WELCOME

It seems that the value of social media is significantly increasing, and that one of the fastest growing websites in the business of connecting people is Facebook.

MBA, with a new website on the way, now has a great opportunity to use this fresh approach to transform our communication with members. The value of the informational spider web that is created by sending and receiving messages, links and articles within our network of "fans" will be invaluable.

MBA's new Facebook page will offer up-to-the-minute news, event listings, benefit of the month bulletins and other information focused on our small business fans.

So become part of MBA's transformation. Log on to Facebook, search for "Midlantic Business Alliance" and become a fan!

Libby Beatty, Chair
MBA Board of Directors

NEWSWORTHY

Website Launched to Help Ease Economic Stress

Several agencies of the U.S. government have worked together and created a website called A Guide to Getting through Tough Economic Times. The site was created to help people deal with depression due to the current economic conditions.

The site outlines signs of physical and mental deterioration and offers guidance on how people can get through tough times including tips to deal with financial hardships. Also included are links to hotlines and help centers for those with drug/alcohol abuse and suicide issues.

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MARKETING

A Shoulder to Network On

Networking is a never-ending task, and trying to think of fresh ways and new groups to approach can be daunting. So instead of wasting time and energy locating new contacts, why not use the ones you already have. Here are some ideas to help you make the most of your current business relationships:

Open Invites: Extend an open invitation to a fellow business owner (and guest) to try new products or services when you premiere them.

Give to Get: If your business is sponsoring an event and you are offering free giveaways, ask a prospect to contribute their fliers to be distributed as part of your giveaway. With little effort, a marketing alliance can be forged.

Timeshare Brainstorming: Consider offering a respected business acquaintance or neighboring businesses an opportunity to exchange ideas and share thoughts, brainstorm new marketing opportunities and discover new ways to do business together.

Survey the Right Way

You may have created customer surveys in the past only to find that you received little useful feedback. Don't lose faith. Customer surveys can be an inexpensive and effective tool for gaining insights into your customers' purchasing habits if the survey is carefully crafted and well timed.

Here are some tips for ensuring that your efforts don't go unrewarded:

Timing: Ask customers for information as soon as possible after a purchase. This will allow for fresh feedback. It can also reinforce your company's commitment to serving your client's needs. Follow-up surveys can be conducted a few months after a purchase to keep your business in the mind of your customer. Use postage-paid postcards to encourage your clients to respond.

The Right Questions: Don't just ask the first question that comes to mind or stock requests like "rate your experience 1-10." Carefully consider what you want to know and ask questions that allow customers to express their opinions.

Follow-Up: Use a phone call, e-mail, or a letter to respond to those that answer your survey. Be sure to thank respondents for their time and input. Address their remarks specifically, and let them know what changes their suggestions are helping to inspire.

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YOUR FINANCES

Direct Bartering: The Legitimate Way

Direct bartering is when one business trades products/services with another without the involvement of a third-party bartering exchange. If your business has a direct barter relationship with another business, you are both legally obligated to report your transactions as income to the IRS.

To stay in compliance with tax laws keep complete records of all bartered transactions. For reporting purposes, barter dollars or trade dollars have the same value as regular dollars, and you are required to file the transactions at their fair market value in the year they were completed.

Remember that the other party may be reporting the transaction, so be sure not to omit your bartering transaction on your taxes.

Inventory Financing

If your business revolves around a tangible product that can be inventoried and stored, you could use those products to secure a bank line of credit that helps free up your business cash flow. Typically, this type of financing is helpful when a business finds itself short on funds to purchase supplies for a new product cycle.

Inventory financing is for businesses in good standing without the problems of outdated and slow inventory turnover. To secure inventory financing you will need: a good credit and sales history; a system for maintaining inventory statistics and showing lender order status and an updated business plan that shows prospective growth and your plan to make loan payments.

When seeking this type of financing, remember: some banks may make you pay off your loan every 12 months; some lenders require security of inventory to protect their collateral and some loans have high interest rates and additional fees.

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FOR THE HOME-BASED BIZ

There's No Place like Home - for Business Savings

It's pretty easy to establish routines - especially when you run your business from home. But sometimes breaking routine is a great way to discover savings right under your nose. Here are some hints to get you started:

Shipping Schedule: If you ship products to your customers, consider shipping on a schedule. This will allow you to save by shipping in bulk. If you need to ship overnight, check sites like Shipping Sidekick to get the best rates.

Shop Outside the Box: There are savings everywhere if you are willing to look beyond usual suppliers. Bankruptcy and government auctions are great places to acquire equipment and office furniture. If you don't live in a metropolitan area, shop from home using the phone and web. Remember to make purchases with a credit card in case you need to challenge the sale.

Bartering: Home-based businesses have an advantage when bartering since they can network with other companies operating from home. By trading services, cost-cutting and powerful networking alliances can result. Also, consider barter exchanges like itex.com to find connections.

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HUMAN RESOURCES

How to Design Jobs to be Self Motivating
By MBA Member Don Hoernig

Most owners of small and mid-sized businesses come to the realization that a motivated work force is critical to business success. Yet too often they overlook an approach that is free, and to some extent already in place.

There are five characteristics inherent in any job:

Skill Variety the various skills and knowledge sets needed to perform the job

Task Identity the extent to which the job is handled from beginning to end by the same worker, producing an identifiable and complete outcome

Task Significance the extent to which the job has a broader and more general impact

Autonomy the amount of freedom and discretion the worker has in performing the work

Feedback the amount of clear and direct information the worker receives about his/her job performance

When performing jobs in which these five characteristics are present to a high degree, workers are more committed to and more involved in their jobs, and are motivated to perform them better.

So, when designing jobs for your business, build in as much of these five elements as you can, and then add more. Remember, the higher the amounts of these five characteristics in their jobs, the more motivated the workers, and the closer you are to achieving business success.

Don Hoernig is the president of Leadership Associates which focuses on strategic planning and leadership. The company's special emphasis is on employee performance management. Contact Leadership Associates at (215) 563-0570.

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IT

Change for Facebook Business Pages Means
Free Marketing Opportunities for You

If you don’t have a Facebook page for your business, now is the time to create one. Facebook is becoming an excellent resource for marketing your business. And recent changes can make your company announcements more visible to current and potential customers.

Now, when you make status changes or additions to your company’s page your business updates will show up right next to the friend updates on your fans’ pages - this breaks down the previous barrier between business and personal contacts.

The new changes also mean that there is less space to utilize in the apps area of your page, so be sure that you only display links and RSS feeds that are relative to your business. And since your updates will be viewed more often by your fans, be sure that you make a habit of regularly updating your content. But be careful; don’t overwhelm your fans with too many updates or unimportant updates, or they will block your future posts.

Create your own company's page on Facebook, then become a fan of Midlantic Business Alliance to receive information about events, benefits and other goings-on in the MBA business community.

Getting More with Microsoft's SB+

Microsoft's Small Business Plus program is a free resource that offers small businesses personalized online support 24/7. Among the support options are Online Concierge Chat Support offering immediate answers for basic questions on Microsoft products. SB+ also offers online classes that can be taken at your leisure so you can get the most from your Microsoft products. Included with your free subscription is a monthly newsletter full of tips on running your small business.

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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 Event

Join us for bagels, coffee and business, and bring plenty of business cards!

Wednesday, June 3, 2009
8 AM - 10 AM
MBA Conference Room - Broomall, PA

$5 for members,
$15 for non-members to attend,
$30 for non-members to attend and join MBA

Click here to learn more or register

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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.