In today’s unpredictable business landscape, having a financial contingency plan is not just prudent; it’s essential. Eduardo Miramontes, Member Success Manager at A+ Federal Credit Union, shares his insights on the importance of financial preparedness for businesses. With his rich background and dedication to helping others, Eduardo offers valuable advice that every business owner should consider.
Eduardo Miramontes’ story begins in Mexico, where he spent the first half of his life working for major banks. His career took a significant turn when he moved to the United States in 2009, choosing to work exclusively with credit unions. Starting as a member service counselor, he has held various roles, including branch manager positions. Today, as a Member Success Administrator, Eduardo focuses on developing strategies to better serve the Hispanic community, bringing his passion for helping others to the forefront.
Eduardo’s professional journey is deeply intertwined with his personal values. He believes that the true purpose of life is to assist and support those around us. Every day, he finds joy in making a positive impact on people’s lives through his role at A+ Federal Credit Union. Unlike traditional banks, credit unions operate as not-for-profit organizations owned by their members. This member-centric approach ensures that the primary focus remains on serving the members rather than generating profits. Each member has a vote in electing the board of directors, who serve voluntarily. This structure allows employees like Eduardo to prioritize helping members without the pressure of meeting sales targets, aligning perfectly with his personal values and professional mission.
Eduardo frequently encounters business owners who lack a contingency plan or savings for unforeseen events. He emphasizes the importance of defining what constitutes a “rainy day” and differentiating it from regular, predictable expenses. For instance, regular vehicle maintenance should be planned for, whereas something as unpredictable as the COVID-19 pandemic exemplifies a true rainy day scenario.
While many potential challenges in business can be anticipated and planned for, truly unforeseeable events require a dedicated rainy day fund. This fund should be distinct from regular savings and specifically earmarked for emergencies. During the pandemic, businesses with such savings were better able to retain employees and maintain operations while awaiting government assistance.
For entrepreneurs and small business owners, Eduardo’s primary advice is to start saving immediately, regardless of the amount. Developing the habit of setting aside a portion of income regularly is crucial. He suggests treating savings as an expense within your budget to ensure it becomes a consistent practice. Whether it’s a percentage of income or a fixed amount, the key is to begin without delay and maintain the discipline to continue saving over time.
Eduardo Miramontes’ insights highlight the critical role of financial preparedness in business success. By understanding the unique advantages of credit unions, recognizing the importance of a rainy day fund, and starting to save immediately, business owners can build a more resilient and sustainable future.
When choosing between Zoho, Swoogo, and Eventbrite, it is important to understand what platform suits your needs most. All of these softwares support in person and virtual meetings so that is not a major factor to take into account. For people who are already using Zoho tools like the Zoho campaign, Zoho projects, or Zoho mail, it is best to use Zoho since it is easy to use alongside other Zoho applications. If you are a complete beginner in the event management field, it is best to use Swoogo due to its beginner friendly interface. It is simple to use and has the smallest learning curve of the 3 applications, making it a great start for new users. Lastly, Eventbrite is the biggest of the 3 platforms, meaning more people use it and more people will have access to your events. This means that although a smaller percent of the platform might see your event, due to the greater size of the platform, this might still mean more people will see your event then in the other 2 softwares.
Pros and Cons of all the Softwares
Pros
They are all in one platform, meaning they have access to a large amount of tools.
They are each heavily customizable, meaning they can each suit your events uniquely.
They have mobile apps which make it easier to check in people and look at data from your phone.
Cons
They cost money when doing paid tickets and sometimes have costs to use the software in general. Do your research on the fees to see which one fits your budget.
Managing large events on these types of platforms can be complicated due to data overloads and coordinating large amounts of speakers or workshops.
Each of these platforms takes time to be comfortable with, meaning all staff who work using need practice before being properly equipped.
Be sure to research before getting started to be sure you are using the platform that best meet your needs.
Zoho Event Management is a comprehensive platform that simplifies the process of organizing, promoting, and managing events. This guide will walk you through each step, from setting up your account to hosting a successful event.
Step 1: Create an Account
To get started, visit the Zoho Event Management website and click on the “Sign Up” button. Enter your personal details, such as your name, email address, and create a password. Complete the registration by verifying your email if prompted. This will set up your Zoho account and give you access to the event management dashboard.
Step 2: Log In
Once you have an account, navigate to the Zoho Event Management homepage and click on the “Log In” button at the top right corner. Enter your registered email and password, then click “Log In” to access your dashboard. This will be your central hub for managing all aspects of your events.
Step 3: Create a New Event
To create a new event, click on the “Create Event” button on your dashboard. You’ll need to enter essential details such as the event name, date, time, and location. Also, specify whether the event will be in-person or virtual. These foundational details set the stage for your event and are critical for attendees to know.
Step 4: Add Event Description
In the description section, provide a detailed overview of your event. Explain what attendees can expect, including any special features, speakers, or activities. A comprehensive description helps potential attendees understand the value of your event and encourages them to register.
Step 5: Design Your Event Page
Zoho offers various design tools to help you customize your event page. Add images, videos, and custom branding elements to make the page visually appealing. A well-designed event page can enhance the overall attendee experience and make your event stand out.
Step 6: Set Up Ticketing
Navigate to the “Tickets” tab and choose the types of tickets you want to offer, such as free, paid, or donation-based. Set the price, quantity, and availability dates for each ticket type. Additionally, you can create discount codes or special offers to encourage early registrations. Proper ticketing setup ensures a smooth registration process for your attendees.
Step 7: Configure Registration Form
Customize the registration form to collect the necessary information from attendees. You can add custom fields, set mandatory questions, and tailor the form to suit your event’s needs. This step is crucial for gathering all the information you need from participants to facilitate a well-organized event.
Step 8: Set Up Payment Processing
If you are selling tickets, configure your payment processing options by linking your account to a payment gateway like Stripe or PayPal. This setup is crucial for processing ticket sales smoothly and securely, ensuring that both you and your attendees have a seamless transaction experience.
Step 9: Preview Your Event
Before publishing, preview your event page to ensure all details are correct and there are no errors. This step helps catch any mistakes that could impact attendee experience. Make any necessary adjustments before moving forward. A final review is essential for presenting a professional and error-free event page.
Step 10: Publish Your Event
Once everything is reviewed and accurate, click the “Publish” button to make your event live. Your event page will now be accessible to the public, allowing potential attendees to register. This officially launches your event on Zoho, opening the doors for registrations.
Step 11: Promote Your Event
Share your event link on social media platforms, your website, and through email newsletters. Utilize Zoho’s built-in promotional tools to increase your event’s reach.
OR
Consider using paid advertising options offered by Zoho to boost visibility. Effective promotion is key to attracting attendees and ensuring a successful event.
Step 12: Monitor Ticket Sales
Regularly check the “Manage Attendees” section to monitor ticket sales and registrations. Keeping track of these metrics helps you gauge interest and make necessary adjustments. Monitoring sales data allows you to identify trends and plan accordingly, ensuring your event’s success.
Step 13: Communicate with Attendees
Use Zoho’s email tools to send important updates, reminders, and information to your attendees. Effective communication ensures that attendees are well-informed and engaged, which can lead to higher satisfaction and fewer no-shows. Keeping in touch with attendees helps maintain a strong connection and encourages a positive event experience.
Step 14: Check-In Attendees
On the day of the event, use Zoho’s check-in tools to efficiently manage attendee arrivals. The platform allows you to scan tickets quickly, maintaining an accurate count of participants. This helps streamline the entry process and improves attendee experience by reducing wait times and ensuring a smooth check-in process.
Using Zoho Event Management can streamline the complex process of event planning. By following these steps, you can create professional-looking event pages, reach a wider audience, and manage your event smoothly from start to finish. With Zoho, you can enhance the efficiency of your event management, ensuring a successful and memorable event.
Hashtags have become an integral part of social media and are a powerful tool for categorizing content, increasing visibility, and engaging with a broader audience. This article will help you navigate hashtags on different social media to maximize your social media presence.
How to Use Hashtags Effectively
1. Do Your Research:
Trending Hashtags: Check platforms like Twitter, Instagram, and LinkedIn for trending hashtags related to your content.
Industry-Specific Hashtags: Use hashtags that are popular within your industry to reach a targeted audience.
2. Use a Mix of Popular and Niche Hashtags:
– Popular hashtags (#Travel, #Food) have a broad reach but high competition.
– Niche hashtags (#MinimalistLifestyle, #VeganRecipes) target a specific audience with less competition, increasing the likelihood of engagement.
3. Create Branded Hashtags:
– Unique to your brand or campaign, these hashtags can help build a community and encourage user-generated content.
4. Limit the Number of Hashtags:
– Instagram allows up to 30 hashtags per post, but engagement drops after 5-10 hashtags.
– Twitter’s character limit suggests 1-2 hashtags per tweet for optimal engagement.
– LinkedIn and Facebook are effective with 3-5 hashtags per post.
5. Place Hashtags Strategically:
– On Instagram, hashtags can go in the caption or the first comment.
– On Twitter, integrate hashtags naturally within your tweet.
– On LinkedIn, place hashtags at the end of your post for better readability.
Five most common types of insurance for a business. Yes, there’s more to insurance than health insurance.
Woolichooks recently got three types of insurance, and I feel like I’ve entered my teenage years as a business owner. Insurance is something you need to have as another layer of protection. Yes, it may feel like you’re throwing money away into the void. Still, you’ll be glad you have it when those costly, unexpected events happen in your business — an employee gets injured, a client thinks you made an error, or a customer sues you because of your product. Below are the most common types of insurance for a business:
General Liabilities
Workers’ Compensation Insurance
Directors & Officers
Property Insurance
Health Insurance
General Liabilities
General liability insurance covers claims of bodily injury, property damage, and personal injury (like copyright infringement and slander). All businesses should have this insurance as their first policy. If you only have enough money to get one type of insurance, get general liabilities. As you grow, you will continue to add to general liabilities the other types of insurance that make sense for your business.
Workers’ Compensation Insurance
The business will also need workers’ compensation insurance if you have employees. This helps benefit employees who suffer from work-related injuries or illnesses, covering medical expenses and lost wages.
Directors & Officers
Directors & Officers insurance covers the personal assets of company/nonprofit directors and officers if they’re sued for alleged wrongful acts during their board service. All my nonprofit clients have this insurance as a standard yearly cost.
Property Insurance
Property insurance protects your business’s physical assets, such as buildings, equipment, and inventory, from fire, theft, or natural disasters. So, this protects everything in your balance sheet’s current and fixed assets section.
Health Insurance
Health Insurance allows the business to provide the employees with medical, dental, and vision insurance as a benefit of working at the company. It’s always great to provide this benefit as the business grows. I’ll write a deeper post about health insurance in the future as this is an actual benefit that employees can enroll in instead of the other types of insurance listed in this post.
Insurance is a way to hedge against potential risks to the business. Some grants, such as government grants, will require specific insurance so the funders can be assured that the business can cover any potential claims. Application for each insurance type will require you to provide information on your financials, employees, and general business info. Insurance can be one of your bigger expense line items, but it’s the fixed cost of doing business.
About the author:
Anwuli Chukwurah is a versatile finance professional with a track record of starting new finance organizations and scaling them for growth in fast-paced entrepreneurial environments. She has over 6+ years of experience working with small business owners, startups, and nonprofit organizations to help connect finance with their business goals. She aims to ensure her clients become comfortable and adept at navigating their numbers. She works with clients at Woolichooks and writes a newsletter for non-finance folks.
The Vets First Verification Program, managed by the Office of Small and Disadvantaged Business Utilization (OSDBU) within the Department of Veterans Affairs (VA), ensures that businesses claiming to be Veteran-Owned Small Businesses (VOSBs) or Service-Disabled Veteran-Owned Small Businesses (SDVOSBs) meet the eligibility requirements. Verification allows these businesses to participate in set-aside and sole source contracting opportunities with the VA. It’s a great opportunity to leverage your expertise and gain a potential revenue stream.
Here’s a comprehensive guide on how veterans can get started with the Vets First Verification Program, the benefits of the program, where to go to get started, and the potential results of applying.
Steps to Get Started:
Review Eligibility Requirements:
Ownership: At least 51% ownership by one or more veterans or service-disabled veterans.
Control: Daily operations and long-term decisions must be managed by one or more veterans or service-disabled veterans.
Small Business Status: Must meet the Small Business Administration’s (SBA) size standards for small businesses.
Gather Necessary Documentation:
Proof of Veteran Status: DD214 form (Certificate of Release or Discharge from Active Duty).
Proof of Service-Disabled Status: VA Rating Letter if applicable.
Business Documents: Articles of Incorporation, operating agreements, bylaws, meeting minutes, tax returns, and financial statements.
Register and Apply:
Create a Profile in VetBiz:
Visit the VA’s VetBiz portal (https://www.vip.vetbiz.va.gov/).
Create a new profile and complete the business profile registration.
Submit Verification Application:
Complete and submit the VA Form 0877, along with the required documentation, through the VetBiz portal.
Pre-Assessment: OSDBU offers a free pre-assessment tool to help identify potential issues before submitting the application.
Verification Process:
Initial Review: The Center for Verification and Evaluation (CVE) reviews the application for completeness.
Document Examination: CVE examines submitted documents and may request additional information.
Site Visit (if applicable): Some businesses may undergo a site visit to verify operations and control.
Decision: CVE makes a determination and notifies the business of the outcome.
Benefits of the Vets First Verification Program:
Access to VA Contracts: Verified businesses are eligible to compete for VA set-aside and sole-source contracts, providing a significant opportunity to secure government contracts.
Increased Credibility: Verification enhances the credibility and visibility of the business within the veteran community and among contracting officers.
Networking Opportunities: Verified businesses can join the VetBiz Vendor Information Pages (VIP) database, connecting them with other veteran-owned businesses and potential partners.
Training and Resources: Access to additional training and business resources provided by the VA and OSDBU.
How Long Does It Take:
On average, the entire verification process can take approximately 90 to 120 days from the date of application submission to receiving the final determination. However, this timeframe can vary depending on the completeness of the application, the responsiveness of the applicant, and the complexity of the business structure.
Status Updates:
Applicants can check the status of their application through the VetBiz portal. Additionally, the CVE may provide periodic updates via email throughout the process.
Results of Applying:
Successful verification brings numerous benefits. Verified businesses gain access to VA set-aside and sole-source contracts, which can significantly enhance their revenue streams. For example, companies like Veteran Logistics, which secured a substantial VA transportation contract post-verification, illustrate the potential opportunities available. Verified businesses are also listed in the VetBiz Vendor Information Pages (VIP) database, increasing their visibility to potential clients and partners. Additionally, this status enhances credibility and can be leveraged in marketing materials, showcasing the business’s commitment to supporting veteran initiatives.
If an application is denied, the CVE provides detailed feedback, allowing the business to address identified issues and reapply. There is also an appeals process for businesses that believe the denial was in error.
The Vets First Verification Program is a crucial step for veteran-owned businesses looking to access VA contracts and enhance their market position. By following the outlined steps, gathering necessary documentation, and leveraging available resources, veterans can successfully navigate the verification process and unlock valuable business opportunities.
In summary, if you’re a Veteran in need of support to start or grow your existing business located in Austin or any of the seven surrounding counties, we would love to meet with you to learn how we can help you with our services. Get started here: https://egbi.org/services/.
