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

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 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

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/