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Message Newsletter November 2024

As the leaves change and the crisp air marks the arrival of fall, it's a moment to reflect on our journey through this year. Autumn not only brings a shift in the seasons but also offers an opportunity for all of us to review, regroup, and reinvigorate our strategies for the months ahead. For those of us leading veteran-owned businesses, it’s an ideal time to assess our goals, adapt to seasonal changes in consumer needs, and fortify our operations as we head toward the end of the year.

November carries even more weight this year as it aligns with the presidential election. The outcome of this pivotal event may shape the business landscape, influence economic policies, and determine future opportunities that impact veteran-owned enterprises. I encourage you to stay informed, exercise your right to vote, and remain resilient no matter what changes come. Our shared experiences as veterans have equipped us with the skills to navigate challenges, adapt to new environments, and lead through uncertainty. Let us harness those qualities to stay prepared and proactive during this important period.

Beyond the election, November is also a special time for veteran entrepreneurs. From November 11-15, 2024, we celebrate National Veteran Small Business Week (NVSBW). This week is dedicated to recognizing and honoring the contributions of veteran-owned businesses across the nation. It is a time to showcase our collective achievements, network with other like-minded business leaders, and strengthen our position in the wider entrepreneurial community. NVSBW is a reminder of the unique strength we bring to the economy through our dedication, discipline, and innovation.

I encourage you all to participate in events that celebrate NVSBW, whether it be by attending local workshops, sharing your business story, or collaborating with fellow veterans to inspire growth and development. This is not just a celebration but an opportunity to build bridges, find new opportunities, and amplify the voice of veteran-owned businesses in every industry.

As we embrace the final months of 2024, remember that preparation is not just about surviving the end of the year but positioning ourselves to thrive in the next. Let’s honor our service to our country by continuing to support one another, uplifting our fellow veteran entrepreneurs, and demonstrating the power of our community in action.

Wishing you all a productive fall season, an insightful election month, and an inspiring National Veteran Small Business Week.

With respect and resilience,

-Daron

Focus Area: Action Planning Version 1.8.2 Actions Make the Difference- 7 actions for creative business developmentAs entrepreneurs we are often encouraged to “work smarter, not harder.” Yet, we also know that we need to do both."We need to make wise decisions, and we must perform a lot of tasks before our business will be successful.So how can we make an action plan that will help us do the right things first?!When we want to start a company from scratch or make it grow, there are - literally - thousands of large and small tasks to perform before our vision can be realized. Less experienced entrepreneurs often think that the most important prerequisite for business success is to have a great idea. More experienced entrepreneurs know that the most important thing is not who has the great idea, but who is capable of carrying it out. It is the ability to act that makes the difference, and therefore one of the most important challenges is to identify the problems that need solving - and to choose which to tackle first, so we can get moving. Emotional barriers to action However, sometimes there is something holding us back - emotional barriers that prevent us from getting on with the tasks and setting the necessary actions in motion."In worst case, these emotional barriers prevent us from even getting started, or experienced entrepreneurs that already run a business, fail to realize its full potential. There can be many reasons for this."It may be that they simply lack the inspiration to"get started, or that they lack sufficient self-confidence to go ahead, because they just do not know how to perform the tasks. It may also be sheer helplessness when faced with the sheer magnitude of work to do. While this situation renders some entrepreneurs totally passive, others concentrate on writing a much too long business plan. Writing a business plan can seem like the only way to get an overview of what needs to be done - and if you have been through further education, you have been trained to write long reports and therefore feel at home doing it. However, the danger of writing a business plan is that you forget to act, you forget to initiate the projects or the actions that can get the business off the ground. Writing a business plan is most often a very analytical approach to starting a business. There is, however, an alternative to the business plan – a creative approach to business development that is about creating business through action. Page 11“The most important thing is not who has the great idea, but who is capable of carrying it out.”Licensed to Daron Hoggatt, Oklahoma Department of Veterans Affairs. Downloaded November 1, 2024.

Seven Action Steps - a creative business development process One way of getting an overview of what needs to be done is to divide the actions into manageable categories. This is done in the model “Seven Steps for Creative Business Development” which shows different types of action that we can immediately get started with to take our business to a new level. The Seven Steps model illustrates actions that most successful entrepreneurs have taken at some point in their business development. Step 1: Inspiration for ideation The first example of what entrepreneurs do when they start a business or generate growth in an already existing business, is seeking ideation. Seeking ideation is important both in the beginning, when developing a business concept, and subsequently, when an idea has to be further developed and improved. Seeking ideation can be an active brainstorming session internally or with others, resulting in the most possible branches on a mind-map or post-it notes on a poster. We can also be inspired by books, magazines or online media, where we can learn how others got to find new ways of thinking. Finally, seeking ideation can also involve finding time and space to reflect on ideas. The right ideas can occur any time, be it in the shower, on the train, at a cafe or in the woods. If we are in doubt as to how to lift the company to the next level, this step is always a good place to start. After a few minutes we will probably get fresh ideas for actions that we may be keen to get started with immediately and this is the meaning of actively seeking ideation. Step 2: Research that provides knowledge If we have already found the right idea – or have too many ideas – it is notideation we need, but knowledge. Therefore, for many entrepreneurs, the way to create a strong business is to research how best to do something and how others have done this. For the vast majority of industries and products, it is possible to find out what other entrepreneurs have done and thus make our lives easier. Above all, research involves spending a lot of hours browsing on the Internet. Never before has it been so easy for us as entrepreneurs to collect information, look at competitors and find the right contacts. When we understand the importance of using this technology, we can both improve the business and avoid making a lot of unnecessary errors. However, the Internet is not the only research tool available. Some businesses need to do technical studies or make observations of consumers to gain insight into the best way to design products or services;"others may carry out customer interviews with potential customers that can identify customer needs, preferences, purchasing patterns, budgets etc. Just a few hours of research increases our understanding of the field and strengthens our confidence in relation to choosing the right course of action. Step 3: Decision-making that leads to action For entrepreneurs who have already done the work of collecting ideas, knowledge and information from the market, the next step in a creative business development is to use the new insights to make decisions. Only when strategic decisions have been made, can the business move forward with implementing the tasks. When we have to make decisions, we must, above all, be clear as to which topics for decision we have on our mental agenda or on the agenda to be sent out to the Board of Directors, or the Board of Advisors. These can be decisions about anything from the company’s new name, to the composition of the product range or the choice of marketing approaches. Decision-making can involve an analytical process in which we assess alternative options in more detail, make financial calculations or run a more in-depth analysis of the risks associated with a particular decision. If we feel that the company is not developing, it may well be that the lack of decision-making is the problem. In this Page 12Seven Action Steps: Planning the next activities for designing or re-designing the businessIDEATIONBrainstormingReflectionCollect InspirationDialogueRESEARCHOnline ResearchCustomer InterviewsTechnical AnalysisUser ObservationDECISION-MAKINGClarifying Decision ThemesEvaluate Alternative OptionsCost and Profit CalculationsRisk AnalysisSPARRINGPeer-to-peer FeedbackIdentify Key InformantsExpert or Mentor ConsultingAdvisory Board ReviewTESTINGPrototypingPilot ProjectUser TestTest Project or DeliveryDOCUMENTATIONWritingProduct specificationsTechnical documentationReferences and factsPRESENTATIONGraphic identityPresentation materialPictures and imagesCustomer meetings© 2005-2016 GrowthWheel International Inc. and David MadiéLicensed to Daron Hoggatt, Oklahoma Department of Veterans Affairs. Downloaded November 1, 2024.

More information still to come...

case, an agenda of what is unclear can be a good tool to clarify the next steps. If, despite all analysis, we are still not ready to take an important decision, perhaps we should instead look at the 4th step in the creative business development: to spar with others. Step 4: Sparring that provides improvements Sparring with others about ideas can often be a shortcut to action. Instead of spending hours and days on research, it is quicker and easier to get in touch with someone who knows the answer. This shortcut to knowledge is especially relevant when it is not possible to qualify or improve the idea through research. Sparring thus involves making contact with experts or key informants who have the necessary knowledge or know someone who has. We can also spar with our peers, for example other entrepreneurs who know the situation our business is in now. Many entrepreneurs who have enjoyed success, often attribute this to having a mentor at an early stage – an experienced and insightful person who without charge is ready to help with daily decisions. Others acted quickly to establish an advisory board – or a coffee club – and assembled a group of different people who regularly meet and talk about the business. If you have taken up the challenge of starting a business in an industry where you have no experience or have created an entirely new product, sparring from the competitive environment is a good place to focus your efforts to improve your business’ vision. Step 5: Testing that gives realism Instead of spending time on research, analysis and sparring, some entrepreneurs choose to “just do it.” They get an idea and then put it in motion, not because they expect that the outcome will prove the right thing to do, but because they believe that testing (trial and error) is really the most creative way to develop the idea and the business. Trying out our ideas in the real world involves various measures, depending on what type of company we have. For manufacturing companies the task is to develop a prototype in the form of a test version of the product or a model that can show customers the form and functionality. For companies selling knowledge a test might be to implement a pilot project where the customer is informed that he is a test dummy for the product. Other possibilities for trying out the business idea are to make test deliveries or carry out a consumer test, where a number of people are observed while using the product or asked to fill out a questionnaire Testing in the real world may be the best way to get creative input to develop the business concept further, and testing can sometimes be much more effective than extensive research. Step 6: Documentation that gives conviction Instead of testing an idea in the market, some entrepreneurs choose to make a written explanation of their idea. Documentation can be based on ideation, research, decisions, sparring and testing, but it can also be the first step in the thought process as a creative way to clarify ideas. The documentation of the business idea may be in the form of a traditional business plan that is written for potential investors or banks, but it makes more sense for the company’s development to spend time on producing documentation for its customers. With documentation we become more convincing – to customers, partners, investors etc. Creating documentation involves putting different types of information about the company and products in writing. For customers, this can be product specifications or technical documentation that can provide the customer with facts about what the company delivers. Documentation may also comprise formulating texts to be used in different forms of communication with customers, including the company’s website, brochures or project descriptions. If we need to convince others about the quality of our business vision, products and services, we can produce this documentation and consider whether the documentation can be improved by first performing any other of the five preceding steps for creative business development. Step 7: Presentations that sell An old proverb states that “you should not sell the skin until you have shot the bear.” Nevertheless, this is something that entrepreneurs often do, and they get away with it. It happens when an entrepreneur arranges meetings with clients before the idea is fully developed, or before he is ready to deliver – something that is easily done, as long as the customer realizes that “the bear will not be shot” until the orders for skin have been placed. When we make a presentation to a potential customer, we can choose to begin by developing a graphic identity. This involves everything from designing the logo and business cards to the preparation of templates for product sheets and other sales materials, and – for the most professional – to select the type of artwork and photoshop styles to support the company’s image. If we are in a situation where the business idea cannot be launched before we know whether customers will buy, it makes sense to start by making a sales presentation – a presentation that is so good that customers cannot say no to placing an order, even though the product has not yet been developed or produced. Page 13“To do creative business development you have to do it all, do it in the right order and do it well.”Licensed to Daron Hoggatt, Oklahoma Department of Veterans Affairs. Downloaded November 1, 2024.

Choose your own order and priorities The Seven Steps of Creative Business Development are presented here in random order – that means that there is no recipe for what we must begin, continue and end with. It is up to us to prioritize tasks according to our temperament and intuition. It is not even necessary to complete all seven stages of the business development process. However the Seven Steps help with inspiration in areas we have not considered and to create a support structure for our creativity. We often become most creative when we use a framework that lets us explore our ideas within a structure. Seven Pitfalls While the seven steps can inspire us to develop important actions that move our businesses forward, they also contain Page 14STEPAPPROACH TO BUSINESS DESIGNEXAMPLES OF ACTSPITFALLSIDEATIONYou sit down to develop your idea further. The best way to find the right idea is to have as many different ideas as possible.•Use brainstorming•Locate sources of inspiration•Reflect on ideas•Use idea generation toolsYou spend too much time reflecting. You have more ideas than you can foresee putting into practice.RESEARCHYou feel that you first and foremost need more information before your idea is fully developed and before you can say the best path for success.•Run Internet Searches•Complete customer interviews•Make technical investigations•Make observations of usersYou spend too much time researching and let your decisions be dependent on surroundings rather than by defining your own way.DECISION-MAKINGYou estimate that you have the information and ideasand that your main challenge now is to make assessments and take the right decisions.•List Decision Themes•Pro vide options•Perform calculations•Prepare risk analysisYou spend too much time making thorough analysis, which nevertheless does not give answers to what is the right thing to do.SPARRINGYou choose to start by getting someone to spar with to review your preliminary ideas, because it is the quickest and best way to improve and qualify them.•Get feedback from peers•Find experts and key people•Find a mentor•Establish an advisory boardYou spend too much time and energy to listening to what others say instead of following your own intuition.TESTINGYou decide that your initial efforts should be to try your idea in a real situation because it is the best way to find out whether it will work.•Build a prototype•Implement a pilot project•Create a test delivery•Complete a user testingYou will get feedback and exposure to the market too quickly, before you have developed, researched and analyzed ideas properly.DOCUMENTATIONYou think it is necessary to create a thorough documentation of your idea before you can show it to customers or consultants, because it will make it more convincing.•Textual communication•Create a product sheet withspecifications•Prepare technical documentation•Present written references, factsand figuresYou spend too much time writing documents on what to do instead of doing it.PRESENTATIONYou believe that the best way to qualify your idea is to create a sales presentation of the idea even before you are able to deliver and before you have planned every detail.•Design graphic identity•Prepare presentation materials•Use illustrations and photos•Arrange client meetingsYou are presenting your idea and your product early and lose the chance to make it a better presentation when you are better prepared.Licensed to Daron Hoggatt, Oklahoma Department of Veterans Affairs. Downloaded November 1, 2024.

dangerous pitfalls. Instead of resulting in creative businesses, they can result in a complete standstill. This happens when instead of taking action at different stages, we immerse ourselves too much in one area: If we focus too much on inspiration, we may be left with more ideas than we can put into practice. Similarly, we can drown in research, if we try to get certainty about everything. Excessive focus on taking many quick decisions can be a problem if we end up taking bad decisions due to lack of complete information. We can even get too much sparring, we can undermine our own intuition and confidence if we listen too much to what others say. If we listen too much to our own intuition and start testing our ideas before they have been thoroughly developed, we might end up losing credibility with the customers. By attempting to be persuasive by having thorough documentation, we may end up spending too much time writing about the idea, instead of performing it. Finally, we can focus too much on making a good presentation, and forget to develop a good product and thus appear untrustworthy." The point of this list of pitfalls is that to do creative business development we have to do everything, do it in the right order and do it well. It is not difficult to do this, we know this because many other entrepreneurs have done it and succeeded. © 2005-2016 GrowthWheel International Inc. and David Madié!Page 15Suggestions for the next step •Assess what type of action you need to start up next. •Create a series of lists of activities you will implement in each of the seven steps. •Go ahead. Action beats planning any time.Licensed to Daron Hoggatt, Oklahoma Department of Veterans Affairs. Downloaded November 1, 2024.

Mastering Your Lender Relationship: 

Securing the Right Credit for Your Veteran-Owned Business

As we step into the fall season, a time synonymous with change and preparation, it’s crucial to reflect on the current state of our businesses and set our sights on the future. Whether you’re gearing up for a surge in holiday sales or planning next year's growth initiatives, a significant part of this preparation involves understanding and managing your financial strategy, especially when it comes to securing credit. Approaching a lender doesn’t have to feel intimidating; it can be an empowering process where you set the tone and come out with the resources your business needs to thrive.

A Shift in Perspective: Understanding the Real Role of Lenders It’s a common misconception that obtaining a loan or line of credit puts business owners at the mercy of lenders. Many entrepreneurs, particularly those navigating the early stages of their business, may feel as though they need to approach a lender as though they’re asking for a favor. However, in reality, lenders are as eager to lend as you are to grow. Their primary business model relies on finding clients and facilitating loans, creating a competitive environment where they need you as much as you need them.

It’s essential to change the narrative from “I need the lender” to “How can we form a mutually beneficial partnership?” This subtle shift in mindset can empower you to approach lender interactions with confidence and set the foundation for a successful relationship.

Stepping into the Lender's Shoes When preparing to meet with a lender, try to view your business from their perspective. Understanding what lenders look for and how they assess potential borrowers allows you to present your business in a way that aligns with their needs. Consider the following common questions lenders ask themselves:

Is this a good investment? Lenders want assurance that their loan will generate returns and that your business is well-positioned for success.How much capital is truly necessary? A clear, detailed breakdown of your funding needs shows you have done your homework and understand your financial requirements.Can I trust this entrepreneur? Trust is earned through transparency, reliability, and a demonstrated ability to plan strategically and follow through on commitments.

The Importance of a Detailed Investment Summary An investment summary should be at the top of your preparation checklist. This document outlines what you plan to do with the funds, why these investments are essential, and how they will drive business growth. Whether you’re expanding your product line, upgrading your infrastructure, hiring new talent, or launching a marketing campaign, your investment plan should clearly illustrate how each expense contributes to your bottom line.

For each proposed investment, include an expected return on investment (ROI). This level of detail not only answers the “what” and “why” but also demonstrates your strategic thinking and commitment to generating profit. Highlight when you anticipate these investments will break even, and outline future planned investments to showcase your long-term vision.

Risk Analysis: Addressing Concerns Head-On A proactive approach to risk analysis can set you apart. Lenders are constantly evaluating risk because it affects their own security and decision-making. By presenting a well-thought-out risk analysis, you show that you are not only aware of potential pitfalls but have also planned for them. This helps establish your credibility as a responsible business leader who understands the full scope of managing a business.

Develop a detailed risk assessment that identifies:

Business Risks: This could include market fluctuations, supply chain vulnerabilities, or industry-specific challenges.Operational Risks: Potential disruptions in production, staffing issues, or quality control concerns.External Risks: Economic downturns, changes in regulation, or shifts in customer behavior.

For each identified risk, outline your mitigation strategies. This proactive approach doesn’t just appease lenders—it builds trust and solidifies your reputation as a capable and strategic thinker.

Crafting the Lender Binder: A Professional Touch The lender binder is a powerful tool that encapsulates your business’s story, financials, and strategic plan in a structured format. This binder is more than a collection of documents; it’s your business’s resume. Here’s what to include:

Company Background and Credentials: Registration certificates, articles of incorporation, and ownership details.Product and Market Analysis: Comprehensive product sheets, competitor analysis, and future product ideas that illustrate your market understanding and innovation potential.Financial Projections: A range of budgets, from operating to cash flow, that detail both current and projected figures.Customer and Marketing Information: Testimonials, notable customer contracts, and a summary of marketing initiatives that highlight your engagement with your target audience.Risk Management Plan: Your well-prepared risk analysis with associated countermeasures.

When you walk into a meeting equipped with such a binder, you set the tone of professionalism and preparation. This tangible representation of your strategic thinking helps guide the conversation and ensures you cover critical points efficiently.

The Art of Negotiating Terms Approaching a lender with confidence means being ready to negotiate—not just the amount of the loan, but every detail of the agreement. Interest rates, administrative fees, repayment schedules, and collateral requirements are all up for discussion. By engaging with multiple lenders and comparing offers, you signal that you are an informed entrepreneur capable of securing the best possible terms for your business.

Negotiation tips include:

Interest Rate Clarity: Ensure the rate you’re offered is competitive and sustainable within your cash flow projections.Fee Transparency: Discuss and, where possible, avoid extra fees that may accompany the loan.Collateral Arrangements: Determine the level of personal or business assets you are comfortable putting forth as security.

Building Long-Term Relationships with Your Lender Securing credit is not a one-time transaction; it’s the beginning of an ongoing relationship. Just as you nurture partnerships with suppliers and clients, your relationship with your lender requires regular attention. Keeping them updated on your business’s performance with periodic financial statements and liquidity summaries shows that you’re committed to transparency and reliability. This will pay off in the future when you seek to expand your credit line or secure more favorable terms.

Regular updates can include:

Quarterly Financial Summaries: Showcasing your business’s financial health and meeting your agreed-upon benchmarks.Progress Reports on Fund Usage: Demonstrating how funds have been deployed and the outcomes they’ve generated.

Reframing Debt as a Strategic Tool Many entrepreneurs see debt in a negative light, viewing it as a sign of financial weakness. However, when approached strategically, debt can be one of the most powerful tools for growth. Well-planned debt allows you to make investments that generate profits exceeding the cost of borrowing. Share with your lender how your business plans to leverage debt as a means for sustainable growth.

Next Steps for Success To set yourself up for the best possible outcomes:

Identify and document your next profitable investment projects.Create a detailed liquidity budget to map out your financial needs over different time horizons.Assemble your comprehensive lender binder to demonstrate preparation and transparency.

Remember, you’re not just selling your business to a lender; you’re forging a partnership that can unlock new opportunities. Through preparation, insight, and strategic action, you can position your business to thrive and build a relationship with your lender that supports your long-term growth.

Video Testimonial

1. Clarify Your Business Needs and Goals

Before starting your search, it is essential to clearly understand your business’s current needs and future aspirations. Are you seeking a bank that can handle day-to-day cash management, or do you need an institution with expertise in securing lines of credit, managing investments, or facilitating international trade? Clarifying your objectives allows you to filter out banks that do not offer the services you require.

For many veteran-owned businesses, these needs might include navigating government contracting, obtaining specialized veteran business loans, or taking advantage of grant programs. A bank with experience in these areas can provide tailored advice and a deeper understanding of the veteran business landscape.

2. Prioritize Veteran Experience

One of the most valuable assets a banker can have when working with veteran entrepreneurs is firsthand experience or established relationships within the veteran business community. A banker who has worked with veteran-owned businesses understands not only the general challenges faced by small businesses but also the specific hurdles and opportunities unique to veterans. These may include translating military experience into business practices, leveraging veteran-exclusive programs, and connecting with networks that can foster growth.

Seek bankers who have collaborated with veteran-focused organizations, participated in events for veteran entrepreneurs, or have certifications and training related to veteran business support. Their specialized knowledge can guide you through processes that might otherwise be difficult to navigate.

3. Evaluate the Breadth and Depth of Services

A banking relationship that starts with a simple checking account may grow into a comprehensive partnership involving various financial services. Ensure that the bank offers a robust set of options that meet both your current and future needs:

Lending Solutions: From small business loans and lines of credit to specialized funding for startups and expanding enterprises.Merchant Services: The ability to handle card transactions, POS systems, and other payment processing capabilities.Cash Management Tools: Services that facilitate payroll, budgeting, cash flow analysis, and investment tracking.Industry-Specific Solutions: Consider banks that understand your specific industry, whether it’s logistics, retail, or technology, and offer tailored services for your sector.

Many banks offer veteran-focused financial products, such as reduced-rate loans or flexible repayment schedules for businesses owned by veterans. A banker who is well-versed in these products can help you access favorable terms and support your strategic growth.

Choosing the Right Banker: A Comprehensive Guide for Veteran-Owned Businesses

Selecting the right banker is more than a financial transaction; it is a strategic decision that can shape the future of your veteran-owned business. While finding a financial institution willing to work with your company is essential, identifying a banker who aligns with your values and understands the nuances of your industry and background is just as critical. The right banker becomes a partner—someone who supports your vision, helps navigate challenges, and celebrates your successes. Here’s an in-depth look at how veteran entrepreneurs can choose the right banker and set the stage for a lasting, productive relationship.

4. Assess the Quality of Customer Service

Good customer service is at the heart of any successful banking relationship. This becomes even more critical for small and veteran-owned businesses, where personalized attention can make all the difference. A banker who is responsive, communicative, and genuinely interested in your business goals will be more likely to go the extra mile when challenges arise.

Schedule an initial consultation to discuss your needs and observe how the banker interacts with you. Are they attentive and engaged? Do they ask insightful questions and make an effort to understand your business? A banker who treats the relationship as a partnership, rather than a one-sided transaction, can offer invaluable support as your business evolves.

5. Examine the Bank’s Reputation and Track Record

A bank’s reputation is a good indicator of its reliability and stability. Look for financial institutions that have a proven track record of supporting small businesses and veteran entrepreneurs. This could mean reading reviews online, seeking testimonials from other business owners, or reaching out to veteran business networks for feedback on their experiences with specific banks.

Check if the bank has received awards or recognition for its work with veteran or small business clients. This can be an excellent sign of their commitment to these sectors. Additionally, review any reports or news articles about the bank’s financial health and history of ethical practices to ensure that you are partnering with an institution that will be there for the long term.

6. Consider Technological Capabilities

As a business owner, time is one of your most valuable resources. The right bank should offer digital tools and technological support that make managing your finances easier and more efficient. These tools may include:

Robust Online and Mobile Banking Platforms: Ensure that the bank’s digital services allow for seamless money transfers, check deposits, bill payments, and real-time monitoring of your accounts.Integration with Financial Software: Many businesses use accounting and management software like QuickBooks or Xero. A bank that can integrate with these platforms can simplify bookkeeping and streamline financial management.Advanced Security Measures: Cybersecurity is paramount, especially when dealing with sensitive financial information. Look for banks that invest in the latest encryption technologies and provide robust security measures to keep your business's financial data safe.

A bank that prioritizes digital convenience helps you spend less time managing your finances and more time focusing on running and growing your business.

7. Evaluate Educational and Advisory Services

An ideal banker is more than a facilitator of transactions; they are an advisor and educator. The right banker will actively share insights and advice that help you make informed financial decisions. Ask if the bank offers:

Workshops and Webinars: Banks that hold regular educational events on topics like small business financing, cash flow management, or financial planning.One-on-One Financial Consultations: Personalized financial advice can make a significant difference when navigating complex financial situations or planning for future growth.Access to Business Resources: Some banks provide resources like business planning templates, financial calculators, and access to relevant business articles and industry research.

Banks that show a commitment to educating and collaborating with their clients demonstrate a vested interest in your business's success.

8. Compare Costs and Fee Structures

While banking services can provide tremendous value, it’s important to ensure that the costs align with the benefits. Ask for a detailed breakdown of any fees associated with the services you’ll need, such as:

Account Maintenance Fees: Monthly or annual charges for maintaining certain types of business accounts.Transaction Fees: Costs incurred per transaction, which may apply to wire transfers, ACH payments, or deposits.Loan Origination and Administrative Fees: Expenses related to securing credit or loans.

Compare the fee structures across different banks and weigh them against the services offered. Some banks may provide special rates or fee waivers for veteran-owned businesses, making them more attractive options.

9. Consider Flexibility and Customization

The needs of a business can change rapidly, especially for growing veteran-owned enterprises. Partnering with a banker who is open to customizing solutions as your business evolves can be a significant advantage. Whether it's adjusting loan repayment schedules, offering bridge loans during off-peak seasons, or expanding lines of credit to support sudden growth opportunities, flexibility can be the differentiator between a bank that supports your growth and one that stifles it.

Ask potential bankers how they handle unique business needs and whether they have a track record of accommodating client-specific requirements. This insight can help you determine whether a bank is prepared to grow with you over the years.

10. Ensure Cultural and Personal Alignment

A productive banking relationship is rooted in trust and shared values. This is particularly important for veteran entrepreneurs, whose background and approach to business may be influenced by their military service. A banker who respects and understands the importance of discipline, commitment, and service-based leadership will likely align better with your approach to running a business.

Discuss your background as a veteran and how it shapes your business philosophy. If the banker shows appreciation for your experiences and tailors their advice accordingly, it’s a positive sign that they will be an engaged and supportive partner.

Final Thoughts: Building a Foundation for Success Choosing the right banker isn’t just about finding someone who offers good rates or a convenient location. It’s about building a relationship with a financial partner who understands your vision, supports your unique journey as a veteran entrepreneur, and commits to helping your business thrive. Take the time to meet with multiple bankers, ask pointed questions, and consider their experience, services, and alignment with your values.

A strong partnership with the right banker can provide the financial security, expert guidance, and strategic support needed to navigate the challenges of business ownership. This decision can empower your business to achieve sustainable growth and weather financial uncertainties, all while staying true to your mission as a veteran entrepreneur.

Take the Next Step Engage with your local veteran business networks or small business development centers to find recommendations and make connections with bankers who are known for their work with veteran-owned businesses. The right banker can become more than just a service provider—they can become an invaluable partner in your journey toward business success.

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