of H.R. 748 is to assist large employers as well. Some of the additions that can help larger companies include:

1.) H.R. 748 states that the Federal Reserve can now make loans, as well as loan guarantees, to businesses not covered by other programs.  They can also now make loans to state and local governments. Unlike the SBA programs for small businesses, the Fed cannot forgive these loans and borrowers must repay them.

2.) H.R. 748 also provides the federal -19 pandemic. The funds are as follows:

• $25 billion for loans to passenger air carriers
• $4 billion for loans to cargo air carriers
• $17 billion for loans to businesses critical to maintaining national security
• $32 billion for additional financial assistance to air carriers and related employers (such as caterers and airport contractors)

Small Business or Large Corporation – if you need help to keep your business afloat while the COVID-19 pandemic continues to rage across the United States, then check out what is available to you from the SBA and H.R. 748.   We advise that patience is in order.

If you are not yet a member of VAMBOA, the Veterans and Military Business Owners Association, we invite you to join.  Please be advised that there are not any dues or fees and you can use our seal on your collateral and website.   You may register for membership here:   https://vamboa.org/member-registration/ ‘’

Everyone stay safe and healthy!