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StreetShares Blog - The Resource Center for Veteran Small Businesses

StreetShares Blog

The Resource Center for Veteran Small Businesses

Topics

7 Ways to Reduce Overhead Costs For Your Veteran-owned Small Business

By StreetShares on February 22, 2018
Having a veteran-owned small business can feel like a money pit. Whether you are paying invoices, fixing broken equipment or sending Uncle Sam his portion, you are always writing a check to someone. There are smart and simple ways that go a long ways towards reducing overhead costs that can add up to big savings in the long term. 

What are overhead costs? Those are the things you pay for so that you can do business. It includes rent, salaries, taxes, marketing, office supplies, cleaning service, equipment upkeep, utilities, travel, convention expenses – in short,  everything that is not directly billed to your customers. Minimizing these costs allows you to better allocate funds in your budget. For example, the $5,000 you saved per year by making a few tiny changes could go to buying more online ads to get acquire customers or to a raise for your hard working receptionist. Watching your pennies, especially in things that compound, will add major dollars to your bottom line. Knowing where your money is going can also help when looking for small business funding

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3 Pre-Award Acquisition Process Terms Government Contractors Should Know

By StreetShares on February 21, 2018

When working with government contracts, understanding some very specific phrases and terms is crucial to successfully navigating the process. Remembering all of these acronyms and definitions can feel like a full-time job for the upcoming government contractor.

With that in mind, we’ll define common phrases and acronyms you’ll see repeated as you research your point of entry into the govcon world.

Today we’ll go over three of the most common requests to contractors the government makes in the pre-award phase: Request for Information, Request for Quote, and Request for Proposal.  

 

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5 Inventory Management Hacks that Will Boost your Vet-owned Business

By StreetShares on February 20, 2018

For many servicemen coming into the private sector, manufacturing is a natural fit. Serving in the U.S. military requires the same rigorous attention to detail, results-oriented thinking, and action that makes raw materials into finished products and gets them out to customers all over the world. 

If your business revolves around manufacturing, supplying, or distribution, you know how rapidly these chains need to move in order to compete in a global economy. The problem that many businesses face is that they are so myopically focused on ingrained methods and simply trying to keep the lights on that they are unaware of ways they can economize, reorganize, and upgrade. This includes exploring business financing options such as the Patriot Express® Line of Credit.

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12 Things Every New Government Subcontractor Should Consider

By StreetShares on February 19, 2018

Are you looking for a way to expand your business? Government contracts can be very lucrative, offering exposure and the potential for future work. However, they can also be complex to navigate and it helps to know the lay of the land before you start. Let's walk through the things you should know before submitting your first bid. 

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5 Things All Vet-Owned Small Businesses Need to Know about the New Tax Laws

By StreetShares on February 15, 2018
How will the latest tax bill affect your veteran-owned small business?

There's a lot of confusion and concern about how much, how little or if any money at all will be saved by the new tax laws. Here's a quick look at five things you need to know about the new tax bill for your vet-owned small business. We're not tax or financial advisors so this is just for your information and is not meant to be professional financial advice. However, this informative article can be a great conversation starter over coffee with your accountant or lawyer.

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8 Social Media Marketing Strategies to Foster Your Veteran-owned Small Business 

By StreetShares on February 14, 2018

Even for veteran small business owners who are accustomed to multi-tasking and problem-solving, the entrepreneurial quagmire is still a reality. Entrepreneurs don't want to stop creating products and enhancing their services in order to spend time marketing. Running a business is a juggling act that requires developing the product or service, attending to administrative demands, and managing professional relationships. So where does that leave time to trumpet the company value propositions with a social media marketing strategy?   

In order for a business to stay vibrant in today's economy, it’s necessary to establish your brand, create brand awareness and get the word out. Even if your business is brick and mortar, it’s even more important to stay relevant and promote your business online.

Learn more marketing trends in the ebook, "5 Small Business Trends for  Vet-owned Businesses." Download now >>

The idea of utilizing social media to promote your business might seem tedious but think of it this way: online presence isn't just shameless promotion if approached correctly, it's an opportunity to connect with your customers, other servicemembers, veterans and veteran business owners and to start smart and helpful conversations. Here's a basic social media strategy that will boost your company visibility without investing a ton of time or money. 

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5 Small Business Trends for Vet-owned Businesses

By Virginia Newell on February 13, 2018

As your veteran-owned small business enters into a new calendar year, you should be aware of some of the trends on the rise for small businesses in 2018. Rethinking your business strategies and examining current trends are great ways to refresh your business outlook, reestablish your goals, and ultimately make your small business even more successful. Here are three of five small business trends to get your started. To get the other two, which include marketing strategies and company culture, download the ebook now

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7 Things to Know About the Military’s New Blended Retirement System (BRS)

By Virginia Newell on February 12, 2018

A huge change has happened for many of our nation’s service members in the form of a new retirement system. The military has begun implementation of the Blended Retirement System, affecting not only military members who will begin their careers in 2018, but also those who currently serve. Why the change? As it stands, only 19 percent of active duty members and 14 percent of reserve members will actually hit the 20-year service mark required to receive retirement benefits from the military – about 1/6 of its population, according to the DoD.

Click here to download our guide to military retirement: Blended Retirement  System

The Department of Defense has rolled out the Blended Retirement System to serve the remaining 80 percent of service members currently left out in the cold. The goal is to offer a retirement system that aligns more closely with a civilian 401(k) plan, as well as to offer benefits for those who serve their country in uniform but not for a full 20-year career. While this new system is designed to save the government money, many benefits are available for military members who understand the new system and want to build their savings for retirement as a veteran who may be seeking to open a small business or become a government contractor with a certification as a veteran-owned smalll business. 

Below are some highlights to help you understand the alterations that will result from the implementation, as well as dig in to better define the significance of these changes. None of this is financial advice. It's just meant to be informative.

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5 Inspiring TED Talks for Your Veteran-owned Small Business

By StreetShares on February 9, 2018

Whether you’re a thriving veteran small business owner looking for some inspiration to get you through the day, or a fresh-off-the-press entrepreneur seeking a little sage advice, here are 5 TED talks we believe will inspire you to dream bigger, work harder and never give up:

1. Simon Sinek: How Great Leaders Inspire Action


“People don’t buy what you do, but why you do it.”

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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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