WELCOME

So, you're in your PJs and slippers, shuffling down to the basement "office" where the computer waits patiently. You then realize that the hot water heater has broken and water is steadily trickling toward your one and only computer and its tangle of wires and cables.

Trouble seems to find its way to one-person businesses regardless of whether you operate a consulting firm, a landscape business or a mortgage company. But the number of home-based businesses is soaring likely due to the not-so-great recession.

Here are a few ideas to keep your at-home business running smoothly:

• Pay your bills on time and keep good records. Little bits of paper won't work, especially at tax time.
• Keep your electronics high tech and, if you aren't a technician yourself, be sure to have reliable help at a moment's notice. A one-person business can't afford to lose any more time than necessary.
• Make sure you have adequate supplies and space to put them.
• Keep your home office presentable if clients visit.

Keep a professional "edge" to all that you do with your home business.

Libby Beatty, Chair
MBA Board of Directors

NEWSWORTHY

Do You Need to Amend Your 2009 Tax Return?
IRS Summertime Tax Tip 2010-12

If you forgot to include some income or to take a deduction on your tax return - you can correct it by amending your tax return.

In some cases, you do not need to amend your tax return. The Internal Revenue Service usually corrects math errors or requests missing forms - such as W-2s or schedules - when processing an original return. In these instances, do not amend your return.

However, you should file an amended return if any of the following were reported incorrectly:

• Your filing status
• Your dependents
• Your total income
• Your deductions or credits

You may also elect to amend your 2009 return if you are eligible to claim the first-time homebuyer credit for a qualified 2010 home purchase. The amended tax return will allow you to claim the homebuyer credit on your 2009 return without waiting until next year to claim it on the 2010 return.

Source: IRS.Gov

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MARKETING

Getting Customers to Commit

Giving customers a sense of certainty and security are key ingredients when it comes to creating loyalty. Of course, part of that commitment is also about keeping things exciting and new. Here are some ideas to keep your customers committed to doing business with you:

Differentiate Your Business: Study your competition to see what they have in common with you and then take a different direction. Position yourself as unique among the herd. People want to follow innovative leaders.

Show Your Commitment: Trust arises from a mutual effort to support one another, so show your loyalty by offering satisfaction guarantees that benefit the customer.

Share Expertise: Free newsletters, like this one, that contain valuable information allow you to give rewards for little or no cost. And be sure to let your customers know about your sales and news to keep them in the loop.

Give Your Business a Voice

The human voice is one of the most powerful tools for inspiring action, and it is so unique that it can be used to brand your business.

Here are some cost-effective methods for utilizing the power of voice:

• Internet Radio Shows: Internet radio stations provide a wide range of listening audiences and often require no capital investment. Recording your own radio show is relatively simple, and it's a good way to gain exposure and showcase your expertise. Sites like UBroadcast.com let you broadcast live TV and radio shows via the web.
• Public Speaking: Industry trade shows, business schools and organizations like Toastmasters give you an opportunity to be heard, and are great places to hone your skills.
• Downloads: Downloadable Mp3s, podcasts and radio shows can be offered from your website. Creating a series of regular programming will give listeners motivation to return to your site regularly allowing you to keep them informed about your product and sales announcements.

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YOUR FINANCES

Pay Your Bills on Time…or Sooner, if You Can

Some business people believe that they can improve cash flow by stretching out their monthly payments. This mistake may actually cost more in the long run as larger companies and suppliers have no problems adding late payment fees and withholding service or shipments.

Instead of floating bills, try to create a payment schedule so your checks arrive early. By keeping a payment schedule you'll be able to manage your cash flow more realistically and make better budget projections. Your suppliers may also be more eager to do business with you. Plus, if you have a late-payment issue again, you may find companies are more lenient because of your history of paying ahead of time.

Rethinking your Budget

A functional budget is an essential tool if you want to plan your spending. Here's how to make a budget that allows you to make the most of your cash flow:

1. Be Realistic: It's good to be optimistic, but make sure that you are practical when it comes to projections about turnover, profits and expenses. You'll only be fooling yourself.
2. Review Data: Use figures from last year to give you insights into your spending habits. Ask suppliers, partners and associates who may lend insights into your spending habits.
3. Be Complete: Beyond projected sales and costs, you need to include overhead like mortgage, amenities and marketing. Accounting software usually has a budget planner that will help make sure you don't miss anything.

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FOR THE HOME-BASED BIZ

Classified Ads for Home-Based Businesses

A well conceived three or four-line ad in a local classified section can provide significant prospects for your home-based business.

Here are some tips for creating a classified ad worth its weight in words:

• Know Your Customer: Recognize the different needs of different customers and show how your product / service helps fit that need.
• The Right Publication: Place your ad in a periodical that you believe your target audience reads.
• The First Few Words: The first few words of your ad should read like a headline in a newspaper, so use them to your advantage. The idea is to get the reader's eye to stop scanning the page and focus on your message. Use an attention grabber.
• Credible & Appropriate: Consumers today are wiser and more cynical than ever, so don't sell by stretching the truth; use facts, not fantasy.
• Eye on the Competition: Watch out for your competition. Use their presence to gauge whether or not it is worth the time and money to advertise where they advertise.
  

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HUMAN RESOURCES

Your Maternity Leave Policy

For a small business, a pregnant employee could upset the balance of your workforce. In order to prevent the unexpected, you need to create a maternity leave policy.

The FMLA (Family and Medical Leave Act) has guidelines that will help, but you will have to make the decisions for your company's best policy.

Here are the larger issues you need to consider:

1. Eligibility: The FMLA requires that an employee must work for a year before they are eligible to take maternity leave, but employers can lower the requirement if desired.
2. Types of Leave: There are various options for giving leave including intermittent leave, reduced-schedule leave and block-of-time leave.
3. Pay: The FMLA does not require employees to be paid during leave, but you may decide to do so as an employee perk.

WorkOptions and MaternityLeaveMentor are good sites to consult while creating your policy.

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IT

Google Boosts Your Search Rating
Here's How to Take Advantage

In an effort to increase customer's user experience, Google has given higher rankings to local businesses rather than global ones. This gives smaller businesses an opportunity to increase their online visibility.

Here are some tips for enhancing your chances of being found:

Claim Your Listing: Use the Google Places tool to add your business to the database so you will be found through Google searches and on Google maps.

Keywords: Businesses need to use keywords that span the reach of their services and products. Google allows you five distinct categories that increase the chances of getting results.

Build Trust: Google also ranks you based on how long your site has existed and how many links you have with trusted sites. When courting trusted sites to request a link, remind them of the reciprocal value as creating links helps both businesses.

Yahoo Search Pad

Yahoo wants to make researching the web easier. Search Pad is a note taking tool that is integrated into Yahoo's search engine. Search Pad doesn't stray too far from other note taking applications on the web but it also adds links and thumbnails to your notes while recording the site address where you found the data.

One feature unique to Search Pad is its ability to switch into research mode when it senses a theme in the notes, automatically bringing up information related to your queries. The research you do on Search Pad can be retrieved remotely. You can also send or share your notes with anyone via e-mail or as a web link.

For more information or to try it now, click here.

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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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