By James Pruitt, Senior Staff Writer

Government Programs:

Federal Programs:

The Small Business Administration (SBA) continues as the wellspring for small business. Indeed, the pandemic has rendered the SBA even more important to the small business community. The SBA has branches in every state. Also look for Small Business Development Centers (SBDCs).

Small Business Development Centers provide free counseling to local entrepreneurs. These centers generally receive funding partially through the SBA and are administrated by local colleges and universities. SBDCs are an important go-to resource for entrepreneurs, providing diverse training and consulting resources.

CARES Act:

The CARES Act, passed in March 2020, remains a source of relief for small businesses. This legislation provided for a variety of relief programs in the wake of the Pandemic.

FEMA:

The FEMA National Business Emergency Operations Center can help any businesses with urgent concerns about continuity or delivery of goods. This office is available 24/7. The latest administration has partnered with FEMA to provide expanded services. These services include. vaccine support and information about best practices. A quick look at this website could provide you a myriad survival tools. See fema.gov for more details.

Economic Injury Disaster Loan Program:

The Small  Business Administration or SBA administers many programs, often in partnerships with other organizations. This program provides small loans up to $2 million. The amount of the loan must cover expenses due to the pandemic. These loans have extremely generous terms, with 30-year repayment Interest rates are 3.75% for businesses and 2.87% for nonprofits.

Express Bridge Loan Pilot Program:

Another SBA program streamlines paperwork for businesses with an SBA Express Lender. These lenders are generally banks and financial institutions. These institutions contract with the SBA to facilitate services on the SBA’s behalf.

SBA Government Contracting:

Many small businesses have contracts with the federal government. Contracts with the government in the past have not given much negotiating power to private-sector businesses. However, current circumstances have provided a degree of wiggle-room. The SBA’s Procurement Center Representatives are the go-to resource in this circumstance. The SBA website actually has a directory of procurement Center Representatives.

Useful Websites:

SBA Access to Capital:

All businesses need capital. This site provides numerous resources to keep your company running.

https://www.sbc.senate.gov/public/index.cfm/accesstocapital

Reimbursement of Medical Leave Costs for SMBs:

Inevitably, more employees have taken leave during the coronavirus pandemic. The IRS has tried to adjust. The following site provides guidelines for reimbursement of resulting tax expenses.

https://irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs

State Programs:

Most states have individual websites to connect entrepreneurs with additional local COVID small business resources. Many states have multiple such resources from several organizations. A google search can provide varieties of additional resources in each state.

Private Organizations:

SCORE is a private educational organization for small businesses. Their website, www.score.org provides access to the largest network of small business mentors.

US Chamber of Commerce has been working with the US and various governments to provide businesses with up-to-date information about the pandemic.

Where to Get Help:

The SBA provides innumerable resources for veteran owned small businesses. However, opportunities do not stop with the SBA. Local organizations, public and private, can prove amazing resources. In everyone’s interest is keeping your business alive during this unexpected crisis. The show must go on. Often, the trick lies in recognizing the public and private resources available. These resources are wide and varied.  Keep an open mind, recognizing that better times come soon.

VAMBOA, the Veterans and Military Business Owners Association hopes that this article has been helpful.   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

By James Pruitt, Senior Staff Writer

• Consider Your Anxiety about Controlling Your Circumstances:

The pandemic is not your fault. Others will understand this in retrospect. Stay gracious for the gifts the universe gave you. Recognize any blessings that may surround you. Do not howl at the moon about whatever someone could do differently.   Find joy whenever and wherever you can.

• Open Your Mind to New Methods of Outreach:

We are lucky to have the Internet, given pandemic restrictions about meeting in person. As many have discovered in the past few years, several online outlets provide avenues for connection. Google chat, Zoom and Facetime are among them.

Time with friends and family salves frayed nerves and depressed feelings. Circumstances with the pandemic seem to throw a wrench into our normal outlets. However, online interactions still provide meaning. Even day-to-day, a simple message may provide connection even for those not immediately living with friends or family.

• Stay Productive:

The lack of a routine confounds many stuck at home. Remember the routine of waking up, eating breakfast, and commuting to the salt mines? Furloughed workers may relish these memories. Same for work-from-home employees. As many times as you may have pounded that snooze button, at least you had somewhere to go. The trip to work provided a new adventure every day.

The unexpected pandemic disrupted our workplace lives. Our sense of validation often comes from our accomplishments. During the crisis, we often must squeeze water from a rock. However, many of us have lists of projects that can fill our day. Consider the pandemic an opportunity to explore new horizons.

Learn an instrument. Practice a language. Redecorate your house. People need to feel useful. Small business owners should get creative about using down-time productively.

• Do Not Compare Yourself to Others:

The Age of Social Media has brought new strains of peer pressure upon all of us. Now that so many spend so much time at home, the pandemic has exacerbated this stress. Social media is often the only outlet.

Remember, your friends on social media post what they find worthy to post. In the end, we all do. More power to all of us. And many of us not even on social media.

In an age when so many of us have “our own brand,” always remember that the online presences of others does not define us. We should stay confident of our own identity while respecting those of others.

• Stay Mindful by Journaling:

Keeping a journal is healthy. You have likely developed some new routines during this period. Record your thoughts. Take the time to write down new recipes, insights, and feelings. Mindfulness keeps us aware of our ongoing mental states. Journaling can help with mindfulness. Day-to-day, records of your mental state could well prove benefits to your mental well-being.

• Get Out of the House and Exercise:

The virus is weakest outdoors. Rather than going stir-crazy in the stuffy confines of our claustrophobic domiciles, simple walks outside do wonders for our mental health. Hikes, jogging, bicycling, and any number of activities can leave us with a new outlook and bring home a sense of relief. Just remember not to “share air,” as the new pandemic saying goes.

A few additional hints from Debbie Gregory, VAMBOA’s founder & CEO:

A few things that help me:   I make sure to acknowledge gratitude for the people in my life and all that I am grateful for each day.  It is nice to add it to your journal too.   This is a good way to begin your daily entry.   Almost every day, even if I am not going anywhere, I still shower, groom, dress nicely if only for me.   This helps me to be positive and when we look nice, we feel better, at least I do.    Once in a while, I do have a pajama day, but it is rare.  For me, it is better to make sure my clothes fit than to hang out in PJs or sweats.   I also go out of my way to make nice, healthy meals and exercise even when I cannot go outside with online classes, an elliptical or exercise bike.  Walking is the best.   The love, affection and devotion from our fur children is priceless too.    I also try to meditate at least once a day and find the joy where I can and often.  I am a glass is half full girl too.

VAMBOA, the Veterans and Military Business Owners Association hopes that this article has been helpful.   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

By James Pruitt, Senior Staff Writer

The pandemic’s disruption on the economy has been epic and continues. There are many businesses that are able not only to survive but can also thrive in such conditions. Others, not so much. Huge swaths of the economy are struggling. Unfortunately, downsizing is an unavoidable necessity for many small business owners.

Depending on the circumstances and nature of the recession, some businesses seem nearly recession-proof. Examples include essential services including the repair industry, online services, food and beverages, information technology, and health care. Such businesses tend to stand up to economic trauma.

Other companies, not so much.  In this current recession, restaurants, entertainment venues, and luxury goods tend to wash out when consumers tighten their belts. As such, widespread downsizing is inevitable. Fortunately, there are right and wrong ways to downsize.

Below are some mistakes to avoid when rightsizing your business:

• Eliminating Entire Business Functions Unnecessarily:

Before eliminating an entire division or business function, consider the feasibility of across-the-board cuts. That function may well come in handy further down the line. Your business during tough times should become leaner and meaner, while remaining versatile. Use caution before eliminating an entire department or function. Even when the time comes to tighten your belt, a business should stay prepared for whatever challenge awaits and be prepared for the future.

• Failing to use Empathy with Staffing Changes:

When the time comes for layoffs, empathy and kindness counts a great deal. When laying off employees, do so with compassion, and consideration for overall circumstances. The same goes for schedule and salary changes. Downsizing mistakes can affect the employer’s relationship with his or her remaining workers. Any staffing agencies the business uses may also hesitate to work with such a business. Finally, wide repercussions can follow a reputation as a cruel employer.  Makes sure you are following all applicable laws as well.

• Misreading Economic Circumstances:

An economic downturn is a good time for positive thinking. Employers in a recession need to get down to business. Plan for the worst-case scenario.  Protect your bottom line, and ensure core operations are safe even as opportunities may drive up.

• Inventory Hoarding:

Inventory can be painful to lose, especially at less than its full value. However, inventory is also expensive to store and maintain.  Business owners should liquidate when necessary and makes good business sense. Cash on-hand serves the company better than depreciating stock in the warehouse that is taking up space and perhaps expiring.

• Practice What You Preach:

Hardship is a two-way street in an economic downturn. Employers should demonstrate their own willingness to sacrifice. Concrete lifestyle changes show a spirit of togetherness against adverse circumstances. A recession is the wrong time for fancy vacations and glamorous purchases. You and your employees are in the same boat. Show it. You need to work together in order to come out in a positive way.

• How to Adapt to Rough Times:

Staying realistic can be a challenge when a business’s course takes a painful turn, especially with the current challenges from the pandemic. Sometimes, the best course is to sacrifice, and grin and bear it. An owner should keep the faith while rolling up his or her sleeves. The economy is cyclical, and circumstances will change. A recession is a time to weather the storm. Owners should understand that good proprietorship entails sucking up the bad with the good. Remember that even if the business fails, things will get better.

Even during these challenging times, it is important to stay positive and focused both personally and professionally.   VAMBOA wishes you great success.

We hope that this article has been helpful.   We work hard to bring you important, helpful and timely information and are the “go to” online venue for Veteran and Military Business Owners.  VAMBOA, the Veteran and Military Business Owners Association 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

By James Pruitt, Senior Staff Writer

Business owners commonly build and then sell small businesses. Creating and selling businesses might be quite lucrative, depending on your expertise. Aside from being financially necessary, such a venture can be financially healthy in and of itself.

Successful business owners find various reasons to sell parts of their hard-won entrepreneurial ventures. At times, the business owner needs cash flow. At other times, the owner has encountered another entrepreneur with special expertise, who may further develop that portion of the business according to their own interests. The trick is to consider the right circumstances for you.

First, that business (or portion thereof) might have become a liability. Perhaps a home business requires a great deal of heavy moving, and the owner has suffered an injury. Maybe the business has developed in a new direction and the older parts of the company might better serve another organization. Maybe costs have increased, suppliers have left, or labor has become scarce in that region. In each case, a sale might be worthwhile.

Second, perhaps selling the business was the plan from the start. Perhaps a spark of inspiration led to the creation of that widget, but others have better resources to build that concept. In such a case, building the business short-term may be lucrative and productive. Selling the business might provide the end-fruits of the owner’s labor. The new business can carry on the concept with their own expertise and resources.

Third, the owner may simply be doing too much. Sometimes, a business expands too quickly. Skilled labor can be difficult to find even in an employer’s market. A sale may offer the company more value-added than an expensive hiring process. Often, a different organization has the resources to manage the workload for a part of your business.

Fourth, sometimes the market becomes risky for certain endeavors. For example, property management companies do best when real estate sales slump and more people rent. Real estate agencies do best when the market is hot. Sometimes, one business might raise capital selling resources to another when the two businesses are counter-cyclical. The economy frequently shifts so that one company’s resources might better serve another.

Fifth, the sale may pave the way for collaboration with another company. A partial sale is an excellent way to start an ongoing relationship. Suppose you own a computer repair company, and no longer need certain equipment. Another company may buy the equipment, then keep you on-call for service in the future. Additionally, the sale can establish ongoing synergies that may allow access to bargain deals or valuable expertise. Business relationships form over time, and sales of a part of a company may provide a future partner with intimate perspective. With growing familiarity, the partnership may become quite lucrative.

Whether to sell part of a company may depend on the changing circumstances of the owner, the economy, or the clients. Businesses are interdependent, and their needs often complement each other. Timing and long-term vision determines the best window for the best opportunities.

VAMBOA, the Veterans and Military Business Owners Association hopes that you have found this article on “When and How to Sell a Small Business” to be helpful and that it provides you valuable information.

VAMBOA invites you to become a member.  There are not any dues or fees.  VAMBOA is the “go to” online venue for Veteran and Military Business Owners.   You can also use the VAMBOA seal for your collateral and website.   Below is a link to join and register here:

https://vamboa.org/member-registration/

By James Pruitt, Senior Staff Writer

How and when should a new business welcome a new employee? Is the company a sole proprietorship that finally needs help, or a larger organization with an existing culture? All are relevant questions for a growing company.

• Understand the Employment Relationship, Especially your Needs vs. the Ambitions of the Employee.

Employers’ needs vary. Some businesses only need certain employees on a seasonal basis. Others require workers possessing a comprehensive set of skills relevant to a specific industry. Some companies need workers on-demand or on-call. Others require ongoing monitoring of business processes. Once a business owner realizes the need for help, they should carefully develop the job description.

Any recruits should understand the expectations and needs of the employer. The best employment relationships strike a balance between the needs of the employer and the ambitions of the employee. Finally, the nature of the relationship could mean the difference between a 1099 and a 1040 for tax purposes.

• Consider an Ideal “First Day on the Job.”

Assuming an on-site position with organized training, consider methods to place your new employee at ease and make he or she feel at home. Owners should prepare the new hire’s workstation before they arrive.  An agenda for the job description generally helps the new employee orient themselves. Perhaps even small gifts such as candy, company paraphernalia, or welcome letters might help the new employee orient themselves and feel welcome and more comfortable.   Additionally, a tour of the office and introduction to the team may smooth the transition for both parties. At the end of the day, many companies call the new hire into their office and discuss first needs and impressions.

Of course, not all new businesses have the resources for an elaborate welcoming ceremony. Indeed, most small businesses hire their first employees quite informally. Such employees may be independent contractors, temps, or remote employees. Informal rather than formal onboarding may prevail in these situations. Informal onboarding generally involves learning by doing, on a spectrum with the above formal onboarding, based on each organization’s resources.

• Look to the Future: Consider the Stages of Employee Development

A good resource is the website Peakon.com.  This website describes four phases in an employee’s experience over the course of a job:

The first phase is onboarding. For the smallest companies, the value-added should match the company’s expenditure in this process. Letting an employee go after a drawn-out onboarding process wastes money. An effective relationship can be very informal or even personal. Veteran owners should consider their own interests before spending valuable time and resources on new hires that may not work out.

The second phase is initial development. From the start, businesses should consider their contributions to the future of a new hire. The new employee’s ambitions may not match the employer’s needs. Sometimes, the employer really does only need a few minor tasks. Good business operations require honesty and straightforwardness regarding the scope of the business, the needs of the job, and the employee’s future within the company. Many smaller businesses can only promote their employees to a certain point, if at all. However, they can still provide basic needs such as income and references. Employers should recognize that relationships with employees are always a tradeoff. Ideally, in the best of circumstances, we should all get what we deserve.

The third phase is ongoing development and retention. Industries vary in necessary retraining throughout the employment relationship. Relevant factors include the employer’s plans for the employee over the development of the company, and whether the employee’s role falls within a professional specialty that may have education programs. For the former, the employer should consider the prospects of the company and the plans for expansion.

The fourth phase, finally, is separation. Believe it or not, many a business owner starts their business with plans of ultimately selling it. Sometimes, the planned sale occurs after years of development. Keep in mind, though, separation often sparks trauma in employees. Hence, best practice is honesty from the get-go.

In conclusion, strike a deal. Ensure an understanding. Onboarding a new employee should reach a “meeting of minds.” Each party should understand the other’s needs. At the same time, they should understand that their own needs are being respected.

VAMBOA, the Veterans and Military Business Owners Association hopes that you have found this article on “When and How to Bring in New Talent” to be helpful and that it provides you valuable information.

VAMBOA invites you to become a member.  There are not any dues or fees.  VAMBOA is the “go to” online venue for Veteran and Military Business Owners.   You can also use the VAMBOA seal for your collateral and website.   Below is a link to join and register here:

https://vamboa.org/member-registration/