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StreetShares Blog - The Resource Center for Veteran Small Businesses

StreetShares Blog

The Resource Center for Veteran Small Businesses

Topics

Best Small Business Accounting & Finance Software for VOSBs without a CFO

In business, cash is king. From your own financial independence, to your investors if you have them, to your top and bottom lines, everything pretty much begins and ends with money. Small businesses and veteran-owned small businesses are no different, regardless of scale. Your business might not have an official Chief Financial Officer, but “CFO” is just a title. The functions they typically perform are essential to the core of every business, so someone is getting this job done, and it might just be you. 

So put on your CFO hat and check out these tools that can help your small business finance functions:

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7 Things Government Contractors Should Beware of if the Government Shuts Down Again

The three-day shutdown has come to an end. However, the Senate has only reached a compromise to fund the government until February 8. What will happen after that? Will small business government contractors have to anticipate another shutdown? Even though this shutdown only lasted three days, let’s take a look at a few things you should know and remember from the 17-day 2013 shutdown that may affect you during another potential government shutdown.1 

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Tips from a CFO: Get to Know Your Cash Flow and Receivables Turnover Ratio

By StreetShares on January 16, 2018

Watch your receivables turnover ratio to keep your business healthy

This post is a guest submission from Manuel “Manny” Cosme, President and CEO of CFO Services Group, which provides accounting solutions for small and growing businesses. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official opinions, policies, or positions of StreetShares or any of its affiliates.

Do you know when your next client or customer payment is coming in? Is it likely to arrive on time? If you can’t answer these simple questions, you may have cash flow troubles brewing – and no early warning system in place.

As a small business owner, you know the pain of waiting on a check that’s “in the mail.” Unpredictable cash inflow and outflow can create chaos and stress. (Not to mention panic on payroll day.) We encourage business owners to get a handle on your receivables turnover ratio as soon as possible, and to check it regularly. Understanding and managing your cash flow can help avoid ugly surprises and help you know when to ask for a small business loan or line of credit in advance.

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Attention Small Contractors: How to Entice a Large Contractor to Join Your Bid Team

By Steve Delahunty on November 8, 2017


This post is a guest submission from Steve Delahunty, Chief Executive at 
Arcetyp LLC. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official opinions, policies, or positions of StreetShares or any of its affiliates.

Have a great bid opportunity and want some big contractor guns to ensure the win?  This can be a challenge.  That big contractor you want to work with is established...  you are not.  They are well-known...  you are not.  But you know you can win if you can just get that big contractor onboard for that bid...  

You can guess the challenge here: large contractors are often wary of joining forces with small ones let alone even subcontracting to small ones that they do not know well.

So, not surprisingly, large contractors have a usual set of questions they want answered to their own leadership in order to engage a small contractor as a possible prime.

These requirements encompass elements such as the agreement's content, access and transparency to pricing, sign-off on the final proposal, and other areas.  You need to be ready to address these.  

How do you get ahead of the game?  Easy.  Just read the rest of the post.  Know the proactive measures you can take to handle the above areas and the general concerns over how risky you may be perceived as a small contractor prime.

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Veteran Owned Small Business Award Finalists

By Thomas Moody on November 7, 2017

The Veteran Small Business Award continues! We have 12 great veteran business owners with very unique companies. Take a quick peak at the finalists below and remember to cast your vote on the StreetShares Foundation voting page. Vote now and help three veteran business owners get grant funding.

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Starting Out in the Government Contracting Market

By Rabiah Sutton on October 18, 2017

This post is a guest submission from Rabiah Sutton from FWDthinkThe views and opinions expressed in this article are those of the author and do not necessarily reflect the official opinions, policies, or positions of StreetShares or any of its affiliates.

When your company is new to government contracting, it’s hard to know where to begin. It’s tempting to start by targeting an agency you’ve heard about in the news, from a friend or family member, or even a client you’ve done work with in the past.

While it’s important to document which agencies could be possible targets because you have inroads there, it’s usually a mistake to start there or worse create a strategy around those inroads. Instead, ponder the following three questions:

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Defying Unemployment Rates Among Military Spouses through Entrepreneurship

Military spouses share a commonality among themselves as they may go through several permanent change of station (PCS) moves and are always transitioning with new friends and communities. The military spouse lifestyle not only affects one’s personal life, but also his or her professional life. 

More than 18 percent of employed military spouses have seasonal or temporary jobs and 82 percent of those spouses would prefer a permanent position, according to a study by the U.S. Chamber of Commerce Foundation1.

Even though there has been a decline in military spouse unemployment from 23 to 16 percent, according to recent studies by the Department of Defense and the U.S Chamber of Commerce Foundation, military spouse survey respondents appear to be underemployed and not fully utilizing their skill sets.

We’ve worked with several military spouses who are defying these statistics because they’ve turned into entrepreneurs and small business owners. You may remember our list of the Top 10 Most Influential Military Spouse Business Owners who have made a difference in military spouse communities and are helping to decrease military spouse unemployment and underemployment. 

Today, we’ll take a deeper dive into the story of one military spouse business owner, Stephanie Brown, CEO of The Rosie Network. She'll tell us how she got started, how she's impacting the veteran and military spouse community and how she continues to grow with veteran business loans and small business financing.

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“Serving” Again to Support Military Veteran Business Owners

By Ed Walters, Chief Marketing Officer on September 7, 2017

I come from a family of military veterans. I am a graduate of West Point and served in the US Army before entering business. My grandfather served in the Army Air Corps during WWII, my father served as an Infantry Officer in Vietnam, my brother served in the US Army at the same time I did, and now my oldest son is finishing Army ROTC with plans to become an Army medical doctor.

There were times when I wished I had stayed in the Army for a full 20+ year career instead of entering the corporate world. I have worked for amazing companies, but the camaraderie of going through tough shared experiences in the military with my brothers and sisters in arms built bonds that we will forever share. I missed the supportive social network where everyone helped their teammates through the good and bad times, and to be honest, how we joked and ribbed each other in good nature. 

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Applying for a Small Business Loan? Here are 10 Things to Know

By StreetShares on September 1, 2017

For many small business owners as well as veteran-owned business owners, the loan application process can be tedious and overwhelming. It’s hard to know where to start and how exactly to present yourself to a potential lender. That’s why we’ve compiled this checklist for you to reference as you pull together your business loan application for a term loan, line of credit or if you’re mobilizing for contract financing from a factoring company.

What to Know Before You Go

Loan request approvals depend on how well you present yourself, your business and your financial needs to your business lender. The best way to do that is to know beforehand the answers to the most common questions lenders may ask:

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4 Things to Do Before You Submit & How to Bid for a Government Contract

By StreetShares on August 16, 2017

In our government contracting blog series, we’ve looked at why the Federal Government is a good opportunity for many different types of small businesses. We’ve discussed potential advantages like set-asides made for veteran-owned businesses, how some great modern tools can help you evaluate your market and find the financing you need to start these projects. Now, let’s dive into how to bid for a government contract.

This article is an excerpt from, “The Government Contractor’s Handbook,” which includes step-by-step guides and eight chapters of resources. Download it now.

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