By James Pruitt, Senior Staff Writer

New business owners sometimes invest their life’s work into business ideas. The possibility of a failed business can be devastating and a hard pill to swallow. The emotional and economic commitment might lead to unhealthy management tactics in the early stages.

The practicalities of meeting the bottom line should govern early management decisions. These practicalities often require interpersonal skills. In other words, the entrepreneur should work with subordinates rather than overpowering them. “Helicopter management” may be off the table as the team develops processes to best exploit human resources within the company itself.

Respect and trust should govern the onboarding process. Management should stay mindful that, when they finally must navigate the hiring process, they are bargaining for talent. Talent merits the respect and should be treated well.

Of course. business owners need to monitor employees. At the same time, never forget the importance of healthy boundaries. Lines must be drawn between the autonomy of employees and the visions of their employers. These lines ensure the proper balance between the employees’ dignity and the employer’s bottom line. This balance could bring about the harmony that leads to the fulfillment of a company’s potential.

From the perspective of an employee, controlling managers cause anxiety that may diminish work performance. However, the temptation to micromanage may overwhelm a new Veteran Business Owner. These new frontline workers, after all, may hold the business owner’s life aspirations in their hands. 

Business owners need good results to stay alive. Good business processes and operations are key to the bottom line. However, employees themselves bring their own skills into the business enterprise, which managers should exploit to everyone’s advantage. In some cases, perhaps establishing a 1099 relationship might allow greater synergy between the needs of the employee and employer. A 1099 relationship may increase the employee’s independence while allowing the employer more flexibility as well until the employment relationship solidifies into something more traditional.

The middle ground for an entrepreneur is to find the right “processes” for your business. “Processes” should lead the business on the most efficient path to its bottom line. However, “business processes” are not the same thing as “red-tape.” For-profit businesses have no business administering bureaucracies that interfere with worker productivity. One function of a new business is to find the right functions and operations to increase efficiency.

Businesses build relationships with their workers as each of them grows into their respective roles, and better understand their needs within each of their own niches of the economy. Good relationships with front-line workers always play crucial roles in a business’s capacity to function. 

Business owners should always stay mindful of the needs of their workers as well as their own needs. Often, new businesses adventure into diverse paths in their roads to viable moneymaking status. Likewise, these workers often bring in their own skills that may function in diverse ways to the benefit of the business. Rather than belittling their front-line workforce, business owners should integrate employees into their developing business processes in a manner that decreases costs while increasing the quality of the workday for everyone.

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

Often, business owners find themselves in the midst of a crazy business idea that promises to become their bread and butter. Has your dream come true? The last thing you need at this point is to throw practicality out the window. The first success may be only the start of a crazy growth spurt. Depending on the business itself and your own ambitions, the following considerations may grow your idea into a cash cow.

1) Know your Priorities. . . Budget, budget, budget!

Office supplies and equipment and maintenance can really dribble the resources of a Veteran Business Owner. Business owners should never be pennywise and pound foolish.  Profits don’t come from penny-pinching, 

You know your business better than anyone else. Over the long term, Veteran Business Owners should balance their plans with their resources.

For a successful business, the best profit margins should more than compensate for the overhead. Seek good deals. The tastiest ice cream should more than compensate for the glitter on the cone.

2)  Understand that Money should Make Money

Stagnant money does no one favors. Various resources can provide business owners with the seeds to grow their investments into a harvest that may yield fruit.

Occasionally, a bright idea may pop up in the news that sprouts and sheds its spores. Business owners should consider these situations case-by-case. However, in general, secure investments do the best service for Veteran Business Owners.

The best investment is yourself, and your knowledge and understanding of your own idea. Outside of their own considerations for their own business ideas, business owners need to maintain some sort of corporate veil between their own ambitions and those of their company.

Corporate bank accounts can yield dividends, but business owners should give thought to any opening capital until that money is ready to blossom into the Veteran Business Owner’s dream.

3) Diversify

When a business owner has capital, careful education should guide the management of that wealth. For example, many people confuse stocks and bonds. Bonds are essentially documents issued by corporations and governments that issue certificates that increase in value at a fixed rate. Stocks entail ownership of a share of the company. Bonds generally bank on the security of the issuing body, whether governmental or private. Stocks require care and confidence, and generally function best in a portfolio long-term, after careful contemplation. The health of the company matters. Also, consider the health and future of the industry.  

Also, consider your own resources. Do you own real property? Real estate can be rented, assets can be sold. As for yourself, as long as you have a place to live, consider all options. 

4) Stay in Control

Keep in mind your own “money story.” Business owners should know that they know their own story better than anyone else. Profit often matters more than cash flow. Assuming humble beginnings, strong incoming revenue indicates a healthy company. On the other hand, a large investment requires even greater incoming cash to make the company successful. 

Legally, remember that you are always the master of your own estate. No one can take that control away from you. Veterans should seek counsel in any situation that challenges their feelings about how to manage their money.

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

To stay effective, businesses need to investigate methods to streamline operations. Various techniques save time and energy when getting your company or organization above ground. These include organizational methods to streamline project management, information retrieval, employee communication, and decision-making processes.

1) Project Management:

Business cycles rarely flow with perfect routines and without bumps in the road. At times, seasonal cycles control the ebb and flow of resources of even the most stable businesses.  As a result, skillful project management must tackle the unpredictable trials that break the rhythms of even the most stable institutions.

In some cases, the same project rolls around each year. In these cases, project management systems can facilitate review and record-keeping. Applications like Asana can help create plans for these periodic bumps in the road, facilitating the delegation and simplification of tasks.

In other cases, a specific circumstance may arise, and a company has a new dragon to slay. In order to tackle such unforeseeable bumps in the road, organizations should retain the flexibility to mobilize. Cross-training can help employees take on diverse tasks within the company as needed. Also, keeping business operations flexible may allow wiggle-room for novel situations as they arise.

2) Good Information Management and Storage, aka a Good Filing System:

Even before the age of computers, any secretary could describe the benefits of a good filing system. Effective companies need to stay organized. Lost documents and jumbled service can destroy a company’s reputation. 

Applications like Airtable can help organize various documents and spreadsheets. Online applications can supplement well-thought-out systems within the office to ensure information is stored effectively and retrievably.

3) Employee Feedback and Communication:

The workers on the front lines are often the first to know when the first hits arise of a dire new issue. Worker feedback is essential. Proprietary software should include space for comments by operators, and management should take these comments seriously. Open-door policies should allow the rank-and-file to raise issues when appropriate. 

Companies should stay vertically integrated to ensure that the leadership and the rank-and-file stay on the same page. This way, problems are less likely to snowball before they reach the attention of management. Applications like Dropbox can ensure communication between various members of the team.

4) Decision Making: Streamlined Approval for New Initiatives:

How can we define “bureaucracy?” Sometimes, layers of middle management calcify into a concrete wall between innovation and leadership. Hence, skillful oversight protects businesses from careless decisions. Approval processes must be strict, quick, and effective.

A calcified bureaucracy in a large organization can stymie the best-laid plans. Careful scrutiny of processes ensures that only the best products and services go to market. Smaller organizations often struggle to maintain quality in the face of limited resources. Given restrictions in size and resources, the problem for Veteran Business Owners often is not bureaucracy, but lack of oversight.

Several workflow applications, such as Shift, can channel tasks to employees’ inboxes. Such applications can allow workers to arrive in the morning ready to tackle their workload independently.

Overall, productivity strategies should vary with the type of organization. However, the above four considerations can guide management across industries in both the for-profit and non-profit sectors. In other words, both newfangled technological approaches and old-fashion office management techniques can help prune time-wasting redundancies from a Veteran Business Owner’s workday.

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

Who knew? Labor and supply shortages are creating havoc and cursing small businesses now more than ever, especially in the wake of reopening. Behemoths such as Amazon and Walmart have their safety nets. Smaller establishments must struggle with what they have. As a result, gaps in service plague the reputations and growth of their smaller counterparts.

Unfortunately for Veteran Business Owners, the Bureau of Labor Statistics reported 8.1 million job openings at the end of March, a new record. The pandemic only exacerbated a preexisting trend, and the reasons vary. 

Suggestions have included a lack of training opportunities, supercharged unemployment benefits, a mismatched skill set, and fear due to the pandemic for many. Whatever the cause, a shortage of qualified workers has left employers in the lurch despite a continuously shrinking workforce.

Gaps in service are a result, often leaving angry customers. This anger often shows up online. These days, an online presence can make or break a company. Angry reviews can pose real threats to a struggling business.

The trend nowadays is for buyers overwhelmingly to check their business’ online presence. How can business owners minimize angry diatribes on forums such as Yelp, Bing, Google My Business, and Facebook? Small employers are finding themselves trapped between the rock of the labor shortage and the hard place of customer satisfaction. The best short-term fix is better communication.

Business owners should build trust with their client base. Patrons should understand that they can work with the management of a company. These kinds of positive working relationships best protect smaller businesses from online reputational issues, which may leave business owners feeling helpless in their marketing efforts. Good working relationships often rest on a foundation of good communication, one of the variables that managers may control in this economic environment.

Methods of communication may vary. Updating profiles on relevant online business platforms is an easy first step. The business’s profiles on the above online platforms should provide up-to-date hours and terms of service. When possible, these sites should also include explanations for any changes in these terms. Additionally, a business owner should address any negative reviews directly as soon as possible.

Some verbal strategies can improve the outcome of discussions with a dissatisfied customer. For example, first, the person in charge should remain calm during a confrontation. Second, active listening can demonstrate that the manager understands the grievance.  Active listening methods generally emphasize engagement in the discussion. In other words, managers should not remain passive targets in these matters. One such technique may involve rephrasing the complaints in a manner that demonstrates a genuine understanding of the customer’s issues with their service. 

Finally, management should demonstrate their understanding of the weight of the problem and if possible, let the customer know the relevant steps for resolving such issues in the future.

Early communication with dissatisfied customers may prevent escalation or even an angry Yelp review. Overall, the goal is a synergy between the needs of the client and the capacities of the owner. During these novel times, business owners should engage any necessary communication techniques to achieve a meeting of the minds that leaves all parties satisfied and at peace.

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

Crowdsourcing is a relatively new phenomenon and an alternative to angel investors. Many find crowdsourcing campaigns obnoxious. However, crowdsourcing websites provide an invaluable resource for new businesses. 

Additionally, over time, investment crowdsourcing has evolved to cater to the needs of new businesses. When a new business resorts to traditional crowdsourcing sites, a better way to describe these campaigns is presales campaigns. Such campaigns are as old as capitalism.

Angel investors are harder to come by. Angel investors are usually at the later stages of successful business ventures and take satisfaction from boosting new ideas. Such investors generally ask in exchange for a share of the business equity or convertible debt. Oftentimes, a mentorship or patronage relationship comes with the package.

The earliest crowdsourcing campaigns were shameless attempts to score frivolous rewards for brazen internauts seeking consumer goods, vacations, and other vanities. Later, crowdsourcing sites became known for charity fundraising. Now, crowdsourcing sites such as gofundme.com and kickstarter.com have found new life in promoting novel business ventures.

We should all welcome the repurposing of these established websites. Anyone can use these platforms to market their business idea. These sites offer great springboards for presales marketing. Angel investors are harder to come by and offer different risks and benefits.

A distinction should be made between regular crowdfunding and investment crowdfunding. Most crowdfunding provides nothing but the satisfaction of help for another. Investment crowdfunding provides an equity interest in the company. In other words, the funders receive a tiny share of ownership of the company commensurate with their investment. SeedInvest and FundersClub are popular forums for investment crowdfunding.

“Angel investors” are few and far between. Such investors often show an emotional interest in the enterprise beyond the fiscal rewards, yet generally do expect compensation. Online resources do exist for those seeking angel investors. The Angel Capital Association provides a forum for well-meaning senior investors seeking promising candidates. Gust and the Angel Forum also facilitate meetups between entrepreneurs and angel mentors. In general, such relationships are quite hard to come by. Successful relationships with angel investors tend to be serendipitous and start with lucrative personal connections before they bear any kind of fruit.

As for crowdfunding, the idea itself must be a crowd-pleaser. Hence, the idea itself provides a great exercise in marketing in its early stages. Legitimate early-stage crowdfunding generally needs good marketing material. In other words, the business concept should have developed to the point where it can attract interest. A crowdfunding endeavor may also provide an exercise in business development. 

In sum, “angel investors” are often a matter of luck. They can provide vast resources but may usurp control. “Crowdfunding campaigns” generally require the preparation of a palatable business idea. As for crowdfunding, an understanding of the different types of crowdfunding can set new business owners on a good track for funding their new enterprise. At the same time, bear in mind that most of the funding for new business ideas comes from independent “bootstrap” money. A balanced, well-researched understanding of all three can provide a realistic assessment of funding potential at the earliest stages.

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/