WELCOME

Small businesses, especially in the early stages, fight a brutal battle against frustrations and obstacles. And this bleak economy is no ally to the entrepreneur trying to keep existing customers happy while seeking new ones who expect superior service, high quality and record-low prices.

So what is the best way to keep everybody happy? That's a tough question, given the new set of circumstances handed to our smaller businesses. Dropping prices is difficult all by itself.

Make sure you're contacting your prospects and customers as much as possible, letting them know about a sales promotion you're having, asking about their business or simply calling to say hello. You've no doubt heard that customers will often buy based on relationship rather than price.

MBA is proud to welcome Andy Laskey, The Entrepreneur's Source, who will present the seminar Strategies for Growth in a Down Economy; how to effectively run and grow a business. There's still time to register for this valuable workshop, just two days away. You'll hear from an experienced professional who will help us recognize some of the pitfalls of business today; sagging sales, eroding profits and marketing "misfires." Discover how to get more time back for yourself and the steps to business freedom.

MBA invites you and your guests to Strategies for Growth in a Down Economy, Thursday, June 25, 9 AM to noon at the MBA conference room. Please reserve today so that materials may be prepared for you.

See you there,
Libby Beatty, Chair
MBA Board of Directors

NEWSWORTHY

In case you didn't read this article last time,
we thought it was worth including again…

America's Recovery Act Guaranty Around the Corner

On June 15, the U.S. Small Business Administration will begin to guaranty loans made to small businesses in an effort to help them redirect cash flow from managing debt to investing in their business. The deferred-payment loans go up to $35,000, are interest-free for the borrower and repayment is deferred for 12 months after the final disbursement.

The loans themselves will come through commercial lenders that are SBA participants. For further details including eligibility and terms visit the ARC page.

BACK TO TOP

MARKETING

Piggyback on Popular Summer Businesses for a Marketing Alliance

As outdoor and summer-strong businesses prepare for their busy season, now is the time to approach them to suggest a summer marketing alliance. By either splitting the cost of new ad pieces or simply supporting one another's efforts to market, you can increase your reach twofold. Here are some businesses to consider partnering with:

Home Care Businesses: These businesses may include pool care, lawn care, or even home renovation. These types of businesses typically have lots of extra space on their equipment tows or trucks. Consider becoming an affiliate with one or more of these businesses in order to get your ad towed and parked around the neighborhoods of your potential customers.

Pet and House Sitting Businesses: Many people leave their homes and pets in the hands of professional businesses when they go on summer vacations. These businesses literally have access to the inside of potential clients' homes. Perhaps the company could place your marketing materials in their bill.

Resorts and Sports: Summer is a big travel season so resorts, hotels and B&Bs are good places to get your materials in the face of vacationers and travelers. Likewise, summer sports and outdoor supply and adventure companies offer opportunities to promote your business by sponsoring teams, contests and events.

Not the Same Old Nametag

Scott Ginsberg, "The Nametag Guy," is redefining the way business professionals use nametags with his online training network. Nametag TV offers instructional/inspirational video modules for entrepreneurs covering topics like communications, marketing, and approaches to sales and service. The videos, which are updated regularly, are free to watch, download and share.

Nametag TV offers a connection to the Nametag network that includes Ginsberg's popular blog (which is in the top 50 of the 100 most popular business blogs) and his YouTube modules that offer more tips, speeches and stories. If Ginsberg's style speaks to you, customized training videos for your organization are also offered.

BACK TO TOP

YOUR FINANCES

Catching a Bouncing Check

If your business accepts checks as a form of payment, you are all already familiar with the perils of the bad ones. Like most problems, a solution can be found in taking preventative measures:

Check Authorization Agencies: These agencies can scan a customer's check at the time it's presented to alert you to recent bad checks.

Ask Your Bank for a Heads-Up: Typically, checks pass through clearinghouses before your bank receives its reimbursement for the amount debited to your account. If the first pass fails, the check can only be run one more time before it's returned to your bank. You can request that your bank notify you after the first time the check fails, so you can call your customer's bank for sufficient fund verification before re-depositing the check. This will save lots of time waiting to get the check back.

Check Re-Presentment: Ask your bank if they offer check re-presentment. Banks that use an Automated Clearinghouse Network can electronically exchange payments and remittance information. This electronic method allows a third chance to let the check clear before it's mailed back to you.

Stop Copying Me!

There are ways to legally protect your business's intellectual property from copycats and imposters, but it is up to you to keep watch. Here are some tips for protecting your business's big ideas and designs:

Employee Involvement: A confidentiality and non-disclosure agreement should be part of each employee's work contract. If you don't have such a clause - add one. Also, consider appointing a trusted employee to use part of their workday to police the web and your competition to make sure that your materials are not being abused.

Legal Protection: Patents, trademarks and copyrights can legally protect you and serve as strong evidence should you find yourself in court with another business. Patents and trademarks can be obtained through the U.S. Patent and Trademark Office. Copyrights can be registered through the U.S. Copyright Office.

Safeguard with Security Measures: Watermarks, Digital Rights Management Software (DRM) and formatting content into locked PDFs can add a layer of protection. LockLizard and Aladdin are two popular DRM suppliers.

BACK TO TOP

FOR THE HOME-BASED BIZ

Preventing Marketing Maladies

As a busy entrepreneur, your approach to marketing may often be a process of trial and error. From the way you present your business to the way you price your products there are many mistakes to avoid. Here are some pitfalls and some tips on how to avoid them:

Showing Your Size: Consumers don't need to know the logistics behind the size of your business. They just need to know that you're professional. Give the appearance of professionalism by using multiple e-mail addresses to "delegate" incoming issues. Also, consider a toll-free number.

Undercutting Price: Simply trying to undersell your competition can have a detrimental effect as it can diminish the value of your product/service. Instead, try to increase your overall worth by bundling merchandise or adding additional services as a bonus.

Bragging: Using strong sales copy to promote your product is a good step, but without customer testimonials and references to back it up, it's baseless bragging.

Free Software: Free software can be a great way to create materials on the cheap, but some freebies contain watermarks or tags that if found by clients can make you look unprofessional.

BACK TO TOP

HUMAN RESOURCES

Recruiting with Employee Referrals

Employee-referral programs are a great way to discover new talent, save money and motivate employees. To start, be sure that you provide your employees with specific criteria including mandatory qualifications of candidates and guidelines for making referrals and receiving rewards.

Keep the following points in mind when implementing a referral program:

Rewards should be given based upon the referral's successful completion of predetermined milestones. Rewards can range from cash to company perks.

By limiting the number of referrals an employee can make, only the most qualified will be recommended.

Track the success of your program against your other recruitment methods like newspaper ads, job fairs and employment agencies. Make sure the costs and hires are worth your while.

But be careful about relying too heavily on your referral program. It could lead to an employment discrimination case from a rejected candidate because of underrepresented of applicant groups.

BACK TO TOP

IT

Be Creative with Free Tech Tools

Here's another round of innovative sites that may be able to help you improve business at no cost to you - besides time.

Mindmeister.com: This site offers free creative and collaborative software that allows you to mind-map (connecting relevant ideas, i.e. thought bubbles) with a click-and-drag interface. A basic free version is available.

Survey Monkey.com: This tool helps you create online surveys for your business. The basic version is free allowing you to survey up to 100 people with a survey of up to 10 questions. Your free membership offers you over 15 survey themes, 15 types of questions and the ability to view results as they are reported.

Local Small Biz Gets Help from Google

Businesses that use the free Google Local web service can customize their listing on Google maps with photos, hours of operation, business details, etc. Google has now added a free dashboard tool to help users track their online presence.

The easy-to-read tool shows you how often your business comes up in search results, how often it is bypassed and how often people request directions via Google Maps and where they are coming from.

With free analytics like this, small businesses can measure the impact of their online advertising efforts and enhance their presence on Google and the Internet.

Sign up is easy and takes only minutes.

BACK TO TOP

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.

BACK TO TOP

MBA EVENTS OF INTEREST

Registration Extended!
Seminar: Strategies for Growth in a Down Economy

This hands-on workshop is designed for the business owners who employ at least several team members and who are determined to achieve significant growth and change in their business over the next 12 to 24 months.

Thursday, June 25, 2009
9 AM - Noon
MBA Conference Room - Broomall, PA

$10 for MBA members,
$25 for non-members,
$35 for non-members includes seminar & MBA membership
(all non-members must pay in advance)

Click here to learn more or register. Interested in listening to a more detailed overview of this seminar through podcast, click here.

BACK TO TOP

Sponsors of MBA's AR Online Newsletter

Louviers Mortgage Corp.
(302)234-4129 ext. 41
Funding dreams into reality

The Administrators, Inc.
(800)634-4428
Making health insurance affordable

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.