By James Pruitt, Senior Staff Writer

Choosing the Wrong Metrics of Success

Consider the industry and market. Many businesses are seasonal, especially in the eCommerce field. Short-term measurements may hold limited relevance for long-term success. In addition to sales revenue, important considerations may include customer satisfaction, customer turnover, customer engagement, as well as the cost of acquiring new clients. Feedback from customers may prove just as useful and important input for long-term growth as raw numbers reflecting factors such as sales revenue.

Remember the bottom line. Metrics such as site views are a good sign, but don’t let your head puff up until you’ve seen the end rewards. Beyond tactics such as “search engine optimization,” businesses should flesh out their intelligence with a multidimensional approach that provides multiple perspectives and can better develop strategies for the future.

Plan for a Reasonable Balance Between Supply and Demand

In the initial excitement of contract negotiation, business owners might overestimate demand for their projects. Wise entrepreneurs take baby steps while wading through the planning phase. The time for a deeper plunge is after a realistic assessment of product demand. Only after meeting demand becomes a challenge in itself should a new business expand its initial investment.

Too much product at the outset complicates a website, adds to maintenance costs, and wastes the original investment.  There is something to be said for keeping it simple.

Work Out Sales Promotion Strategies in the Early Stages

New business owners can also go overboard with their initial advertising. Remember to carefully ponder sales promotions, and tailor them to your company’s goals. Some business managers can dump money into advertising that can misfire, even harming brand image or simply wasting resources.

A tasteless, spammy, or annoying sales promotion does no one favors. Neither do wasteful practices such as carelessly executed free sample campaigns. Remember that ads should take advantage of the right time, place, and style to effectively influence potential clientele.

Prioritize Wise Contract Negotiation

Irrational optimism can doom new companies. Small business owners need to put together contracts with the worst possible outcomes in mind. Human nature tends to assume everything will go smoothly, but the inevitable snags often pop up unexpectedly. Veteran business owners should pour over contracts with a fine-tooth comb with an eye toward the life of a contract rather than the bare minimums and the foreseeable future.

Careless Choice of Advertising Partners

Remember that you have as much of a right to choose your advertisers as they do to choose you. Advertisers need to stay relevant, ethical, and lucrative. Advertisements should stay interesting and tasteful. In other words, new business owners should maintain self-respect and not get carried away in the excitement of finally receiving sponsorship.

Consider Effective Customer Contact Strategies

Email lists can provide a free method to reach prospects on demand. Remember to form these lists quickly, efficiently, and ethically. When soliciting contact information, make sure to obtain a full profile of the customer’s interests, goals, and potential. Effective customer contact lists can save a fortune in advertising later.

Conclusion

Ecommerce presents its own set of risks. Without careful contemplation, Veteran Business Owners can go overboard in the wrong direction at the outset, in ways that can quickly deplete resources. The remote nature of the online customer relationship amplifies these. Careful, realistic, and multidimensional feedback and planning can effectively prepare for success in the modern, largely internet-based economy.

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/ 

Can Same-Day Pay Help a Labor Shortage?

By James Pruitt, Senior Staff Writer

“Same-day pay” saw a redefinition in recent years. The past stigma associated with same-day pay has worn down in the face of current needs. In the past, observers have associated same-day pay schemes with agencies and employers that sometimes exploit those desperate for money. However, despite the stigma, economic developments and technological advances could make these relationships more workable.

1. Same Day Pay in the Past Historically Has been Associated with Exploitation

Some temporary agencies have always used “same-day pay” to fill labor shortages. Often, these agencies use people who may need the money more than the companies need labor. Sometimes, the agencies and their clients “fudged” the labor factor to compensate. In other words, the workers have ended up doing harder work than they bargained for. 

Developments in technology and in the economy might sand out some of the inefficiencies that prevent more streamlined processes. Remember, the “same-day work economy” keeps many workers active. Such workers may include college students, caregivers, retired people, those in difficult straits, and any number of other people who just plain have labor to provide.

On the management front, managers often struggle to find the right labor at the right moment. Companies make do with what they have, and sometimes lack the flexibility to adapt to sudden changes in the market. 

“Same day pay” can provide an incentive to bring workers on board with short notice. Sometimes companies need labor now, and in exchange can tap into any supply of people who need money today. However, small companies may have trouble developing an equitable synergy between management and worker in these circumstances.

1. Finding People and Keeping People

The “neglected labor pool” is diverse. Often, those outside the traditional labor market need short-term gigs. In addition, many competent people have idled for years, due to the prejudice against “gaps in employment.”  

Simultaneously, many smaller businesses need good help. As these companies and these people “find each other,” the businesses and the people can grow together. The employment role can grow as the relationship grows, and the business can grow as a result.

In other words, short-term labor and same-day pay can be a blessing for workers and managers. The right strategies and processes can separate the most exploitative practices from that synergy.

1. Payroll Service Providers Have Advanced Technologically. Fees Are No Longer as Burdensome to Business Owners or Workers.

In the past, payroll service companies charged larger fees for the processing of quick paychecks. For example, cutting a check for a same-day worker may have cost a pretty penny. Smaller businesses sometimes paid in cash, which may have prevented the best possible record-keeping.

These days, technological advances have facilitated these short-term employment relationships. Expenses for cutting a same-day check, direct deposit, or even cold, hard, cash, have relaxed. Veteran Business Owners can thank technological advances for a decreased burden in the recordkeeping department, and increased efficiency in processing their workforce payroll issues.

1. Bottom Line

The recent labor shortage has caused burdens throughout different sectors of the economy. However, advances in the “short-term economy” could facilitate a new synergy between small business owners and even some parts of the neglected workforce. Many companies have adopted a novel practice of providing half the pay on the same day, and the balance during the payroll period. 

In general, same-day pay has become more workable with technological advances, which can help both workers and employers with their record-keeping and avoid fees. Veteran Business Owners should always consider the exploitation factor, but also consider the benefits to all parties when determining employment relationships.

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

(1) Know how your clientele thinks:

Veteran Business Owners should understand the habits, needs, and proclivities of their target consumers. The best services in the world may fall flat if the delivery fails the customer. Consider the everyday habits of their clientele, and which practices most conveniently serve each party’s economic base.

For example, the geographic location of a physical business may provide access to a busy, out-of-way community, or may place it out-of-the-way from the ideal markets. The best fertilizer in the world may rot unsold in a downtown Manhattan warehouse, away from the farmers who might benefit. Similarly, imagine the hottest nightclub with the coolest DJs, open only weekdays from 7 AM to 6 PM. In both examples, employees and resources would idle, and waste away your resources as well.

Idle hands are the devil’s work. But these are extreme, comical examples. In the everyday sphere, businesses should stay integrated with the surrounding community in order to keep establishments profitable, at full capacity, and catering to the needs of all concerned parties.

(2) Also know the distinct needs of different segments of your clientele:

Understanding the larger habits of the greater community does not suffice for a company seeking to maximize its profit margin.  Veteran Business Owners need to consider the diverse needs of each constituent of that community. Directed marketing efforts may sort these constituents according to demographic or interest groups.

Family-oriented clients may seek different offerings from your company than singles looking for thrills. Additionally, as discussed in previous blog posts, often a certain customer base shares unique interests and hobbies. Marketing efforts that break into these sometimes isolated (and often online) communities can benefit all concerned parties.

(3) Keep a well-trained staff:

All good bosses should invest in effective hiring and training programs. Remember, every business is different, and workers always face unique challenges adapting to their niche. 

Good staff should know how to address various customer demands, and these demands may vary based on the services the company provides, as well as intangible factors such as the surrounding community and the company’s resources and economic fortunes. Hence, the employees, as well as the managers, should have the knowledge to face these demands in order to maintain positive word-of-mouth end a healthy reputation. 

(4) Give deals, free items, or services when possible:

As the purveyor of fungible goods and services, at times every business owner finds themselves stuck with a surplus. Companies should try to see these opportunities not just to unload merchandise or services. These opportunities can spread positive word-of-mouth, as well as memorable experiences for the patrons or their families. 

Free stuff always tastes/feels better. Giveaways and freebies give an opportunity for that positive initial interaction with customers. Remember, business owners should get their customers hooked early. 

(5) Whenever reasonable, consider the customer is always right.

Consider “yes” the default answer to customer requests. This philosophy ensures the good karma necessary to recycle positive word of mouth, maintaining a healthy reputation. When possible, honoring special requests, including for children, friends, and other family members can ensconce your establishment in someone’s imagination as their favorite go-to institution. Such an overarching philosophy can do wonders in your ongoing project of maintaining the network of well-wishers and happy customers necessary to keep your business prospering.

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 most common types of small business are sole proprietorships. As discussed in previous blog posts, many small business owners ferret out their economic niche from a specific hobby, interest, or expertise which they can best accommodate from the privacy of their own home.

Independent business owners should consider their relationship with the organization when deciding whether to incorporate. Legally, a sole proprietor often can’t separate from their business. The obligations between the person and organization stay one and the same. 

As for the positives, some business owners benefit from the ability to take their organization in unique directions based on their own judgment. Often, the owner can’t effectively delegate their vision to a newcomer. Small businesses often start with specialized concepts. Sometimes, the only necessary staff within the company maybe you, the one business owner.

Various negatives may also rear their heads. For example, some may perceive the company as less established as, for example, an LLC (limited liability company) or a company that has undergone formal incorporation. 

Business partners may view the company with greater suspicion. Remember, legal liabilities for a sole business owner and the organization itself are one and the same. The possibility of a “fly-by-night” operation may loom larger in the eyes of potential contractors.

Given the integration of a sole proprietorship with the business owner, the proprietor bears all the burden when problems arise. Furthermore, these organizations often hold less organizational backing, so funding and investment revenue present greater challenges. Finally, an ultimate sale of the business may bring further logistical issues. Outsiders may show little interest in a company tailored to the ambitions of one individual.

Positives are manifold for the right business owner. Sole proprietors may control their own schedules. Also, the simplicity of a sole proprietorship can make the process of tax preparation more agreeable. Businesses’ expenses are deductible, and the process is done much easier in general. Furthermore, sole proprietorships are much less expensive and easier to start up without the process of establishing an LLC or incorporating.  

Incorporation separates much of the owner’s legal responsibility from that of the business. The incorporation process also may loosen the grip of the owner on the business itself. After all, the process of registering a business implies the presence of other stakeholders. When others share an indispensable role in the organization, the process becomes worthwhile. 

In the end, the business structure must fulfill the needs of the owner. Sole proprietorships suit certain owners’ needs more than others. Some business ideas are unique enough that the owner should exercise the types of control that sole proprietors offer. Also, sometimes the founder simply doesn’t need a large, complex organization. 

Hence, when starting a new business, always consider the benefits of non-incorporation, as well as different types of incorporation. Many new owners may in fact benefit from incorporation as an LLC or, more formally, as an S or C corporation. However, other proprietors can satisfy their obligations independently. Assuming other stakeholders don’t complicate operations or legal matters, the simplicity of sole proprietorship should remain a viable option.

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 holidays can present challenges and opportunities for Veteran Business Owners. The increased demand presents to labor and supply issues, while also significantly increasing profit margins. A seasonal workforce often must pick up the slack. Meanwhile, customer demands may skyrocket, and nerves may fray. 

Various strategies can slice a bigger piece of the pie for your business.

1) Get in the Holiday Spirit for all holidays!

During the winter months, traditionally we hunker up with the hard-earned rewards of the rest of the yearly cycle. Remember to share this warmth with your workforce! They’re working extra hard especially during holiday seasons.

2) Respect Your Employees and their Additional Workload.

Seasonal workers may not always feel much warmth from employers. For some, the holidays are the season for overwork. 

Respect your employees, no matter what the type of business. Mandatory “ugly Christmas sweaters” and elf costumes affront human dignity and have no place in the workplace. Furthermore, consider that the workforce may be working extra hard to meet the spikes in demand. Some workers may even work extra hard during various holiday seasons for money to last over the year.

Respect for your workforce conveys positive vibes. Remember that most customers have been employees as well.

3) Keep Holiday Décor Tasteful

Some people think many decorations including some for  Christmas are “tacky.” 

Well, maybe they are. As alternatives for your business, tasteful alternatives abound. For example, the “snowy” look might appeal to more discerning customers. “Traditional” holiday decorations strategically placed provide the right vibe while maintaining a professional look for the establishment. Just remember the work for the cleanup crews at the end of any holiday season.

Cornucopias and colorful artificial fruits can last from November until early January. Furthermore, consider the final cleanup for the sake of both employees and employers.

2) Remember, some people celebrate a different holidays such as Channukah or Kwanzaa

Channukah ends in early December, while Kwanzaa lasts until January. Depictions of the season’s bounty convey importance to the Kwanzaa festivities as well as Thanksgiving and the Holiday period in general. 

Christmas colors are traditionally green and red. For Chanukkah, blue and white, and Kwanzaa colors are red, black, and green. The holiday season integrates diverse traditions. Winter decorations can integrate any medley of holiday baubles, so long as creative decorating brings that warm holiday cheer to your entire clientele. 

3) Make Things Local

Many holiday celebrations provide chances for local communities to come together. Participation in local events might win goodwill that could liven up your business. Maybe Santa can visit. Maybe a Christmas tree needs decorating.   Perhaps the Easter Bunny can help decorate eggs, etc. Regardless, presence at a local fair or festival can provide rich opportunities.

4) Holiday Promotions

Local festivities may even provide opportunities for coupon distributions and free samples. For example, raffles and contests may offer bundles of coupons as rewards. Sponsorships for entertainers and appearances may also bring attention to your business.

Online events can offer the same opportunities. Don’t forget your digital marketing skills while concentrating on the local state fair. Assuming the resources for the increased demand, remember the opportunities that each holiday season brings. When carefully planned, the increased demand can bring the opportunity to relax a little during the months afterward. Your online presence may even convey seasonal products. 

5) Finally, we wish joyful holidays for you and your families and staff from VAMBOA, the Veterans and Military Business Owners Association!

Holidays provide the opportunity to have fun while doing work. Remember to extend this holiday cheer to your employees as well as friends and family while directing this positive energy in safe directions. Don’t forget to take care of yourself during this busy season, and never grow out of the Holiday Spirit!

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/