 WELCOME
Along with the problems we all face in this country including the lagging economy, high unemployment and through-the-roof gas prices, a lot of small businesses have had to adjust too.
Whether a brand-new or seasoned entrepreneur, "home sweet home" has become the desired base of operations for many businesses. And, like it or not, working from home can push even the most stable business owner to the brink. Distractions abound, but the trick is to make the most of your time and keep business and home separate.
AR Online, in its never-ending quest to stay current, now offers a home-based business section to provide relevant tips and information. Maybe you would like to share your real-life experiences as a home business. If so, send your thoughts and ideas by e-mail to lbeatty@mbainc.org, and we'll share with our readers.
Libby Beatty, Chair
MBA Board of Directors
NEWSWORTHY
New MBA Directors and Officers Elected
At the Midlantic Business Alliance annual meeting on April 22, 2008, three current board members were re-elected.
They are Libby Beatty, president, Penton-Kelley Co., Inc.; Charles Neiner, owner, Strategic Capital Solutions, LLC and Robert Whalen, senior executive vice president, Susquehanna Bank.
Officers were also elected at the regular board meeting: Libby Beatty, chair of the board, Paul Miller, owner, Dispute Solutions, LLC was elected treasurer and Charles Neiner, secretary.
July Minimum Wage Increase
Although the next increase to the federal minimum wage takes place on July 24, 2008, Pennsylvania employers will be unaffected. According to the law, where an employee is subject to both the state and federal minimum wage laws, the employee is entitled to the higher minimum wage rate.
The scheduled increase will take the federal minimum wage to $6.55 per hour. Pennsylvania's minimum wage will remain at $7.15 an hour.
Various minimum wage exceptions apply under specific circumstances to workers with disabilities, full-time students, youth under age 20 in their first 90 consecutive calendar days of employment, tipped employees and student-learners.
The next increase for both federal and Pennsylvania minimum wage rates will take place on July 24, 2009 when both rates go to $7.25 per hour.
Be sure your workplace postings are up-to-date with free federal and state signs.
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MARKETING
The Testament of Testimonials
Praise from current clients is often a powerful tool for persuading new customers that doing business with you will be a rewarding experience. Start today and begin collecting and using client testimonials on all of your fliers, ads, packages, websites, etc.
Here are some tips to build your collection:
- Review past client letters and e-mails for words of praise you'd like to reprint.
- During conversations with customers, listen for sound bytes you think are worth documenting.
- Also, consider approaching regular customers for their input. If a person agrees to participate but doesn't know what to say ask them to explain how your business has helped them or why they continue to do business with you.
- Be sure your employees are aware of and participating in the process of capturing the words of happy customers.
And always ask for permission to reprint a client's words as well as any personally identifying info you plan to use.
How to Beat Press Stress
When a business enters a crisis situation  there are many questions asked; sometimes by reporters. Knowing how to answer can save you from compounding an already stressful situation.
Here are a few simple strategies to help you face the press:
- Don't be coy: Answer all the press calls you can even if it's just to say, "I can't comment at the moment."
- Create a log: List each of your interviews, and include what you said and to whom you said it.
- Don't be a know-it-all: Some questions require complex answers or expert explanations. Refer the interviewer to someone with expertise or thorough knowledge of the topic.
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YOUR FINANCES
Dealing with the Downturn
There are two ways that you can deal with slow economic conditions - but they both involve getting creative. For those who like to play it safe, now is the time to spend cautiously and look for ways to cut expenses. Don't make new hires unless there is demand and the same goes for expansion plans.
On the flipside, others perceive a downturn as an opportunity to shake up usual practices and start fresh. These types are likely to try targeting new market segments, create new promotions and find ways to improve customer service.
What You Need to Know About Business Insurance
Running your company without business  insurance is risky, but many small businesses just don't have it. Other small businesses may have insurance but don't know much about their coverage.
Many were convinced to purchase a general business owner's plan (BOP). This plan consists of various policies designed to address the needs of businesses that face similar risks. They generally cover property, business interruption and liability.
Be careful, the broad terms of a BOP may not cover specific concerns surrounding your business. For example, many policies cover natural disasters, but many do not cover floods.
To make sure you have the proper insurance know the potential hazards of your business, and ask questions.
Check out iii.org/individuals/business which offers some insight into the basics.
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FOR THE HOME-BASED BIZ
Your Home and Your Business:
Separating the Two is Just the Beginning
Your business and your family can coexist, but not without effort. A well-managed and well-organized business will go a long way to preventing the pitfalls that are inherent to your home-based business. Here are a few tips:
Hold a family meeting: Your family must be on board and realize that you are "at work" even though you're home. Set rules to govern the time you spend running your business. And if you have to step over your child's toys to get to your desk, it's time to set up a no-trespassing zone.
Make a schedule: This will allow you to prioritize tasks and set goals.
Find a quiet spot for your office: Be sure your work area is removed from the general traffic of the house. Don't forget the radio and television. Don't forget to turn them off, that is.
Fun needs a schedule: Don't be too hard on yourself. When scheduling your workday, include some fun. You'll feel refreshed and ready to get back to work.
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HUMAN RESOURCES
Vocational Vacationing
Business owners are almost guaranteed to receive a call from employees regarding their business even when they are on vacation. The key to easing the stress and enjoying your "time-off" is preparedness. Here are some tips to help you plan for vacation interruptions:
Set up a strategy: Before you leave for vacation, set the rules. Outline a schedule for checking in and determine how best to be contacted. Also, if you want to be contacted in an "emergency," define for your employees what constitutes an emergency.
Pack light: Unless you plan on working on vacation, just bring your phone or laptop to stay in touch with your crew.
Define your own schedule: Plan on setting time aside to work either in the morning or at a more convenient time so interruptions don't affect your family or travel companions.
Let someone step up: Vacation is an excellent opportunity to let a trusted and experienced employee accept responsibility. (So realize when it's time to let go.)
Thanks Anyway
Do you send a letter to the applicants who didn't make the cut for a position applied for with your company? If you don't, you may want to reconsider.
Past applicants are sometimes the best place to start when a new vacancy appears. So take the time to send a form letter to those who applied and/or were interviewed.
Here are the basics that your letter should cover:
- Express your appreciation for the person's interest in learning about your company
- Inform them the position has been filled
- Tell them how long you will keep their resume to be considered for future positions
Need more help? There are plenty of sample forms available online just Google "rejection letter."
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IT
The Finer Points of E-mailing
 Using e-mail to stay in touch with your current and prospective customers is a great way of keeping up sales. But keep in mind the finer points of e-mailing, so your news doesn't end up as junk mail.
Promotions: Promotions should be short, lively and complete with images. Urge your customer to take immediate action by clicking to download, purchase or visit your site.
E-Newsletter: Newsletters should be filled with useful information that is credible. The aim of these mailings should be to spread your business knowledge and build trust in your expertise and result in a sale.
When to Send: The stats on this subject vary widely. Use your knowledge of your clients (and your own e-mail habits) to come up with the best time for your e-mail to be sent and read, i.e. consider things like the jumble of morning mail.
Frequency: The general rule is to e-mail at least once a month and no more than twice a week unless an event or promotion merits immediate attention.
For more tips on strategies to improve your e-mail go to www.email-marketing-reports.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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MBA EVENTS OF INTEREST
Networking Luau
Aloha. Whether you're looking for new customers or an opportunity to talk business, MBA's luau is just the place on a warm summer evening.
The Manayunk Brewery & Restaurant is hosting the MBA luau on their upper deck. Enjoy complimentary beer or wine and a light dinner while chatting with your prospects along Main Street in Manayunk. What a great way to take care of business!
Thursday, August 14, 2008
6:00 PM - 8:00 PM
Manayunk Brewery & Restaurant -
Philadelphia, PA
$15 for MBA members if paid in advance, $20 at the door,
$20 for non-members (must be paid in advance)
Register or Click here for more information
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Sponsors of MBA's AR Online Newsletter
Archway Press, Inc.
(610) 583-4004
Design, digital & offset printing, bindery, direct mail and fulfillment.
Arris Systems, Inc.
(610) 977-3974
Custom application development, application integration and data migration services.
(610) 485-2960, extension 284
Offer a great employee benefit.
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. |
