WELCOME

From time to time I've been accused of being old fashioned and not especially eager to try new things. And I can understand that thinking. I do tend to turtle (that's "turtle" as a verb). But sometimes looking at older techniques works better than one might think. Take a handwritten note for example.

If you've made a presentation to a prospect, what better way to differentiate yourself from your competitors than to write a short personal note. A handwritten note to say thank you for the time and perhaps a comment about how well you think your product will fit in with the prospect's operation.

Please do follow up in other ways of course: e-mail, letters and phone calls are possibilities. But don't forget the power of a handwritten note (and please, on a notecard, not a lined sheet torn from your 3-hole punched tablet).

So, if it helps with your sales efforts, let them call you old fashioned. You'll be the winner when the checks come in.

Libby Beatty, Chair
MBA Board of Directors

NEWSWORTHY

Extend Dependent Coverage Up to Age 26

The Administrators, Inc., Midlantic Business Alliance's insurance administrator, has asked us to notify our current members of the following:

For plan years starting on or after September 23, 2010, the Affordable Care Act requires group health plans (including grandfathered plans) that cover dependents to continue to make dependent coverage available until age 26. However, for plan years beginning before Jan. 1, 2014, grandfathered group health plans offering dependent coverage will not need to make this coverage available if the adult child is eligible to enroll in another employer-sponsored health plan.

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MARKETING

Making the Most of Published E-Articles

Having your articles published is a necessary component of a thorough marketing campaign, but do you know how to get the most from your efforts? The key to your success is your author resource box which is the notice that accompanies your article. It includes your contact information, your bio and your offer. This is the information that will get you the recognition you set out for, so make sure you follow these tips to get it right:

Anchor text is the most important text that you write. It contains the phrases/keywords that have hyperlinks to direct readers to your site. Different publishers have different rules about how many words can be hyperlinked; some allow only three. Be sure to choose your anchor text wisely as it is likely to increase the chances of being found in search results.

Make sure your resource box is more than just a link to your website. Use your biographical information and brief business history to accompany your link.

Less is More. Mention the link to your site only once, allowing you to make the most out of limited character space. Depending on the publisher, only two to three links in your resource box are permitted so use whatever is left to link readers with a page deeper in the site.

Low-Cost to No-Cost Marketing

The following marketing tactics will help you to bring your business out of the shadows and into the limelight
for little to no cost.

All they require is boldness of action:

• Court the Competition: Invite entrepreneurs who offer similar services or products to a friendly networking lunch. Ask them if they would consider referring their excess load to you. If any follow through - be sure to thank them with a clear gesture to secure the relationship.
• Volunteer as Talent: Offer to share your expertise at local radio stations as on-air talent (if you have any). Or, offer to answer phones during one of their pledge periods. There's a possibility you will be given a chance to plug your business. If you can, mention your website too.
• Become a Storyteller: People generally love good storytellers. Spend some time crafting your story then approach a media contact to see if they have any use for it. Of course, use the opportunity to act as a valuable contact, giving the reporter leads on news and stories surrounding your industry.
  

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YOUR FINANCES

Debt Collection - the Electronic Way

E-mails, text messages and social networking sites are powerful tools for collecting debt:

1. Social Networking: These sites can be used to track down disappeared customers as profile pages often have contact information like email address, telephone numbers and addresses of place of employment.
2. Emails: Using emails to seek payment is a less invasive technique than a phone call and it gives the customer a sense of control as they choose when and how to respond.
3. Text: Get signed consent from every customer you text to and give them a way to opt out if they choose. Be sure that the language of the contract includes the understanding that texts are recognized as a legitimate form of billing or "servicing the account." There should also be a provision that gives you permission to reach the customer from the mobile number as well.

Bargaining with Vendors

When you're strapped for cash and you've exhausted your options, you may consider less viable ones like working with your vendors. Vendors can be a great source of cash if they'll extend your payment terms. A basic example is extending your 30-day term to a 60 or 90-day term.

When asking for new terms make sure that you deal directly with the person in charge of credit. If the supplier is within a reasonable distance, make an appearance to discuss your proposed terms. And be sure that you propose terms that will be renegotiated in a specific time period.

If you successfully renegotiate your terms be sure that you stick to it and be honest right away if you can't pay. Honesty is a good policy that will keep the working relationship alive.

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FOR THE HOME-BASED BIZ

Taking Your Home-Biz to Retailers

Once you've perfected your product and ready to present it to retailers you need to have a plan of action.

Here are some tips for presenting your wares and enhancing the chances of getting your product in stores:

Approach: After you've compiled a list of potential stores, use your local contacts for recommendations or introductions with the buyers/owners. Be aware of the date of trade shows or trade marts because buyers are less likely to increase inventory after making recent purchases.

Meeting: Ask the store buyer when their slow time is and arrange your meeting around it to minimize customer distractions. Alternately, customers may show an interest in what you're selling, so be aware of them as they browse.

Presentation: Be sure that your samples are in perfect condition as it enhances their appearance of quality and your appearance as a professional. Arrange and present your items by theme, price and demographic and take a creative approach by suggesting places in the store where you think your product would move best.

Deal: Make sure that you leave a sample and set a date either formally or with yourself to follow-up on the offer. Many stores prefer to work on consignment for a trial basis. Be sure to discuss the terms such as length of time, the percentage of profits and the liability for damaged or lost items.

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HUMAN RESOURCES

Cutting Business Vehicle Costs

Although the economy may be puttering along at a snail's pace, your business still needs to drive in the fast lane.

Here are some tips for helping you
cut travel costs:

• Time to Buy: If you are poised to take advantage of generous manufacturer deals consider buying instead of leasing. New tax breaks and mileage laws may make it worth your while. Check out the IRS mileage rates and breaks at IRS.gov.
• Changing Coverage: Reducing the collision coverage on older vehicles will save money because the insurer will only cover the car's current value. Also ask your insurance provider other ways that you could save on aged business vehicles.
• Basics: Regular maintenance should be assigned to the person who spends the most time driving the vehicle. Make sure that the driver also regularly checks tire pressure and wear because they affect the amount of fuel the car consumes.

Department of Labor Unveils New Web Tool

The U.S. Department of Labor has an interactive Web tool, ERISA Fiduciary Advisor, to help employers comply with federal employee benefit laws. The ERISA Fiduciary Advisor provides information and answers to a variety of questions about who is a fiduciary and their responsibilities under the Employee Retirement Income Security Act (ERISA). ERISA is a federal law that sets standards of conduct for those who manage a private-sector retirement plan and its assets.

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IT

Simplify Your Accounting Software

If you are looking for a simpler way to invoice your customers and keep track of your employee's time then FreshBooks may be the right accounting software for you. This online service is user-friendly and quick to set up.

The free version can be found at freshbooks.com and it will illustrate how easily you can set up accounts with PayPal and other methods of online payment. FreshBooks also lets customers view their own accounts online giving your client peace of mind and giving you accountability when it comes to collecting fees.

Word-of-Mouth Widgets

Social marketing website Social Twist released a social ad unit which is a word-of-mouth widget for online advertisements. Social Twist currently hosts over 35,000 customers with some big-hitters like P&G, Intel and Greenpeace.

The ads, referred to as TAF4 Ads (tell-a-friend), give visitors the ability to e-mail ad templates to friends. Then, friends can view the original when they click a button at the top of each ad. Some critics think the logic behind the widgets is flawed insofar as people don't enjoy ads enough to want to share them with others.

But it doesn't take a caveman to figure it out. Widgets of this type represent another avenue for businesses to create kitschy eye-catching ad spots that mean extra and effortless revenue.

Go to Social Twist to learn more about TAF4 ads and how they can boost your site's bottom line.

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COMMENTARY

I'm Small Business…I Employ America
You do your job and I'll do mine

By Stephen Markowitz

And so it continues. Small business owners who make an "outrageous income" in excess of $200,000 to be denied tax relief. Health insurance? You bear the brunt or pay additional payroll taxes to the government. Unions? Allow them to get fatter, organize without elections, and get tax relief not available to you.

In my last commentary I referred to MBA's plan to form a members' group to develop strategies for lobbying to the public. The objective of this group is to develop and present a clear picture of the damage being done to small businesses today and the consequences that has for economic recovery. The group will also counter the images currently being marketed of small business owners as part of a selfish minority of high-income earners who should not be eligible for any tax relief.

You need to be a part of this group regardless of your political affiliation. In fact, we want as diverse a group as possible.

It is not the intention of MBA to have a group that lobbies for any candidates during elections. Actually, the first meeting of this group will not take place until after the November elections.

The time has come for you to have your voice heard; to assist in the development of strategies for publicizing the small business dilemma to the American public. If you are concerned about the impact of all the new legislation on the future of your business, your family, and your employees, please get involved with MBA's action group.

The first meeting will take place in late November when we will begin developing strategies and methods of accomplishment. If you are not going to take it anymore, email MBA at IEmployAmerica@mbainc.org with this message, "Count me in. I plan to be part of the solution."

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.

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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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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.