 WELCOME
Small businesses are frequently flummoxed when it comes to advertising since there seem to be so many choices. I definitely don't want to be dissing print ads since that is still a very-viable medium, but small businesses are, more and more, choosing online advertising as their main form of publicity. Aha, but how to reach your target audience in a cost-effective way? Advertising doesn't come cheap whether online or print.
Fortunately, there are less expensive ways to put the spotlight on your business - some of which can produce pretty amazing results. Newsletters, delivered by e-mail, can represent the most cash-conscious advertising buy for small businesses. Naturally, as a self promoter, I am speaking of AR Online (drum roll please), the Alliance Report propelled by the magic of the Internet.
AR O is prepared to publish your already-designed ad (and we will be glad to make adjustments) or you can actually speak to a person (imagine that!) who will discuss what information you would like emphasized in your ad, what artwork might suit your image and if you don't have a logo, we can help you with that too - all at a very reasonable rate.
Send an email and tell us about your advertising goals. We'll be glad to help.
Libby Beatty, Chair
MBA Board of Directors
NEWSWORTHY
Google Extends a Cyber-Hand to Small Biz
In a joint effort with the SBA, Google has recently released  a resource site for small businesses. The site focuses on how small businesses can use Internet tools to grow their businesses.
The topics range from how to utilize free marketing tools, paid advertising, social networking and search engine optimization. The page is easy to navigate and includes resources and training to help make the most of the online business tools. Each tab provides a video of real experts and business owners sharing their stories, advice and guidance.
If you have been slow to integrate your business into a web presence, these videos will help you see how real small businesses are benefiting from the power of the Internet.
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MARKETING
Marketing to the Lost Segment
The marketing campaigns of most businesses today target thr ee segments of the population: the youth audience, adults 25-54 and seniors 65 and older. What is missing is the 55 to 64 segment that represents over 79 million baby boomers.
Here are some reasons you should direct your marketing efforts at this commonly overlooked demographic:
- This demographic is more aware of age and its implications than their parents, so don't patronize them by focusing on active seniors or youth audiences and think that they will relate. This group is receptive and waiting to be approached.
- This age bracket should not be taken for granted. Brand loyalty is not fixed and this group is open to new services, products and technologies.
- This group of adults has more knowledge of aging and health than any generation preceding it. They have the option of aging slowly, so play to these knowledgeable customers and focus your message on quality of life.
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YOUR FINANCES
Deadbeats Got You Frazzled?
Asking the Right Questions to Get What's Yours
Collecting late payments can be a delicate matter, but if you  know what questions to ask you can get the answers (and the payments) you need. Here are some suggestions:
To whom should I speak regarding this invoice?
Make sure you are talking to the person in charge of taking financial action whether it's the chief financial officer or the owner of the business.
Did you receive the invoice?
Don't assume that your customer is just putting you off. Sometimes mail really gets lost, or invoices are incomplete or incorrect.
Was there a problem with our service/product?
Be sure to have a clear contract of business terms, so that you can deal with discrepancies according to your company's protocols and policies.
These questions show the customer that you are aware of overdue payments and that you are ready to help them deal with the problem before the term "collection agency" needs to be mentioned.
Cash Control
Cash is the lifeblood of your business and, like the blood of our bodies, we are often unaware of its flow. Here are some strategies you can use to strengthen your awareness of your business's cash flow, so your next P&L statement won't stop your heart:
Billing and Collection Protocol: Accounts-receivable systems need to be managed strictly and within certain parameters. Try collecting outstanding receivables within 30 to 40 days.
Accounts Payable: Overzealous check writers may be paying the bills too quickly, putting an unnecessary squeeze on cash flow. Try scheduling bill payments for their due dates unless you are receiving discounts for early payment.
Bang for your Bank: Consider comparison shopping for new cash-management strategies and services from banks. By simply surfing the web, you may find a bank that has lower fees and more convenient services.
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FOR THE HOME-BASED BIZ
Make Your Home Office Sound Like an Office Building
Enhancing the perception of professionalism is integral when operating your home business, so why not start with communications.  A wide variety of hosted phone systems are available that can make your home business number sound like the portal to a bustling corporation. For example, Onebox specializes in offering virtual PBX systems to small businesses.
Onebox does not require the installation or purchase of hardware or software as it functions from a regular phone switchboard. The service is provided remotely for a flat rate and includes features like an auto-attendant, professional greeting, advanced call-forwarding, on-hold music, voicemail and a toll-free number.
The site includes various visual tutorials on how the service works, including pricing plans and a feature comparison guide.
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HUMAN RESOURCES
How a Receptionist Can Boost Business
Pros pective customers who are calling to inquire about your business can be easily turned away by unanswered phones or a busy signal. One way to avoid this is by hiring a remote receptionist. There are many virtual office services available in this area - just check out our online directory to find one near you.
Services can include call answering, order-taking, virtual assistant or a live remote receptionist. To find the best one for you, ask the following questions:
- What services are offered?
- Can calls be screened and forwarded to you or put into voicemail?
- Can they take orders?
- Can they answer basic questions about products?
By having someone capable of performing these tasks during business hours (or even off-hours) you will more likely turn prospects into customers.
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IT
Doodle Your Next Meeting
Doodle is a free web application that allows you to coordinate times and dates for appointments, events, conference calls and more.
Here's how it works. After you sign-in to your home page you'll have the option to create an event. Next, you will create a name for the event and add any necessary details as a description. Then choose dates and times that you'd like to suggest to attendees on a virtual calendar.
When you submit your event request you will receive two e-mails. One e-mail is meant to be forwarded to your invites with a link that takes them to a voting page. The other is a link to connect you to administrative options.
Doodle is compatible with many popular organizational tools like Outlook, Google Calendar, Sunbird, and Mac's iCal and can be used to view updates on the state of their Doodle polls.
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COMMENTARY
Down the Rabbit Hole
Stephen Markowitz
The spend-and-tax strategies of this Administration continue to be debated in Congress, but the worldview of this approach has been soundly thrashed by the G8 financial meetings held in Canada. Europe has basically said, (gulp) that competent financial management dictates that you must spend less money than you earn. While the Obama Administration is understandably upset at the world leaders' failure to recognize its forward thinking (and debt-laden) strategy, it is hoped that more professional minds will appreciate the European perspective.
Our domestic philosophy has changed drastically in the past two years, with you (and of course President Bush) being the cause of all current problems. But there is a management lesson to be learned from the fiasco that is US economic policy today. Eventually every business owner comes to realize that good intentions do not outweigh the ability to pay for them. Our employees and our vendors cannot live by hearing that the current problems are somebody else's. Our hopes of increasing promotion and thus sales does not work if we keep failing to pay our bills to the various service segments that carry out those promotions. And the failure to pay our debt to those suppliers in fact handicaps our ability to achieve our noble goals, namely to increase revenues and protect jobs.
It is time for us to let our financial leaders in this Administration know how we feel about their failure to spend what they earn and not what they hope to gain from increasing your tax obligations. The next time the leader of the free world says he hopes you are ready to stand up and be the man when it comes time to make hard budget decisions, we should all be proud to do the standing.
Stephen Markowitz is chief executive officer of The Administrators, Inc. His column Commentary appeared for 15 years in The Alliance Report, MBA's printed newsletter. His comments reflect his views and not necessarily the opinions of the board and staff of Midlantic Business Alliance. Contact him at SMarkowitz@TheAdministratorsInc.com.
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
Health Reform and You
It's a bottom line issue...And a Business-Boosting Breakfast
We’ll tell you how health care reform directly affects you and your bottom line. Come learn about tax benefits to you as well as your responsibilities.
Breakfast is on us if you are already a member*.
Wednesday, July 21
8:00 to 10:00 AM
Generations Restuarant (Need directions?)
9 State Road (not State Street)
Media, PA
* FREE to MBA members
$10 for non-members to attend
Click here to register.
View the photo gallery from our last networking event.
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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.
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