 WELCOME
We're all in the same boat - the sales just aren't there. And spending hours and hours on the phone making cold calls just doesn't seem like the right thing to do. With the current economic climate, we just have to work harder. Here are a few ideas for working harder:
Suppose you get a few new customers. Yahoo! You worked hard! Now don't lose them. Keep them happy by offering samples, discounts and great customer service. Don't stop there. Call your new customers frequently to make them feel special.
Make a plan. You don't start a trip without a map. Be sure you have a business plan that will tell you where you're going and where you've been. That way, you'll know what to do at all times. The Internet offers loads of templates and information on business plans.
Let them know who you are. Most important on your list is networking. Any way you can. If there's a community meeting, go to it with your business cards. If you take an adult class, you'll spend hours with people who might need what you're selling. And, of course, watch for your association's networking meetings. I'm planning one right now.
Libby Beatty, Chair
MBA Board of Directors
NEWSWORTHY
Small Business Jobs Act Passed
A bill that that hopes to create 500,000 jobs and make credit more available to small businesses was signed by President Obama on September 27, 2010.
Here are some of the highlights of the bill:
State & Government Lending: The plan is to provide $1.5 billion in grants to state lending programs aimed at helping small businesses. Loan limits on government-backed programs will also be increased.
Tax Breaks: These breaks are aimed at encouraging small businesses to invest in new equipment, motivate new entrepreneurs and boost the value of small businesses to venture investors.
Community Banks: The Treasury Department will give cheap capital to banks with less than $10 billion in assets in order to bolster lending to small businesses in the community.
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MARKETING
Are Free Pay-Per-Click Ads for You
Pay-per-click ads function like most kinds of advertising.  They often need to be tested and fine tuned to get results, and sometimes the difference is made by changing one or two words.
One way to test your ad and save money is to test on your own website.By using inexpensive ad tracking software (webadverts.com / adtrack.com / BanmanPro.com) you can design and track the success of your campaign from your own website. By observing and making changes to your ad, you will be able to find the most effective ad for you.
Also consider teaming up with another site so you can both track from a site other than your own.
Avoiding 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 are professional. Give the appearance of professionalism by using multiple e-mail addresses assigned to various departments and consider a toll-free number.
- Undercutting Price: Simply trying to undersell your competition can have a detrimental effect as it can diminish value. 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.
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YOUR FINANCES
Record Keeping the Right Way
Sometimes small businesses can get away with keepin g loose records but, inevitably, as your business grows you will need to use your records to make informed decisions. Keep a Journal, a book where each transaction is recorded. Also keep a Ledger, a book that contains all the totals from your journals.
Since each business varies, here's a general list of items that should be included in a small business's record keeping system:
- business checkbook
- daily summary of cash receipts
- monthly summary of cash receipts
- check disbursements journal
- depreciation worksheet
- employee compensation records
Source: www.irs.gov
Save on Shipping
If your company is dependent on shipping, you already know how quickly-changing rates and unforeseen fees affect the way you do business.
Here are some questions to ask your carrier company that may save some money:
What kinds of surcharges can I expect?
You probably already know that surcharges can range from fuel to undeliverable packages to international security. But what you need to know is that all of these charges are negotiable, so put your negotiating skills to the test.
Can you provide my account history?
If you have been doing business with the same carrier for an extended period of time, ask them to provide you with a report of the fees you've paid to date. Then cite your account breakdown to negotiate deals with your carrier.
How can I make my freight more appealing?
Carriers are willing to offer discounts for freight that meets their shipping preferences. Make it easier on them and they can make it easier on your wallet.
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FOR THE HOME-BASED BIZ
A Virtual Assistant for Your Home Office
A virtual assistant can act as a business advisor, an a dministrative assistant or as a consultant in their field. And since virtual assistants operate from their own office setting, you will be spared the cost of having to invest in additional furniture, software, office equipment and space that an in-home employee would require.
With many cost-effective options for communicating available (many times for free), a virtual assistant can give you valuable feedback whether it's a research task or an opinion about a business idea, as if he or she was sitting across your desk.
Of course, always protect your business and ideas by having any new employee sign an employee non-disclosure agreement and have your lawyer review it. Two organizations that may help you find a virtual assistant: American Executive Centers & International Virtual Assistants Association.
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HUMAN RESOURCES
Check Your Biz Before You Wreck Your Biz
The law can hold property owners liable when people are hurt due to a hazard on their property. If a property owner knows of a problem and does not fix it or warn visitors of potential danger, they can be liable.
Prevention is the best way to protect your business so take a stroll around your property or store space to see what could potentially be hazardous. Even crimes committed in the proximity of your business can have repercussions for the owner if there is a correlation between the location and the crime. For example, bushes and shrubs can act as a cover for a surprise attacker, so make sure that your foliage is trimmed and lit to meet local codes.
The Cost of Help
If your business is reaping the benefits of failing compe titors, you may be considering hiring new employees. If so, here's what you need to consider about the "load rate" of hiring.
The load rate includes fixed expenses like federal and state taxes, insurance, workers comp, uniforms and paid leave. In general, experts say that each new hire will cost an additional 25-30 percent more than their annual salary. In addition to those expenses, consider the time needed to train the new employee and the added risk of losing customers due to the potential mistakes of new employees.
Don't be hasty with your decision, however, because if the hire proves to be a bad fit you will need to start over. And, of course, find a more qualified applicant.
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IT
Free Networking Apps Save Time and Money
Finding creative ways to cut costs is an essential  skill that every entrepreneur must hone, and now is the perfect time to increase your efforts.
These free applications will save time and money and help get your creative juices flowing:
- CrossLoop: This app allows users to see and control each other's systems through an encrypted network link. With both of your permissions, you and your collaborator can transfer files and help one another solve and fix IT problems, helping you to save time and cut your IT budget.
- Gladinet: This free starter edition allows users who remotely store data to access any of their information from one secure spot on their desktop.
- Network Notepad: With this application, create a geographical map of your network so you can visualize the links among all your devices for ease of use. The drag-and-drop interface allows you to assign icons to your devices. After assigning IP addresses to your devices you can use hotkeys to test or connect to various network locations.
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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
It’s Not Impossible
to Have a Paperless Office...
We’ll Show You How
Going "paperless" may seem a daunting task. It’s easily achievable when you break down your goal into manageable steps. It’s often best to achieve a "semi-paperless" environment before eliminating all paper from your office.
The average organization makes 19 copies of each paper document, spends $20 in labor to file each
document, and spends $120 in labor searching for misfiled documents. And this does not include the cost of distributing documents via mail or express delivery.
Going "paperless" (or using "much less paper") offers clear benefits: higher productivity, less storage space, fewer expenses, better customer service and increased profits.
Seems overwhelming right? Well...it doesn’t have to be.
Wednesday, November 3, 2010
8:30 AM - 10:30 AM
MBA Conference Room
867 Sussex Blvd.
Broomall, PA
Click here to view a full description for this seminar.
About Our Presenter:
Brooke Grubb is an Account Manager with Excel Business Systems, an office technology company in Newark, Delaware. Her focus is helping organizations increase the value and efficiency of their copy / print device
configurations, as well as offering hardware, software, and consultation to support
organizations with their “paperless” initiatives and streamline their workflow.
Brooke is also Secretary of MBA’s Hockessin Delaware Business Connections Group.
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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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