WELCOME

Do you ever think you'll scream if you hear the word "networking" just one more time?

Here's the reason you hear it so often: Whether your small business is selling trips to Bermuda, promoting a pet store opening or offering coupons for free financial planning you will almost always find someone interested in what you're selling at a networking event.

Actually, there are great and not-so-great networking events. Here's one that qualifies as really great. Why? It's because we've added fun, just like we do every year at the annual Midlantic Business Alliance Networking Luau. This year we have a special guest…The Phillie Phanatic.

With the Phillies doing so well, I'm sure the Phanatic will be at his mischievous best. He's known, you know, for tossing tubs of popcorn, dancing with willing or unwilling attendees and giving out his signature "smooch."

So, while we're enjoying refreshments on the outside, upper deck at the Manayunk Brewery & Restaurant, there will be Phanatic antics and chatting with prospects on a warm, summer evening. Fun and business do mix. Click here for the details.

Libby Beatty, Chair
MBA Board of Directors

NEWSWORTHY

Earned Income Tax Collections Streamlined

Governor Rendell recently signed Senate Bill 1063 which reduces the number of earned income tax collectors from 560 to 69. The governor said that this law "fixes what is now, probably, the most complex and confusing local taxing environment in the nation, with more local earned income tax collectors…than all other states combined."

Pennsylvania's inefficient system resulted in an estimated $237 million in earned income taxes going uncollected each year according to the governor's office. The new law establishes uniform withholding, remittance and distribution requirements and requires employers to withhold local income taxes for all employees. Instead of sending them to the many tax collectors they will submit them to one countywide collector who will disperse them.

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MARKETING

Point and Click Press Releases

Need help getting your press releases noticed? PR.com is offering a free trial of its Silver membership option which offers free press release distribution.

Once you enroll in their service, your submitted press releases will be distributed through various mediums including online news sites, search engines, e-mails and via PR.com's website and syndication network.

PR.com also offers enhanced membership packages which include posting your company profile and services on the PR.com site.

Create a Logo that Lasts

The logo you create to represent your business should be considered carefully. Over time, your potential customers will begin to associate your business with your logo, and from then on it's up to you and your company to deliver. Here are some guidelines for creating a logo:

The Right Fit: Make sure that the logo you create is not only memorable but functional. It should represent the identity, tone and service that your company provides.

Size It Up: Your logo needs to have the ability to be enlarged and reduced so that it can be displayed in various-sized ads and on your letterhead, so don't choose something with lots of details.

Feedback: Ask friends, family, employees and anyone whose opinion you trust about the logo and its design before you make a final decision.

YOUR FINANCES

'Till Divorce Do Us Part

If you run a business with your spouse, you should have a business plan that details what would happen in the event of a divorce. Commonly known as a buy/sell agreement the contract should cover circumstances, terms and share price.

What If: Although there are many successful businesses run by divorced couples you and your spouse should still consider less-than-ideal circumstances in the event of a separation.

How to Split: Be sure to determine how the price of shares will be determined. The options range from multiples of earnings to market-based valuation.

Agree with Your Partner: Devise and agree on the terms in which the company can buy out a partner. Settlements involving lump sums can significantly hurt a small business, so it's best to consider a payout over a set period.

Barter for Business

Bartering is a great way to build your business without spending capital, but be sure to know the basics before you get involved. Bartering can be done from business to business or can be mediated through an exchange.

Business to business bartering should be cemented by a formal contract to avoid conflict. Barter exchanges provide you with lists of businesses that are interested in this mode of trading, but exchanges will involve fees and commissions.

Regardless of which path you take, it is essential that you record barter deals as cash sales for federal and state filings. Google "bartering for business" and you'll get a plethora of information on how to find, research and work with barter exchanges. You can also check out one at itex.com.

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FOR THE HOME-BASED BIZ

Show Me the Money: Home-Based Businesses Sometimes Have to Work Smarter to Get It

Banks and other lenders tend to have preconceptions about home-based businesses and don't always take them seriously. But financing is out there which is why one-person businesses must work extra hard at credibility issues. Here are some tips:

Write a business plan. It should include how much money you will need, how it is to be spent, how much you will charge for your product and when you expect to be profitable. Even though you may have applications, plans, and contracts along with your business plan, it may be very difficult to get a loan unless you have collateral in some form. Many home-based owners use their homes as collateral.

Consider the Small Business Administration (SBA) which offers loan guarantees to business owners by private lenders. This reduces the bank's risk and encourages banks to make loans.

Don't forget your credit card for smaller short-term loans. The interest rate is usually high, but the cash is there when you really need it.

And there are always family and friends who may want to invest in your business. Just be sure you write contracts to protect everyone involved.

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HUMAN RESOURCES

Social Security Made Easy:
Planning Goes a Long Way

If you and your employees would like easy access to estimates of Social Security benefits for the future, there's a website that can help. Social Security's online Retirement Estimator produces calculations that are based on your actual Social Security earnings record.

This service provides immediate and personalized benefit estimates to help you and your employees plan for retirement.

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IT

Getting More Juice out of Your Laptop

If you are frequently on the road, you already know how working on your laptop can eat up your battery's life. Here are some tips for extending the use of your battery:

Nonessentials: Using applications like DVD players and iTunes eats up battery life. Less recognized power consumers are your "save" function and wireless card. If you aren't using your wireless connection, turn it off so it's not constantly searching for a signal and wasting your battery.

Extreme Temperatures: Extreme temperatures can wreak havoc on your battery. Keep and charge batteries at room temperature to get the best results. Also let your battery run out before you give it a full charge. Every time you charge a half-life battery, its overall life is reduced.

Carry Back-Up: There are plenty of portable devices that can be used to provide a fresh charge - always have a back-up.

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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

BusinessLink Networking Luau

Aloha. It's time again for the MBA annual luau in Manayunk…and the Phillie Phanatic wants IN. That's right. Forget the doldrums of August. You're looking for new business and our Phillies are in the hunt for Red October. MBA's Manayunk luau is just the place on a warm summer evening.

Thursday, August 14, 2008
6:00 PM - 8:00 PM
Manayunk Brewery & Restaurant

$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

Sun East Federal Credit Union

(610) 485-2960, extension 217
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.