By Debbie Gregory.

All small business owners have attempted to take a vacation that is inevitably interrupted with yet another crisis at work. You are currently on vacation and you are supposed to be relaxing and having a good time. Your phone won’t stop, your emails keep flowing in and instead of relaxing, you are furiously typing and scrolling away on your laptop.

It is easy to fall into the trap of working while on vacation. Most business owners never fully unplug from the office while supposedly vacationing. While this sounds like a good plan, you are unfortunately setting yourself up for more stress, anxiety, and total burnout.  Additionally, people who do not take at least one 1-week vacation a year are 30% more likely to have a heart attack and this number increases dramatically for women. So do yourself and your overall health a favor, and take a real vacation!

So, how do you truly let work handle itself for a while as you get some much needed R&R?

Setup a vacation plan:

Once you have selected your getaway, make sure that you work wit your team to be able to handle business while you are away.

• Delegate tasks
• Create backup plans
• Make your communication boundaries clear
• Make your availability clear
• Make sure each employee knows what is expected of them
• Empower your staff to handle problems should they arise

Setup a return plan:

You know that your first day back into the office will be a nightmare game of catching up. Your inbox will be full and your to-do list will be long. Take the time to pre-organize and prioritize what you will need to do once you return to work.

Use the three Ds – Delete, Delegate, and Deal.

• Delete everything your team is already managing.
• Delegate what you can have someone else handle.
• Deal with what you need to take care of.

Setup a schedule:

If you absolutely must check in with your business, establish a daily and timed routine for checking in and stick to it. Deviating from your schedule, can lead you down the rabbit hole of emails, calls, and other work issues.

Only respond to real emergencies:

Not every situation requires your response. Make sure that you only engage if you absolutely have to.

Taking a true vacation can seem impossible for a small business owner.  With some careful planning and a bit of letting go, you can finally get the rest and relaxation that you desperately need. Now Unwind, relax and enjoy!

By Debbie Gregory.

Millennials currently make up one of the largest generations and wield incredible buying power.    Reaching them has become increasingly difficult. The rise of social media has made advertising easier and more robust than ever. Social channels such as Facebook, Instagram, Twitter, and Snapchat provide businesses the ability to expose consumers to experiences, products, places, and people that they may not have had access to before.

This has created a whole new level of buyer anxiety that has become known as FOMO, or the Fear of Missing Out. This extends to something as simple as being the first to obtain a new smartphone or larger purchases such as an exclusive exotic location destination vacation. Most Millennials freely admit that they have made purchases simply to avoid feeling like they have missed out on something.

FOMO coupled with social media has become an important tool for companies to get people to purchase their goods and services. Why? Mainly because FOMO is most effective when a company really knows their customer base and has a relationship with them. Social media makes both quite easy.

Below are some ways that your business can take advantage of FOMO and grab more Millennial customers:

-Emphasize the scarcity:

Make sure that you let your customers know that the offering is limited, either in quantity, time, or space. Make it clear that you are only offering a certain quantity of a product, that there is a limited time to take advantage of the offer, or that there are limited seats or spaces at an exclusive event. The more exclusive you can make the offering feel, the the more FOMO you will generate with Millennials.   You are creating a sense of buying urgency.

-Use their curiosity to entice them:

Curiosity and anticipation go hand in hand. Stoke your prospect’s curiosity with something that makes them feel like they may miss out. They will happily follow your updates and even spend some money to avoid being left out of the loop.

-Make it easy to share on social media:

Encourage customers to share images of themselves sing and enjoying your offerings. This can create FOMO in your customer’s followers which can turn them right to your business. You want them to regret missing out and there is no better recommendation than someone they care about being happy with your offerings.

Millennials aren’t all that difficult to figure out but getting them to notice your advertising in the sea of messages that they are bombarded with can be tricky. Just try to remember that this group of consumers really wants to experience things that will make others envious or ones that are only offered for a very short time.  Create urgency!

By Debbie Gregory.

There never seems to be enough time in the day to finish everything you need to do. This is especially true for Veteran Small Business Owners.  Below are some ways to help better manage your time and fit more into your day.

1.) Take care of the toughest tasks first thing in the morning:

Getting done the most unpleasant, or time-consuming tasks first thing does a few things for your entire day.  It will provide you a feeling of peace as you move onto tasks that are more appealing.  It will also start your day in a very productive way and can help you clear your head.  Often we have more energy first thing in the morning and as the days go on, we are use it up.

2.)  Group similar tasks together:

When you group similar tasks together and get into a “groove” of accomplishing them, you will end up saving yourself a ton of time. Switching gears can be tricky and you tend to lose your momentum getting ready for the next task.

3.)  Focus:

Multi-tasking is not a great idea when you are trying to accomplish a lot in a short amount of time. Keep your focus on one task at a time. Trying to tackle too much all at once can feel overwhelming and will slow you down.

4.) Track your time:

You know how long it takes you to accomplish most of your day-to-day tasks. Try to plan your day according to how long it will take to do the things you need to get done.

5.) Take breaks:

This may sound counter-productive but taking short breaks can help you be MORE productive. A short break can help you restore your focus, clear you head, rejuvenate some energy and balance your mental state. We are all human, not robots. Even if you only take a five- or ten-minute break to take a quick walk outside, you will feel better and be able to focus more on the tasks you need to complete.

6.)   Plan for tomorrow:

At the end of your day, it is always a good idea to plan ahead for the next day. List out the most pressing or difficult tasks to tackle first thing in the morning and budget the rest of your time based on what you already know about how long each task will take you.

Taking the time to really understand your time needs and planning appropriately will not only save you time, it will make you much more productive.

By Debbie Gregory.

At some point most businesses need to borrow money. Choosing the wrong type of loan can do irreparable damage to your business’s bottom line. There are countless financing options out there and the key is to choose the right one that fits your business needs and your ability to pay back the loan.

Choosing the wrong option can translate into less short-term on-hand cash for your business to spend.  It can also mean smaller overall profits as you pay down the loan, and a longer and more stressful search for your loan in the first place.

In order to select the correct option for your needs, you should make sure you avoid these mistakes:

1.) Not knowing your credit score:

Your personal credit is always a factor when applying for a business loan. It shows your creditworthiness and your ability to pay the loan off to the lender. A score of 700 or higher is considered good for a personal score.

These are credit reporting services where you can check your personal credit score:

• Equifax (https://www.equifax.com/personal/)
• Experian (https://www.experian.com/)
• TransUnion (https://www.transunion.com/)

These are credit reporting services where you can check your business credit score:

• Dun & Bradstreet (https://www.dnb.com/)
• Equifax (https://www.equifax.com/business/)
• Experian (https://www.experian.com/small-business/services.jsp)

2.) Not doing your research:

It always pays to be prepared for the worst. Do not until you and your business is in dire need of cash to start the process of researching lenders and applying for loans. Do your research well in advance and keep a list of credible lenders on hand just in case you find that you need one.

3.) Not knowing your options:

Rates, fees, and terms for financing can vary greatly depending on where you go to obtain a loan and even the time of year you do it in. Make sure to do your due diligence and thoroughly research the options you are presented with.

4.) Not applying for enough money:

You never want to take out a loan only to find that you need another loan a few months later. Running a business comes with some uncertainty and unforeseen expenses that can pop up.   These may include new competition, equipment breakag, or employees quitting. Make sure that you are borrowing enough money to cover your immediate needs as well as anything unexpected that may come up.

5.) Not knowing your payment options:

Getting cash fast when your business is in a slump is very important, but you need to make sure that you will be able to pay the loan off once you are back on your feet. The payment schedule needs to fit with you and your business. If you cannot keep up with the payments, it can damage your credit and potentially lead to your business’s failure.

Getting the loan that you need shouldn’t be a stressful or scary experience. With proper planning and in-depth research you can be prepared for any possible disasters or downturn in your business. Taking out a loan is never something a business owner does lightly but done correctly it can add up to one result, a thriving business.

By Debbie Gregory.

Past military experience helps “veteran entrepreneurs” find success especially when they team up.  Working in teams is part of the military culture. Veterans tend to have a greater desire to create their own destiny, which is why starting a business is so appealing.  Veterans tend to have a unique point of view based on their past military experience.   They come up with different solutions to problems than non-military personnel do and are more creative and focused on crafting solutions.

Veterans have unique experiences and inner strengths that include:  

• Initiative
• Dependability
• Commitment to a greater cause than self
• Love for fellow comrades in arms regardless of their ethnicity or background
• A drive to succeed against the odds
• Focusing on the end goal and achieving the mission
• Working in teams to get the job done

All of these attributes benefit veteran entrepreneurs.  This is one of the reasos that veterans tend to lean more towards starting their own businesses.  These same traits lead a lot of veteran business owners to want to help others pursue entrepreneurship as well.  They also become mentors and are leaders.

In the last few years there has been a surge of businesses, organizations, lenders, and programs that have been formed to provide veterans ways to explore entrepreneurship with the direct support of their colleagues.

Some of them include:

• Boots to Business
• Bunker Labs
• Honor Foundation
• Patriot Boot Camp/Techstars
• StreetShares
• Task Force X Capital
• Vet-Biz Network
• VetCon
• VeteranCrowd
• VetsLikeMe
• Veteran Business Services
• Warrior Rising
• VAMBOA

All of these organizations have one thing in common, they were created by a veteran, a group of veterans or those who support veterans to help veteran brothers and sisters in arms achieve their business dreams.

Military life has prepared many for the challenges that are unique to military service and those will also greatly benefit business life as a civilian. Veterans also face unique challenges when they return home from active duty. Seeking assistance from other veterans will help boost success as a civilian entrepreneur.

In today’s ever-changing economy, global climate, and interpersonal relationships, it is best to find programs and funding sources that focus on bringing together veterans and like-minded business owners who can help each other flourish.

We encourage all military and veteran business owners to join VAMBOA, the Veteran and Military Business Owners Association.  VAMBOA does not charge any fees or dues.  Here is a link to register:  https://vamboa.org/member-registration/