Veterans Business Resources

a portal for all Veterans and SDV Small Business Owners

“T.E.A.M.” Together Everyone Achieves More!

The Veteran-Owned Small Business movement is much, much more than a ground swell, it is a full blown, very real movement and it is gaining momentum each and everyday.  More and more websites are being dedicated to Veteran Small Business and Entrepreneurship as more and more people realize that Small Business really is the backbone of the American economy and will lead our recovery.  The Small Business community drives the job market and as goes Small Business so goes the Economy.  Right now, Small Business is sputtering, popping, starting, stopping, jerking, lunging forward all as the country contracts and expands in an effort to dig ourselves out of a recession.  Money is tight, but you already knew that!  How do we get our small businesses off the ground when the people with money (you know, the ones WE bailed out) won’t let us borrow any?  Part of the solution to that question is creative financing; everything from borrowing money from family and friends to finding venture capitalists to selling ownership percentages in your businesses to selling personal assets to raise capital to finding angel investors to.…the list goes on and on and on.  You are only limited here by your own imagination and the amount of ownership you are willing to give up in order to move your business forward. 

As Veterans and Business Owners, many of us are faced with these same challenges and opportunities.  One potential solution I will advance for our community is TEAMING.  TEAMING with other Veteran-Owned Small Businesses can be good for all businesses involved, can minimize risk by spreading them among the TEAM,  can help address the issue of contract bundling,  can help others work and reach profitability sooner, can help keep your business and employees working and can keep your doors open.  TEAMING is nothing to be afraid of and is actually something to be embraced.  Integrity, character and honor make TEAMING work.  Remember; Together Everyone Achieves More!

 See you on the high ground!

Advertisements

Filed under: Uncategorized

Payment; Terms and Conditions

Just in case you have a business where you also have suppliers – and those suppliers make it possible for you to provide a product or service to the government, it is critically important to understand your cash flow/payment terms and conditions.  Said another way, you don’t want to have to pay your suppliers before you get paid.  Not a problem you say, you’ve got it covered.  Really?  Let’s take a look. 

You have to work 30 days before you can submit an invoice for payment.  The government then has an additional 30 days to pay you, assuming everything is exactly right on your invoice and with your invoice procedures.  It just so happens your invoice is not exactly right.  Somehow the government manages to hold your invoice 25 days before alerting you that it is not exactly right – then they send it back to you and you make all the necessary corrections and resubmit.  You got it exactly right this time!  Great!  But your 30 day clock starts anew when the government receives your invoice.  You anticipated something like this might happen so you negotiated extended payment terms with your suppliers, but you only asked for a 75 day payment plan.  The little scenario we just described is going to take more than 75 days to sort itself out.  

How many times can your company afford to pay out money without bringing in money?  Just something else for you to consider as you build your business.  Cash flow and the payment terms and conditions you negotiate can make or break your business.

See you on the high ground!

Filed under: Uncategorized

“Show Me the Money”

“Show Me the Money,” is a famous line uttered by Cuba Gooding, Jr. in his Oscar winning role as Rod Tidwell in the movie “Jerry Maguire.”  For those of you that might not remember, the movie was about a professional football sports agent – Jerry Maguire, played by Tom Cruise, down to his very last client, trying desperately to hold onto him.  The football player – Rod Tidwell, was a hot shot wide receiver with illusions of greatness, feeling very under appreciated and wanting a “fat” new contract.  

Rod Tidwell routinely beat Jerry Maguire about the head and shoulders with “Show Me the Money,” but try and try as he may, Jerry McGuire couldn’t “Show Me the Money” until the star receiver produced on the field and gave the team’s ownership exactly what they wanted to see.  They wanted to see him demonstrate he was a true team player that was unselfish, that he hustled and left everything on the field and perhaps not as apparent as the other requirements, but probably even more important; they wanted to see that he could follow the rules.  When he finally decided to “stand and deliver” he was rewarded with that “fat” new contract. 

If you want the government to “Show Me the Money” in a timely fashion, you too must follow the rules.  Find out exactly what they are for the agency you’re contracting with.  Negotiate progress payments into your contracts and find out exactly how the agency wants to be invoiced, and then do it!  It really doesn’t matter how great a job you did or how great the service was that you provided, unless and until the paperwork it straight, you will not see the money for a long, long, long time.  Accurate invoices get paid on time! 

See you on the high ground!

Filed under: Uncategorized

Good Luck!

The American Heritage Dictionary defines luck as the chance happening of fortunate or adverse events.  Good fortune or prosperity; success.  To gain success or something desirable by chance.  

We often hear people say to each other; good luck, break a leg, go get ‘em, knock their socks off, or some other similar phrase meant as a sign of encouragement and support.  Having someone in your corner during difficult or challenging times is a real comfort, and we all appreciate it. 

Today, I want to give you another and slightly different definition of LUCKI believe that LUCK is the point where opportunity and preparation intersect.  Think about that for a minute as I share this little story.  

A few years ago 2 of my sons challenged me to a push up contest.  OPPORTUNITY!  My wife was a bit concerned since I hadn’t regularly done push ups since retiring from the Army.  I told her “no worries, I keep 50 in my back pocket.”  PREPARATION!  My sons and I got down and started knocking ‘em out.  We all started out strong, but some of us faded toward the end.  

Oh yeah, how did the push up contest turn out?  I smoked ‘em like a cheap cigar or perhaps I just had Good Luck! 

In Government Contracting, I want all of us to have Good Luck!

 

See you on the high ground!

 

Filed under: Uncategorized