WELCOME

Investments down, mortgage problems and high consumer prices. Have you scrolled down the page yet? Signs of trouble are all over the news, and some small businesses, the very heart of our nation's economy, are hanging by a thread.

That's the bad news. The good news is that small business owners are typically thick-skinned and open to new ideas and change. Here are some thoughts:

Keep your product or service unique and price it right. Look for ways to save money, whether it's a shipping discount or putting your catalog online. Co-mailings are an idea - if there's another product similar to yours or that will coexist with yours, consider sharing the cost of direct mail. It's ideas like these that will save us.

At MBA, we're sure that there is greatness in numbers. We're hoping that our members, by virtue of their willingness to go the extra mile, might like to share their experiences. And when they do, we'll put it all together and share it with members. To get past this difficult economic time; with high gas, food and supply prices, we need to think like a team.

If you send your ideas, tips and experiences, I'll enter you in a drawing for a $25 gas card. Yup, it's only about 6 gallons. But it's a start. I'll list the names of our team and what they do and how to get hold of them. And then we'll share our greatness.

Working together,
Libby Beatty, Chair
MBA Board of Directors

NEWSWORTHY

Patient Credit Flexibility or High-Pressure Finance Scheme?

A new kind of credit card is being promoted to cover medical needs for consumers. These credit cards are being pitched directly to those seeking medical care through medical professionals. Doctors, dentists and veterinarians are being sold on the idea as a way to make more money and get paid promptly.

The downside is that after the promotion wears off, the majority of creditors are left paying double digit interest rates. In addition, there are ethical issues, especially when patients typically look to their doctor as a trusted advisor.

In the July issue of Consumer Reports, Harvard law professor Elizabeth Warren said, "When card issuers can make the same extraordinary rates of return on medical debt as they do on iPod and sneaker purchases, they become powerful political stakeholders who profit from escalating medical costs and reduced insurance coverage. They make healthcare reform that much harder to achieve."

For more information on this serious consumer and healthcare issue, see the July 2008 article Overdose of Debt from Consumer Reports. Or contact Hazel Smarowsky at (800)533-3732 to ask for a hard copy of the article.

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MARKETING

Get Recognized with a Presentation

By volunteering to give a presentation or seminar and sharing your expertise with others, you can use your business knowledge to help (and possibly gain) customers for your business.

To get started, make a list of organizations that you think would be interested in your subject matter. Midlantic Business Alliance, your local rotary club or trade group are good places to start. Contact the organization to see if speaking opportunities are available.To present a seminar for your fellow MBA members, contact Mary Ellen McLaughlin at (800)533-3732.

As you prepare for your presentation, be sure that you are offering useful information for those interested in your topic, and shy away from making a pitch for your own company. It will be obvious, and you'll lose the crowd (and potential customers).

Marketing Kit Make-Over

When creating a marketing kit, be sure to remember that you are educating prospects about your company, not just promoting it.

By creating an educational piece you will quickly separate yourself from the competition. Here's what to include:

Company history: Gain the favor of potential customers by creatively telling the story of your company.

Why you're unique: Explain why you are different than other companies, and highlight how your approach is special.

Proof is in the pudding: Use testimonials and case studies from current customers to show how your business was able to address their needs.

Show and tell: List your services, and explain how you do what you do.

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YOUR FINANCES

What You Need to Get the Money You Need

Securing a business loan from a bank can be a daunting task. Banks will want to know exactly what you have before they give you anything, so here is a list of information to organize before proceeding:

Homeowner information: Being a homeowner shows that you likely have a history of borrowing and may possess a large asset that can be used as security against a loan.

List of assets: The amount you can borrow is usually determined by what kinds of securities or assets you can place against the loan: cash, property, shares, bonds and vehicles.

Good income record: Have your old tax returns available so you can prove that you have a good income history.

Account for your loan: Be prepared to let the lender know exactly how the money will be used. If you can, itemize your expenses in your business plan so the bank has a concrete picture.

Midlantic Business Alliance works with area banks to benefit members looking for capital. For information on the MBA Banking Referral Network, contact Hazel Smarowsky at (800)533-3732.

Business Trip Insurance

If you've ever been on the losing end of a cancelled flight, here's a new insurance policy that may be of interest. InsureMyTrip.com offers travel insurance plans from large carriers for small and mid-sized companies.

Coverage for trip cancellations, interruptions and delays can be purchased for a single trip or for multiple trips a year. Plans also cover lost, stolen or damaged luggage, cell phones, laptops and costs for missed trade shows and conferences.

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FOR THE HOME-BASED BIZ

Market Your Home-based Business

If you are currently working from home, you know that marketing is not that much different for your "home-based" than when you were working at the office/plant/warehouse. There are some differences though:

Sales materials: Be sure you have professional-looking pieces that don't look homemade. And write the copy with your prospects' viewpoint in mind, letting them know what's in it for them. You know your product. It's unique. Be sure to identify what you can do for prospects because of your unique-ness.

Community: If you spend the day in your home (office), get out once in a while. Community events keep you in touch with people of influence who will spread your word. And business networking events (click here) are for everybody; be sure you check the local papers for listings.

Newsletter: Try writing one, and send it to the e-mail addresses you've been collecting of potential customers. Include articles that are informational, not just promotional. This kind of communication reminds prospects what you can do for them.

Follow up: The purpose of the follow up is to get your customers to tell you what they need, so give them a call. You can send an e-mail with an upcoming sale or a new-product announcement.

Marketing from home is based on communication with prospects; something that might have come a bit easier when there were co-workers around.

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HUMAN RESOURCES

Get the Best Info from Job Candidates

Getting the most from job applicants includes a subtle process of creating a comfortable atmosphere, preparing the right questions and listening. Here's what you should keep in mind when preparing for your next series of interviews:

Plan ahead: Hiring an employee is an important business decision. Prepare by allowing yourself the time to decide exactly what traits you need in your new employee and then create a methodology to find which applicants exhibit those traits.

Interview template: Create a structured interview, and let the applicant know how it will be conducted. This helps to ease anxiety and create a comfortable rapport.

Follow-up: Be sure to use follow-up questions to gain deeper insight and to bypass canned responses. Look for the applicant's honesty and ability to discuss past imperfections.

Give the applicant some time: By creating room at the end of an interview for candidates to ask questions you gain insight into their prime motivations. Genuine and targeted interest in the job is a good sign. Candidates concerned only with money and benefits should raise an eyebrow.

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IT

Websites Made Easier than Ever

Thanks to Yahoo!, Microsoft and others, web design couldn't be more user-friendly and cost-effective.

Today's do-it-yourself programs enable any user to point and click their way to a professional-looking site with a home page, a service page, a history page and a contact page. Adding graphics, like your company logo, is as easy as dragging and dropping.

In many cases, you can build your site in a couple of hours.

Master Your E-mail

There's a myriad of e-mail providers out there, so choosing the right one for your business e-mail campaign can be tricky. Here are a few of the more popular and affordable programs that will help you manage your lists and keep you in compliance with spam regulations:

Constant Contact: This is actually how we send this e-newsletter. The program was designed to handle bulk mailings, but you don't need to be technically inclined to use it. Just import your lists of contacts, choose a template and attach your content.

Constant Contact also offers a free 60-day trial. The downside to the program is that the images and colors of the templates are fairly basic.

Cost: $15 a month for unlimited blasts to 500 addresses to $150 for 25,000 addresses.

Mobilestorm: Here's another program for sending bulk mailings, but this one also gives you the option of texting your messages to cell phones. The text messages have options that send users confirmation when a customer changes account information or makes a purchase. The downside to this program is that if you send more e-mails or texts than are included in your plan, you are charged extra.

Cost: $20 a month for 1,000 e-mails and $35 a month for 250 SMS texts.

Campaignmonitor: This software will send e-mails designed in HTML format. The program is a little more complex, so it helps to have in-house support. For an extra $10 per blast your e-mails can be monitored to see how they look on popular e-mail engines and how well they fare against spam filters. The downside: technical expertise is necessary if you want to create a blast that looks professional.

Cost: $5 per blast, plus 1 cent per recipient.

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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.

Sun East Federal Credit Union

(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.