WELCOME

It has occurred to me that MBA has, arguably, accomplished something that members may be interested in duplicating. And, since at least one of the association's goals is to provide useful benefits, MBA's accomplishment should definitely be shared.

Curious? Perhaps your company should publish an online newsletter. I'm sure there are many reasons why this is a good idea, but I'll offer two. First, your prospects (once "opted in") will receive an amazing assortment of guidance in the form of useful articles relevant to your trade. And, while you're busy capturing names for your e-list, these prospects are thinking nice things about you.

Second, you're offering your free newsletter at consistent intervals, thus communicating regularly with your prospects. What could be better? Even your branding efforts have benefited from your online newsletter.

Keep your prospects thinking nice things about you. Create your company's online newsletter.

Libby Beatty, Chair
MBA Board of Directors

NEWSWORTHY

Federal Contracting for Women-Owned Businesses on the Rise

The SBA's Women's Procurement Program Rule has been put into effect after a decade of waiting. The new rule states that women-owned businesses must constitute five percent of government contracts. To be eligible, the business must be at least 51 percent owned and controlled by women who are U.S. citizens. As one of the fastest- growing business sectors in the country, women-owned businesses represent a huge opportunity for job growth. This new rule is estimated to provide access to $500 billion of federal contracts for women-owned businesses.

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MARKETING

New Ad Campaign: Done Cheap, Done Right

With the holidays not too far off, it's a good time to think about your new ad campaign.

Here's how to create one that's effective and cheap:

Your Goal: First, decide whether your goal is to create an immediate sale or build brand awareness. An immediate sale ad is fueled by motivating words like "free" and "sale" while building awareness has to do with creating an ad that uses repetition over time to familiarize the public with your brand.

Budget & Medium: Choose a medium that speaks directly to your target audience and highlights the type of ad you've created. That means that a catchy new jingle will have the best effect with an online commercial or radio advertisement. Then budget realistically to ensure that your ad gets the repetition it needs to be effective.

Test: Now that you've created your campaign, you need to test it. Start with a small version of the ad for a short test period. Use the results to improve and remodel your ad to ensure that you don't make a poor investment on an ad that doesn't work.

Customer Care: The Key to Site Satisfaction

Making the most of your website means understanding that there's more to it than flash - there's also functionality.

Here how to improve your site to serve your customers:

• Satisfy Their Needs: Customers look to your site to answer some kind of question or need. Try to preempt their questions by providing clear examples of how your products/services can benefit them. Include a simple survey to see how well you accomplish this task.
• More than Products: Demonstrations help customers see the benefits of products but also help to address their lifestyles. If they see or feel something in common with your spokesperson, they may feel more inclined to participate and identify with the community of your customers.
• Reviews & Ratings: Place customer ratings and reviews within eye-shot of your products. The reviews from your community of customers are the best advertising available. You should also create links to your blog and any other spot on the web that sings the praises of your products.

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YOUR FINANCES

Better Budgeting

Making the most of your resources is what budgeting is all about, but many business owners don't take the time to do it right. If you haven't taken the time to work out your numbers, here are a few tips to give you some direction:

1. Get Everyone Involved: To create an accurate budget you'll need to work with your managers and, when appropriate, your employees. They will give you a better picture of what is being spent and maybe even ideas on how to save.
2. Be Flexible: In this case "flexible" means not needing to budget to the penny, but to be able to have a rough idea of what is being spent. It also means being prepared to make tradeoffs when unexpected expenses upset your budget.
3. Stay Vigilant: Creating a functional and accurate budget means practicing and learning from mistakes. Each month determine how careful you were or if you broke your budget. Then figure out how you can improve.

How to Find the Right Bank for a Small Biz Loan

Although lending is tight and is rumored to be on the rise, knowing where to look and who to ask can greatly improve your chances of landing a loan.

Here's what you need to know:

Think Local: Small and mid-size community banks and lenders represent more than half of the country's small business lending. These lenders are more familiar with the local market conditions, allowing them to make more accurate assessments when considering loans.

Recognized Lenders: Finding a Small Business Administration loan can be made easier by determining which lenders are Certified or Preferred - meaning that they have a contractual agreement with the SBA.

The Right Relationship: The relationship with your lender will most likely be long term, so try to determine if they understand your needs, then ask how they plan on meeting those needs.

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FOR THE HOME-BASED BIZ

Finding Balance at Home

Managing your work life at home can be challenging, especially if you're a typical overzealous Type-A entrepreneur.

Here are some tips to help you make the most of your day and your energy:

• Social Time: Humans are among the most social animals on the planet, so it's important to make time to connect with others. If your family is at home, make time to step out of the office to connect or plan to do some work in a local café and meet a friend or business associate.
• Balanced Body: Forgetting to eat is a common mistake. Create a schedule with a finite lunch break and keep healthy snacks like nuts and fruit close by for when your blood sugar starts to drop. A balanced productive mind also requires at least 8 hours of sleep - don't skimp.
  

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HUMAN RESOURCES

Strengthening the Bonds of your Workforce

Creative and social activities are great for building team solidarity and camaraderie, but happy-hour beers and office sports teams don't always appeal to everyone.

Here are some other ideas that will allow you and your staff to build a stronger bond:

Family Games: A game night with bingo, bowling or board games is a great way to get employees with families involved. A seasonal picnic is another way to keep the bond strong.

Group Lunch: Once a week or month, get everyone together for a group lunch. You or your manager can lead an informal discussion that gets people talking and sharing. For example, ask everyone to talk about their professional aspirations, personal goals or feelings about work.

Team Work Outing: Once a quarter ask your employees to participate in a group activity or learn a new skill. When a group is challenged to solve a problem or learn a new skill, it helps to create a strong bond. Outdoor activities or local classes are inexpensive ways to go.

Problem Employees: Lead by Example

More often than not, employees who fail to meet expectations are a result of poor management training and leadership. So before you incur the cost and time required to fire, hire and train a new employee, consider how you or your manager can take the helm and right the situation.

To start, make yourself a role model for the employee. Instead of scrutinizing their performance, take them under your wing and demonstrate exactly what you expect. Allow them to ask questions, make suggestions and feel like they are active participants in the process. Not only does this offer a clear understanding of their role, it shows that you are supportive and value their contributions to the business. As you reinforce skills and show support, they will likely turn a new leaf. If not, then it may be time to talk about their role in the company.

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IT

Free Tech Tools

The following free tools will help you search faster, convert most kinds of files and gain insights into how to get the most from SEO efforts:

• What's the Buzz: This site is like an aggregate for finding the best keywords or phrases to help optimize your search engine results. Drawing data from Technorati, Google and Delicious, here's a fast and free way to see what people are looking for and in what terms.
• Search Craigslist: This does just what it says: it searches all across Craig's List from one simple prompt. The advantage here is that it allows you to search across various Craig's Lists across various geographic locations quickly and easily.
• You Convert It: This free service allows you to convert almost any kind of file to your desired format - and since it's online you don't have to download anything. Simply choose the file you wish to reformat and you will be sent a converted file to your chosen e-mail address.

Assessing the Safety of your Data

Creating a safe network for your business data is vital when you consider the numerous types of threats on the Internet.

Before you jump in, consider the following steps to help you organize and prioritize the security of your business data:

1. Identify Assets: These assets should include customer credit card numbers, customer data, social security numbers and your business records. Prioritize these in order of importance and security.
2. Locate Assets: This means locating all the places where your assets are located including servers, terminals and desktops - then determining the various ways that they could be accessed by a threat.
3. Defending Assets: From planning to acting, consider hiring an IT consultant to look at your system and the assets you've identified. Have them fix or implement any security issues that could leave you vulnerable.
   

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COMMENTARY

Thanks for Nothing...Really.

By Stephen Markowitz

All owners of businesses today are scurrying to find creative ways to control costs. The current battle in Congress over extending the Bush Tax Cuts and the reduction of payroll taxes by 2-2.5 percent presents just that. A creative way to control costs.

Assuming that the current party in control finally accomplishes this extension of the Bush Tax Cuts, your employees will find themselves the recipients of a wage increase. That increase should be a factor in any wage increases you are contemplating for 2011.

This $120 billion tax break goes only to employees, nothing for employers. Even the Congressional Budget Office has acknowledged that this would not have the same impact on growth of the economy and new jobs it would if the break went to employers. So…make lemonade out of lemons. Whatever the actual increase in net income for the employee is, you should take advantage of this largess.

Explain to your employees that the components of their next salary increase will be employer and government contributed. The government is giving some of your taxes back to the employees, and you are adding to that. Most employees today are tuned into your business predicament and will understand that it's the increase and not where it came from that matters. I don't believe any employer should feel guilty for letting the government do some stimulus spending in the small business community for once.

Stephen Markowitz is chief executive officer of The Administrators, Inc. His column, Commentary, appeared for 15 years in The Alliance Report, MBA's printed newsletter. His comments reflect his views and not necessarily the opinions of the board and staff of Midlantic Business Alliance. Contact him at SMarkowitz@TheAdministratorsInc.com.

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NEW MEMBERS

When our member base increases there is more of everything: more creative networking, more benefits and more experienced, enthusiastic business owners. All move our members toward growth, success and the entrepreneurial spirit.

Click here to meet our newest small business partners.

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Unless specifically indicated, MBA does not intend mention of companies, products or services discussed in this publication to be construed to be endorsements. The information in this publication is offered as examples that may be useful to our small business readers. Please consult with an industry professional before implementing any of the tips or subscribing to any of the services described above.