WELCOME

Your Gift Can Go a Long Way

Last week I had a nice, albeit short, vacation to New England. Sipping a Coke en route, the flight attendant tossed a couple bags of peanuts to each passenger, which caused me to wonder about two things: 1.) I thought peanuts were taboo on planes, and 2.) the passengers ate them up like they were starving.

There’s a message here for most small businesses. People (read: prospects) love to get something for free, so maybe you should think of something to give away to keep your message on their minds. Even though the peanuts had nothing to do with flying on a plane, the passengers liked their “gift.”

How about the landscaper who sends his prospects a seed packet with the company name imprinted. Or any type of business distributing pens with their company name and contact info. on the side (see MBA online directory under “advertising”). Or even the bakery that puts samples on their counter.

You’ve got the idea. Attracting new customers can be a trial and error process, but giving away something small but useful can be what works for you.

Sincerely,

Libby Beatty, Chair
MBA Board of Directors

(I’m still wondering about that peanuts on the plane thing.)

INSURANCE

The Administrators, Inc., Midlantic Business Alliance’s endorsed insurance administrator, has supplied the following article:

Walking Works!

Walking works – in a lot of ways. A brisk-paced walk can help you and your family look and feel better, increase energy, and pick up your spirits.

Walking can work to improve your health, too. A regular routine of brisk-paced walking daily can help you lose weight, lower cholesterol, strengthen your heart, and reduce the likelihood of serious health problems down the road. And with America spending more than ever on preventable health problems like heart disease, osteoporosis, type 2 diabetes, and conditions associated with obesity such as arthritis, every step counts.

Source: BlueCross BlueShield Association

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MARKETING

Marketing with the Seasons

Whether you are leaving your busy season or revving up for it – every business can use the turn of the seasons to bring change to their marketing campaign. Here are some ideas that will help you develop new strategies, find new customers and reinforce relationships with the old ones:

Reviews & Feedback: Asking customers to write reviews, testimonials or participate in a customer satisfaction survey at the end of the season is helpful because their experience is still fresh. A few great reviews can earn you some strong business referrals while surveys can reveal places for improvement or services/products in which your customers may have interest.

Keep Media Channels Open: Be sure that your media channels express as much change as the season by updating or adding/removing content. This means that e-mails, newsletters, fliers, blogs, YouTube videos and even coupons will get a face lift. Coupons and discounts for the following season can help keep you in your customer’s mind while updated videos and blogs keeps them actively involved with your upcoming changes, like new service/products and promos.

Event: An end-of-season event is a great way to create some face-to-face social interactions with your customers and reinforce their bond to your business. Parties, demos, guest speakers can all be linked with sales events that can help you move out old inventory at reduced prices.

Preparing your Website for Holiday Shoppers

The holiday season changes the way business is conducted, so make sure that your website reflects those changes. Consider the following as you optimize your website for the holidays:

Highlighting the Right Items: Deciding what to highlight is a compromise between the items that you want to move and the items you think your customers want to buy.

Get Social: If you haven’t created a Facebook page for your business and linked your e-commerce to it, now is the time. A recent study found that 16 percent of respondents purchased a product based on their Facebook friends "liking" or purchasing it.

Get Mobile: The rush and mayhem of the season will lead more and more shoppers to make last minute purchases on their mobile devices. This is a good way to find out how your page functions on these devices. Google Sites is just one option for creating a mobile business page fast and easy.

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YOUR FINANCES

Avoiding Common Accounting Mistakes

Many entrepreneurs handle their own accounting, not because they are particularly good with numbers, but because they want to save money. Check out the following common accounting mistakes which can be easily avoided when spotted early on:

Tracking Receivables: Your accounts receivable can be confusing if you are not absolutely sure who has paid your invoices. Take a harder look at the numbers then cut off service to delinquent customers. You can then resume it by requiring them to pay up front. If you are still having trouble collecting your money, hire a lawyer or collection agency for further action.

Know your Expenses: Just because something is working doesn’t mean doing more of it will make it work any better. For example, if your ad campaign is paying off and your revenue is up, don’t just blindly invest more in advertising expecting the same result. In many cases your expenses will grow faster than your revenue. Like the adage says, “Don’t bite off more than you can chew.” In this case, you could reinvest revenue in building strong relationships with your new customers. It’s cheaper to keep old customers coming back than trying to land new ones.

Know your Break-Even Number: The break-even number is the point at which revenue for a given period equals expenses. To calculate, take your total expenses and gross profit percentage, which is determined by dividing gross profit by sales. This will give you the amount you have to sell to break even. This is a good indicator because it lets you know what you have to spend at any given time without waiting until the last minute to find out.

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FOR THE HOME-BASED BIZ

Avoiding the IT Pitfalls of Home-Based Businesses

Nearly all home businesses rely on the Internet and their computing systems to conduct business and most of those businesses do not have IT support. Here are some of the most common IT hazards a home business can experience and how to avoid them:

Internet Connection for VOIP: If you’re using a VOIP (voice over Internet protocol) phone system for your business, you will need a high-speed connection to get reliable quality. Check with your cable or phone company to make sure that you have a business account that gives optimal service. With a business account you will also get priority during any service interruptions.

Backup: All businesses, regardless of their size, should back up their data on a regular basis. Some home-based businesses back up on-site (at home), but in order to protect your company’s valuable information, look for an off-site company that can store your data safely and securely. There are a wide range of options and price ranges to suit your individual needs.

Staying Protected: Home businesses are easy targets for skilled hackers. Make sure that you have security in place. There are many inexpensive programs available online, like AVG’s Anti-Virus that will scan your system periodically to keep hackers and spyware at bay.

Maintaining a Professional Image

One of the main reasons home business professionals choose to work from home is because it cuts costs. But cutting costs is not an ideal way to characterize the business’s image. Here are some tips to help ensure that your company is taken seriously:

Dedicated Phone and Website: A dedicated business line and website is an early indicator to customers that your business is legitimate and not just a hobby. This doesn’t necessarily mean that you need a professional to design your website, but it does mean that the website is dedicated to your business and not an offshoot of your personal webpage. A dedicated business line with a professional outgoing message gives customers the sense that you’re a real business and not a bum in pajamas trying to make a buck.

Personalize Communications: When customers submit forms, register with you or make purchases be sure that they receive a personalized confirmation. This creates a bond with your customers that is appreciated.

List a Mailing Address: Having a mailing address or a P.O. Box is another easy and effective way to show that your business is legitimate. Smart shoppers will be suspicious of businesses that don’t have a mailing address or lack any kind of contact information.

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HUMAN RESOURCES

What Kind of Employee do You Need?

There are more options for hiring employees in a small business than ever before, so it’s essential to structure the position and the candidates to make the most of the hire. Here’s an overview of several options to optimize your next hire and the growth of your business:

Full-Time: A full-time employee gives you control over the employee’s hours, schedule and their workspace. This position is for someone who is not only dedicated but has the ability to generate revenue and hold a position of leadership. Full-timers will cost more i.e. Social Security, unemployment insurance and other benefits.

Freelancers & Contractors: These kinds of employees are great when you need help for the short-term project or find yourself in a pinch with an excess of clients. These relationships work best when there is a clear assignment that has a defined beginning and end. Because contractors typically have their own interests in mind they may be less dedicated to your job than their own best interests.

Outsourcing: When you need a job done by a highly specialized professional in a hurry, outsourcing is a good option. For small businesses, customer-relations-related tasks are commonly outsourced to call centers or data centers. The downside is that outsourcing typically runs at premium rates and requires time and tinkering to manage the relationship.

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IT

The New Age of Tech Marketing Tools

As technological innovations continue to flourish and constantly resurface the face of the Internet, the marketing tools for businesses to reach their customers is changing too. Here are some of the innovations that could help your business connect to customers:

Hyper Targeting: If you are familiar with targeted ads (which track prospects’ online movements to gather data on their interests), hyper targeting is the next phase in which consumers are picked based upon hyper-segments. Simply put, the ads are delivered to people who are most likely to respond to them. Right now this is the tech of big business, but keep your eyes peeled for a version for small businesses.

Spot Targeting & Codes: The increasing presence of smart phones with built-in cameras has ushered in a new way to engage customers on the go. Quick Response codes or “QRs” are the little black and white pixilated squares found on products, advertisements and even stitched on fabric. These codes allow mobile users to take a photo of the code and get connected to a text ad, contact information or zip them to a webpage.

Real-Time Ad Editing: Some ad platforms give businesses the option to edit and tweak their ads in real time on the Internet. Some of these platforms connect to and derive data from social networks so that you can change ads based upon the gender, location or activity of your contact at any given moment.

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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.