The seminar offers simple and effective small business marketing techniques that focus on real world, proven strategies.  Topics covered include:  packaging your business; creating cost effective marketing materials; communicating your message and avoiding common marketing mistakes.

If you are interested in signing up for the training, please contact Lisa at (570) 341-0270 for log in instructions.  The cost for the webinar is $10.

This article is provided by the Greater Scranton Area SCORE chapter.

When customers can easily comparison shop online with a few mouse clicks, the notion of loyalty seems almost old fashioned. Your best customers are someone else’s most sought-after prospects.

Big companies have adopted a fancy term for addressing the problem, called “customer retention management” or CRM. Massive amounts of time and energy are devoted to it, including countless Web sites, conferences, software products, online applications, magazines and books.

The core of the issue, however, comes down to something small business owners have been good at for centuries: building customer loyalty. A loyal customer is doing business with you, not your competition.

Small businesses that concentrate on keeping customers are more successful in the long run.  It only stands to reason. Selling to folks you already know and understand is more efficient, more predictable and more profitable.  A loyal customer base gives you an edge.

But building loyalty is not a marketing matter, so don’t look there for help. Spend all you want to attract new cadres of customers, but if they don’t stick around your days could be numbered.

When a customer leaves, you should consider it unacceptable. Find out why it happened and then work to prevent it from happening again.

To foster customer loyalty, a small business needs a strategy that keeps patrons coming back. It starts with basics that are sometimes overlooked. Thanking customers for their business, for example, goes a long way. But try going beyond a few spoken words. Write some thank you notes and letters. Make them personal and sincere. Just let them know you appreciate their business.

Creating value will help boost loyalty. Ask customers if there is anything else you could be doing for them. Then, after they tell you, do it.

Customers are more likely to be loyal if you make it easy for them. Review each customer  “touch point” — your phones, your Web site, your store — for ease of use. Offer incentives. You can’t buy loyalty, but you can make it easier to happen. Special perks, discounts or freebies for loyalty work wonders.

For additional planning help for your small business, contact SCORE “Counselors to America’s Small Business.”  SCORE is a nonprofit organization of more than 10,500 volunteer business counselors who provide free, confidential business counseling and training workshops to small business owners.  Call (570) 851.1608 or visit www.scorescranton.org to contact the Greater Scranton Area SCORE Chapter.

o    Issuers must now include a snapshot of how long it will take consumers to pay off their balance if they only make the minimum payment each month.  This will be contrasted against becoming debt free in three years. Many consumers are currently unaware of how deep a financial hole they’ve dug, and are content servicing their debt by only paying the minimum amount due each month.  This reality check provides them with the opportunity to stop digging deeper and instead, start digging out.

o    Credit card issuers are now required to include on customers’ statements a toll-free number where they may receive information about accessing credit counseling.  Not only will this information make consumers aware that help is available, but it will direct them to legitimate nonprofit counseling agencies for assistance.  Consumers in financial distress can now use their credit card statement as a resource to obtain solid advice and find solutions.

Pay attention to all mailings, statement stuffers and fine print.
Under most circumstances, the issuers must now give consumers 45 days notice before they increase the interest rate, change fees or make other significant alterations to the terms of an account. This provides the consumer with time to evaluate the revisions, and decide if they want to apply for another credit card that offers better rates and terms than the existing one.

Inform the creditor whether or not you want to allow transactions that will take you over your credit limit.
A consumer must tell his or her credit card company if he or she wants to allow approval of purchases over their credit limit, or the transaction may be turned down.  If a person does not opt-in to over-the-limit transactions and the credit card company allows one to go through, it cannot charge an over-the-limit fee. Also, if a consumer does opt-in to allowing transactions that takes him or her over the credit limit, the credit card company can impose only one fee per billing cycle.

Check your credit report for accuracy.
Card issuers are restricted from opening a new account or increasing credit lines unless the issuer first takes into consideration the consumer’s ability to repay under the terms of the agreement.  To satisfy this requirement, creditors will likely begin using income estimation models supplied to them by the credit bureaus.  These tools will review, among other things, data contained in the consumer’s credit bureau report. Since consumers are allowed one free credit report every 12 months from each of the three reporting bureaus, there is little reason for consumers to not review their credit report and correct any inaccuracies.

Pay your bills on time.
Consumers will know in advance when their payment is due (same date each month), have ample time to meet the due date (bill must be mailed or delivered 21 days in advance of the due date), and not have to pay to pay (no extra fees assessed if payment is made by phone or electronically). These provisions allow consumers to plan their payments, making it easier to stay current.

Consumers always need to remain diligent about managing their credit and becoming familiar with the provisions of the new act.  These changes should definitely help empower you to take control of your financial future!

This educational third-party article is being provided as a courtesy by Terri Stocki, Consumer Credit Counseling Service of NEPA.  For additional information on the information or topic(s) discussed, please contact Terri at (570) 602-2227 ext. 220.

The GVTA will consider plans based on the following criteria:

1) Technology or knowledge economy based hereby defined as leveraging
technology or intellectual property to drive revenue.
2) Entrants must reside and operate within the Northeastern Pennsylvania
region hereby defined as Bradford, Carbon, Lackawanna, Luzerne,
Monroe, Pike, Schuylkill, Susquehanna, Wayne, and Wyoming counties.
3) Less than one year of revenue generation
4) Pre-cash flow positive
5) Final approval of eligibility is reserved for the judging committee.

To register, visit www.greatvalleyalliance.com/bpc-reg.php.  Final business plans must be submitted electronically by April 9.  For more details, contact Rob Watts at rwatts@greatvalleyalliance.com or (570) 341-8099.

The Small Business of the Year Award, sponsored by Fidelity Bank, has three distinctive categories:

• Small Business of the Year: 50 or less employees
• Small Business of the Year: 51-250 employees
• New and Emerging Small Business: In operation for less than 3 years

In addition, MetroAction will also accept nominations for:
• Small Business Advocate Award
• Virtual Small Business of the Year Award
• Young Entrepreneur Award, sponsored by Bank of America

Anyone can nominate a business or individual!  Self-nominations are also accepted. Visit our website at www.MetroAction.org for eligibility information, judging criteria and to download a nomination form.

The awards will be presented at MetroAction’s Small Business Awards Luncheon on May 25.

This article is provided by the Greater Scranton Area SCORE chapter.

Broad economic slowdowns can often trickle down to small businesses, including those in relatively stable industries or geographic locations.  Individuals tend to cut back on discretionary spending while corporations curb routine activities, delay major purchases, and shelve new initiatives.

For many small businesses with limited resources, these and other factors often combine to pressure bottom lines past the breaking point, creating a domino effect of other dilemmas such as a credit crunch or layoffs.

A downturn doesn’t have to spell disaster for your small business, however.  Good financial management practices will help you weather even the worst of economic times, and be ready to capitalize on new opportunities will inevitably come with good times return.

Begin with the basics.  Even when times are terrific, no small business can survive without good record keeping, budgeting, cash flow monitoring, and credit management.

Consult your bank.  Lenders can tap their vast experience in economic cycles to advise you on issues specific to your business and industry.  Depending on your projected long-term expenses, consider arranging a line of credit in case a cash flow gap occurs.

Be on good terms with your creditors.  Falling behind on payments is never the answer, even if it’s “just this once.”  Creditors will be more amenable to renegotiating terms to small businesses they consider to be conscientious and reliable.

Watch your receivables.  By the same token, you need to stay on top of any outstanding debts to your company, particularly problem accounts.  Be firm, but also willing to negotiate where appropriate.

Scrutinize your spending.  Rather than arbitrarily slashing your budget, strive to spend only on those things that have a justifiable positive effect on your business.  That will make it easier to redirect money to areas that enhance business performance.

Step up your review of financials.  Assessing your reports weekly or biweekly rather than monthly will put you in a better position to make informed decisions.  Similarly, a monthly or quarterly review your business plan enables you to adjust your strategy and direction to changing market conditions.

Keep marketing in the mix.  Look for cost-effective ways to keep your company visible to current customers and potential new markets.  They may be ready to restart their spending long before the headlines proclaim an end to the economic crisis.

For additional planning help for your small business, contact SCOREwww.scorescranton.org to contact the Greater Scranton Area SCORE Chapter. “Counselors to America’s Small Business.”  SCORE is a nonprofit organization of more than 10,500 volunteer business counselors who provide free, confidential business counseling and training workshops to small business owners.  Call (570) 851.1608 or visit

Despite the great entrepreneurial strides women have made, a 2009 report developed under contract with the U.S. Small Business Administration (SBA) indicated that women are still much less likely to become self-employed than men.

MetroAction knows that America’s entrepreneurial women are capable of creating opportunity and wealth in our communities that can carry our nation to economic recovery and beyond.  We’re working to make that kind of success possible for women entrepreneurs in the nine counties we serve by providing counseling, training and small business financing.
We invite women entrepreneurs, at every business stage, to learn more by logging on to www.MetroAction.org or phoning (570) 341-0270.

First Friday Scranton

Join us this week for First Friday in downtown Scranton! For a full list of www.firstfridayscranton.com.

First Friday art walks are held on the first Friday of every month at galleries and businesses around Downtown Scranton. Paintings, photography, sculpture, music, performance art…you never know what you’ll find at First Friday in Scranton.

Support local artists and mingle with your Northeastern Pennsylvania neighbors, all in a casual atmosphere. Hope to see you there!

This article is provided by the Greater Scranton Area SCORE chapter.

Without a steady flow of cash to cover expenses, your company can quickly stumble.

Cash flow troubles can develop even when sales seem strong. Facing a continuous cash crunch makes it difficult to conduct your business properly. And while it may be tempting to seek out fancy financial formulas for predicting and tracking business cash flow, the basics tend to be plain common sense for most small businesses.

The object is to make certain that more cash enters your business than exits your bank account. First you need to translate sales into real money as quickly as possible. Once you’ve collected the cash, your business needs to guard it. Surprises, such as slow or non-paying customers and unexpected expenses, are your worst cash flow enemies.

One way to shift cash your way is to ask for all or a portion of payment up front. Asking for at least a deposit in advance is a great way to jump-start your cash flow. And if you establish the policy fairly and properly, it shouldn’t alienate good customers.

Accepting credit card payments also can help, so you may want to sign up for a merchant account that allows you to do this. Or, if you already have one, encourage customers to use this option more often. You do pay a fee for this. But credit cards are a great way to speed cash into your account, and the cost is generally small.

You may need to manage “receivables” more closely. This is the money that customers owe to you for products or services you’ve delivered. Create a detailed “aging” schedule of what you are owed, by whom and for how long. Place phone calls to overdue accounts, focusing first on the largest amounts due. Offering a discount can bring some quick cash in the door, but play this card only after you’ve called the customer to ask for full payment.

Finally, don’t overlook the power of an operating budget. Note specific due dates for payables as well as receivables. Although the balance between the two won’t always be predictable, the budget can give you a snapshot of where your business stands in cash flow.

For additional planning help for your small business, contact SCORE “Counselors to America’s Small Business.”  SCORE is a nonprofit organization of more than 10,500 volunteer business counselors who provide free, confidential business counseling and training workshops to small business owners.  Call (570) 851.1608 or visit www.scorescranton.org to contact the Greater Scranton Area SCORE Chapter.

The seminar offers simple and effective small business marketing techniques that focus on real world, proven strategies.  Topics covered include:  packaging your business; creating cost effective marketing materials; communicating your message and avoiding common marketing mistakes.  Cost is $10 and includes materials.  Pre-registration is required.   Visit www.MetroAction.org or call (570) 341-0270 to register.