February 2023 OKVetWorks Newsletter : simplebooklet.com

The new year has definitely started off with a BANG! We already have our next 2 Boots to Suits classes scheduled and new video training videos are being recorded! The Boots to Suits information is inside the newsletter.

If you have taken one of our previous Boots to Suits classes be sure and schedule a time to come by the office and record your elevator pitch and photo shoot. These videos are great for you Facebook and webpages to help introduce yourself to your clients/customers. AND IT'S FREE!!!

We are also looking to YOU to help us with more course suggestions. We try to offer as many areas we can in the Boots to Suits classes but we also know there are there areas that you would like or need to learn more about. So, now is the time to let us know what you are needing. The "suggestion box" is below.

I am also excited to introduce another avenue for you to sell you products/goods. Buy Veteran Owned USA is a site that features ONLY VETERAN OWNED USA companies products. It is a simple process to become a part of there site and, you know me, IT'S FREE!!! I have also been working with A Spot for Veterans (another eCommerce site). It is not free but EXTREMELY reasonable. More information on both sites inside the newsletter.

So much to do and so little time! Hope to see you soon!

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So you’ve made the decision to grow your business – congratulations! Now get ready for the next challenge: how to scale your business for growth. Even if you manage to sell like crazy, you’ll soon have another problem: you have to be able to deliver to all those new customers.

Scalability is about capacity and capability. Does your business have the capacity to grow? Will your business systems, infrastructure, and team be able to accommodate growth?

If growth causes your company to stumble because of confusion, orders falling through the cracks, insufficient staff, miscommunication, or not enough manufacturing or delivery capacity –you’re going to have unhappy customers. The manual processes that were fine when you were small but now won’t let you move fast enough. You’ll either be putting out fires or desperately trying to keep your head above water. All of which are stressful.

Scaling a business means setting the stage to enable and support growth in your company. It means having the ability to grow without being hampered. It requires planning, some funding, and the right systems, staff, processes, technology, and partners.

Here are five critical steps to scaling your business:

by Anita Campbell

January 7, 2023

https://www.score.org/resource/blog-post/how-scale-business

How to Scale a Business

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Find the Money

Scaling a business doesn’t come free. Your growth plan may call for hiring staff, deploying new technology, adding equipment and facilities, and creating reporting systems to measure and manage results. How will you find the money to invest for growth? I’m a huge proponent of bootstrapping, but it typically takes years to grow through bootstrapping alone. There are also small business contests with cash prizes such as the FedEx Small Business Grant Contest which starts taking entries on Feb. 21, 2017. If you have a great story to tell about your business and could use a $25,000 grant and $7,500 in FedEx Office® print and business services to boost your business, this is an amazing opportunity. It’s also helpful to identify potential bank funds to accelerate growth such as a loan or a line of credit to draw on – start with how much you’ll need. And get started applying.

Take a hard look inside your business to see if you are ready for growth. You can’t know what to do differently unless you take stock of where your business stands today.

Strategize what you need to do to increase sales. Then assume your orders doubled or tripled overnight. Does your organization have the people and systems to handle those new orders, without failing or getting a big black eye? This is where a good plan is essential.

The best planning in my view starts with a detailed sales growth forecast, broken down by number of new customers, orders, and revenue you want to generate. Include a spreadsheet that breaks the numbers down by month. The more specific you are, the more realistic your sales acquisition plan can be. Then do a similar expense forecast, based on adding technology, people, infrastructure, and systems to handle all those new sales orders. Look at every item on your current P&L to see how it might be impacted. Expenses will go up -- you have to anticipate where and how. Again, include an expense spreadsheet that breaks down expenses needed to meet your sales forecast.

Try to think of everything. You’ll need to do some hard thinking and research to come up with proper cost estimates, but doing so will make your plan better.

Evaluate and Plan

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Invest in Technology

Scaling your business obviously assumes you will sell more. Do you have the sales structure in place to generate more sales? Look at sales from end to end. Do you have:

A sufficient lead flow to generate the desired number of leads?Marketing systems to track and manage leads?Enough sales representatives to follow up and close leads?A robust system to manage sales orders?A billing system and a receivables function to follow up to ensure invoices are collected timely?

Technology makes it easier and less expensive to scale a business. You can gain huge economies of scale and more throughput, with less labor, if you invest wisely in technology.

Automation can help you run your business at a lower cost and more efficiently by minimizing manual work. Systems integration is a prime area for improvement in most businesses. Companies today don’t run off of a single system -- they may have a dozen or more systems. If those systems don’t work together, they create silos, which in turn multiply communication and management problems as your company grows.

Now’s a good time to evaluate new products on the market that save time and money, yet accommodate much higher volumes in every part of your business. Look at CRM, marketing automation, sales management, inventory, manufacturing, accounting, HR, shipping, and other technology systems.

Evaluate not only software but also networks and hardware such as servers, computers, printers, and telephony equipment.

Secure theSales

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Find Staff or Strategically Outsource

Last but certainly not least, are the hands needed to carry out the work. Technology gives huge leverage, but at the end of the day, you still need people.

Do you have enough customer service staff? Look at industry benchmarks to determine a rule of thumb for how many customers one service rep can be expected to handle.What about the people who are responsible for your manufacturing, inventory, and delivery of products or services? How many are typical for your industry per customer, and how many will you need? How do you find qualified help quickly? Recruiting and hiring systems are important, as are benefits and payroll.Don’t forget management. The importance of a management bench grows as your business grows. You won’t be able to oversee everything.

Sometimes the answer is to outsource or look to partners, rather than hire internally.

Scaling requires that you make tough choices. What functions can and should you perform -- or not perform -- internally?

Third parties may have the staff and investment in systems that enable them to be much more efficient in handling a function than your company. Trying to replicate that function internally may take too much time or money. Instead, find a reliable partner to outsource, thus positioning your business to scale better, faster, and cheaper.

These are five factors to consider in scaling a business. Have you encountered any issues in scaling your business?

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VETERANS WHO OWN A BUSINESS THIS IS FOR YOU THIS IS A FREE SPECIAL EVENT TO PROMOTE YOUR BUSINESS PAVA is hosting a one day event to honor veterans and to promote veterans with small businesses from across the state of Oklahoma We are looking for 50 veterans to be vendors for free There will be live bands the sharing of veteran stories food trucks and other festivities We intend to kick off the event with a color guard ceremony national anthem and seek to coordinate a military flyover not yet confirmed This event will be marketed across the Oklahoma City Metro Area to draw a large crowd for you to share your brands products with Additionally we will host a free business tips and insights class with networking available prior to the event Our priority for VetsFest is to help elevate veteran businesses WHO Any Veteran that owns a business or member of PAVA WHAT Free Vendor Booth Space Includes one table and two Chairs an additional space can be purchased WHEN May 6th Noon to 5 00 PM WHERE 170 Edmond RD NW Piedmont OK 73078 WHY To support Veterans with Transition and Economic Development HOW Register by scanning the QR code here After you register you will receive an information packet For more information email us at pavavets outlook com PIEDMONT AREA VETERANS ASSOCIATION PAVA is a civic organization of both veterans and non veterans whose purpose is to continue the example of those who served our nation by serving our community Throughout the year PAVA raises funds to support local causes for individual and community needs Additionally PAVA seeks to host events that will foster a positive and united community There is a PAVA Event Center available to rent and a veterans museum free for public viewing

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3. Keep adequate records

Keeping thorough and accurate records throughout the year will ensure your tax return is correct. With inadequate record keeping, Blake says, you could be leaving deductions on the table or, worse, you could be putting yourself at risk for an audit. Blake recommends every business invest in a basic version of an accounting software because it is user friendly, inexpensive, and helps you keep track of all your income and expenses.

2. Claim all income that is reported to the IRS

The IRS gets a copy of the 1099-MISC forms you receive so they can match the income you’ve reported against what they know you’ve received. Make sure the income you report to the IRS matches the amount of income reported in the 1099s you received, Blake says. Not doing so is a red flag for the IRS. Even if a client doesn’t send out a 1099, you still need to report that income. The same rules apply with state taxes, he says.

9 best practices for small business taxes 1. Hire the right accountant

Your accountant should offer to do more than just prepare financial statements and do your taxes, says Chandra Bhansali, co-founder and CEO of Accountants World. If that’s all they offer to do, then they aren’t the right accountant for a small business, Bhansali says.

Your accountant should work with you throughout the year to track income and spending, to make sure you don’t have a cash flow problem, and to monitor your gross and net profits, Bhansali says. Work with your accountant from day one of opening your business, not just in March and April for tax season. “Most small businesses don’t understand the importance of accounting for the survival and growth of their businesses,” he says.

Running a business is hard enough without adding the complexity of filing taxes each year. The key, experts say, is to work with your accountant throughout the year, not just when you prepare your tax return. Making financial decisions without consulting an accountant or financial adviser can put you at risk and cost you more money in the long run, says John Blake, CPA, in Hamilton, N.J.

Here are nine best practices for small business when it comes to tax preparation and small business accounting, and working with an accountant or financial professional.

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5. Understand the difference between net and gross income

If your product costs more money to make than you charge for it, you will lose money regardless of how many units you sell. Small business owners often forget to take into account the difference between their net and gross income, Bhansali says.

For instance, if it costs $100 to make your product and you sell it for $150, your gross income is $50. But, he says, after you deduct your expenses, your net income might drop to $10. “It’s important to know what your gross and net profits are so you can be more profitable and grow your business,” Bhansali says.

4. Separate business from personal expenses

If the IRS audits your business and finds personal expenses mixed with business expenses, regardless of whether you reported business expenses correctly, the IRS could start looking at your personal accounts because of commingled money, Blake says. Always get a separate bank account and credit card for your business and run only business expenses through those accounts.

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9. Take advantage of capitalization rules

If you acquire a tangible piece of property or equipment for your business, you may be able to take a significant deduction. Make sure your accountant understands the rules around capitalization.

8. Seek your accountant’s advice on your business plan

A good accountant gives you advice on how to grow your business, Bhansali says. Seek their advice to determine how much to contribute to your retirement fund and whether you should take a bonus or delay it a year. Your accountant can tell you if buying a small space for your store or business - rather than renting - could save you money.

6. Correctly classify your business

Failing to properly classify your business could result in overpaying taxes, Blake says. Deciding whether to classify your company as either a C Corporation, S Corporation, Limited Liability Partnership, Limited Liability Company, Single Member LLC or Sole Proprietor will have a different effect on your taxes. It’s important that small businesses consult with an attorney and accountant to determine how their businesses should be classified.

7. Manage payroll

Blake recommends hiring a company to assist with payroll - but be sure that the company is reputable. To save money, some business owners will hire a lesser-known payroll service, only to find out later the service wasn’t remitting payroll taxes for the company. If that happens, Blake says, the business owners are on the hook for the payroll taxes. The IRS typically checks every quarter to see if payroll taxes have been paid.

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I have met with Mike with Buy Veteran Owned USA and his whole goal is to help veteran be successful in business!

Buy Veteran Owned USA did a soft opening in August of 2022 and is still looking for more vendors to place their items on their site. There is no charge for using their eCommerce site! you simply meet with them and agree upon a price to sell your item. For example: You want to sell a gadget for $10.00. You would agree to put it on their site for $12.00. Once the item is sold you will be notified and you will ship the item. Once the item is shipped you then send Buy Veteran Owned USA a bill for the items sold. They handle all of the rest.

Send them an email today and see what they can do for you! contact@bvousa.com

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Here is the other online eCommerce site I mentioned earlier. I have spoken with them as well and they are looking forward to working with the Oklahoma Veteran Owned Businesses. They only launched about 2 weeks ago but is already taking off!

A Spot for Veterans does have a listing fee or only $19.99 per month, but right now you can receive 25% off the first 2 months by using the code "ODVA25"

aspotforveterans.com also allows you to put your SERVICES online as well as your products. So this is another great way of getting the word out and growing your business.

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Military History & Heritage in Oklahoma

Explore the many eras of US military history at these must-see attractions in Oklahoma.

U.S.S. Batfish & War Memorial Park - Muskogee

A landlocked state like Oklahoma might be the last place you’d expect to find a Navy submarine, but that’s exactly what you’ll discover in Muskogee. The U.S.S. Batfish Submarine & Military Museum is an actual World War II Navy submarine that sank 15 enemy vessels, including three Japanese submarines, during the sixth War Patrol in the South China Sea. No other submarine has bested the latter record, making the Batfish the most successful submarine killing sub in history.

The U.S.S. Batfish has been a staple in Muskogee for nearly 50 years since it was towed up the McClellan-Kerr Arkansas River Navigation System and docked in 1972. For many years, the submarine interior was able to be toured, but that changed after the area was ravaged by flooding in 2019. Today, visitors can still visit the unique attraction and spot other military vehicles in the surrounding park, including an army tank, cannons and missiles. Military memorabilia is also on display, and there is a Walk of Honor that pays tribute to veterans of all branches - Army, Navy, Marine Corps, Air Force and Coast Guard.

This Oklahoma City museum also features an impressive collection of other military artifacts, including the Reaves Firearm Collection where infantry and cavalry weapons from the Revolutionary War to the Vietnam War are displayed. Outdoors, visitors will spot Thunderbird Park, which is filled with aircraft, tanks and large guns. The crown jewel of Thunderbird Park is the 40-foot-tall 45th Infantry Monument that honors the soldiers of the division who served in both World War II and the Korean War.

45th Infantry Division Museum - Oklahoma City

Visit the 45th Infantry Division Museum to learn the history of Oklahoma's 45th Infantry Division of the National Guard, also known as the Thunderbirds. Exhibits include a collection of over 200 WWII cartoons by 45th Infantry Division soldier Bill Mauldin; photographs and artifacts from the division's activity in Europe during WWII; and a Korean War exhibit that details the 45th Infantry Division's actions in the war.

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Military History Center - Broken Arrow

For an impressive collection of military artifacts from almost every U.S. war, visit the Military History Center in Broken Arrow. This 6,400 sq. ft. facility displays military uniforms, weapons and photographs, many of which have been donated by Oklahomans. Highlights of the museum include a chaplain’s coat and Bible from the Civil War, a Leica camera that is believed to have been used by Hitler's personal photographer, and a “tiger cage” used during the Vietnam War to house American prisoners of war. Take a profound look into the lives and experiences of these brave soldiers through accounts in newspapers, magazines and books including the diary of an American POW. The Military History Center houses a substantial library, which is a great tool for research into military history.

Fort Sill National Historic Landmark & Museum - Fort Sill

Fort Sill is an operating Army base and home to the big guns used by the 4th Infantry Division. It also has a rich history as a 19th century frontier army post. The Fort Sill National Historic Landmark & Museum consists of approximately 50 buildings, including the US Army Field Artillery Museum, which opened in 2009. The museum’s collection is housed in three distinct galleries. The Central Gallery features the four principal components of artillery: guns, rockets, forward observation and fire direction control. The South Gallery showcases the fort’s history from the 1700s to the 1900s. The North Gallery starts with World War I and continues to the present day, featuring a prototype of the M777 Howitzer. On the museum grounds, visitors will spot the original Atomic Annie, an M65 gun designed to launch nuclear shots.

Historic Fort Reno - El Reno

Another historic military post in Oklahoma is Fort Reno, which was established in 1874 to protect the Cheyenne and Arapaho tribes from an Indian uprising that eventually led to the Red River War. Throughout its existence, it has seen the Land Run of 1889, served as a German POW camp during WWII, and served as two remount depots from 1908 to 1947, after which it became an agricultural research station. Today, visitors to this historic fort will find over 25 structures, many of which have been restored and added to the National Register of Historic Places. Buildings include the museum, post chapel, commissary, officer quarters, guard house and visitor’s center, as well as the post cemetery where 70 POWs, Buffalo Soldiers and Indian Scouts are buried.

Special events at Historic Fort Reno include a National Cavalry Competition each fall, Spirit Tours and Tombstone Tales around Halloween, and Christmas Guns each December.

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99s Museum of Women Pilots - Oklahoma City

Honor the women who served our country with a visit to the 99s Museum of Women Pilots in Oklahoma City. Conveniently located within the Will Rogers World Airport, this 5,000 square foot building has sections dedicated to women aviators' contribution to the U.S. military. In addition to the military exhibits, there is also an extensive collection of Amelia Earhart belongings, including the "lucky" bracelet that she incidentally left behind on her last flight and one of her famous scarves.

Major Charles B. Hall Memorial Airpark - Midwest City

Located near Tinker Air Force Base in Midwest City, the Major Charles B. Hall Memorial Airpark honors trailblazing fighter pilots. Part of the Tuskegee Airmen, Major Hall was the first Black man to ever shoot down an enemy plane during WWII, and he was also the first African American to receive the Distinguished Flying Cross. Visitors to this free air park will spot numerous planes including a B-52 and RB-47E.

General Tommy Franks Leadership Institute & Museum Army - Hobart

Located in historic downtown buildings, the General Tommy Franks Leadership Institute & Museum boasts a showroom and display gallery with items from General Franks' personal collection, including one of the world’s largest collections of challenge coins, which are small medallions inscribed with an organization’s emblem. Among the permanent displays is the “9/11: Never Forget” exhibit, which features a 14-foot-long, 3,000-lb. steel I-beam from the World Trade Center. Stop by the gift shop on the way out to pick up hand-signed copies of General Franks’ book, “American Soldier.”

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Woodring Wall of Honor - Enid

Finally, pay tribute to those Americans who paid the ultimate sacrifice with a visit to the Woodring Wall of Honor & Veterans Park in Enid. This peaceful setting is the permanent home of an 80-percent scale replica of the Vietnam Veterans Memorial Wall in Washington, D.C. that stands eight feet high and 380 feet long. This enormous monument includes the names of over 58,000 men and women - including over 990 Oklahomans - who served and died in the Vietnam War. The park also has several smaller living walls that serve as a memorial to Oklahoma veterans past and present.

Check the Woodring Wall of Honor’s upcoming events to coincide your trip with the Memorial Day celebration, Flag Day memorial service, Rose Day at the Wall or Veteran's Day ceremony.

See even more Oklahoma museums that have military artifacts and memorabilia on display honoring local service members.

February 2023 OKVetWorks Newsletter

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