Be Interactive

The best thing about Facebook is that it is interactive. You can connect with your customers and anyone else who is interested in what you do. If you want to show off where you are in the world, you can take a picture of your storefront and put that as your profile picture. Take pictures of your displays, or your employees offering great service to customers. If customers can see what you do, it will make them want to come check out what the excitement is all about.

Start A Contest On Facebook

Have a contest where if you can spot your company van on the streets then that customer wins a prize. It could be as simple as a hat, or a prize package with free tickets to events and other places around town. Contests are great because it can get you a wide reach around town. It will also create a buzz around your brand that can draw people back to your Facebook page and get customers talking.

Cross Promote With Other Small Businesses

Liking other local businesses can allow for cross promotion and exposure for everyone. Your business could be liked by customers who might not have reached you otherwise. Other companies will be grateful that you are offering them exposure as well. Banding together with other small businesses can also allow for sharing of resources down the line if it makes sense.

If you are a small business owner, you really need to consider getting on board with the social media revolution. It will save you money on marketing costs and will allow you to get to know your customers a little better. They will take pride in being your customer and will hopefully pass the word on to others. Better yet, these ideas are easy to implement and don’t have to cost your business a lot of time or money.

While we are on the subject, hop on over to Royal Bank America’s facebook page and “Like” us to receive access to updated news, special events and offers.

Bowling is as American as Apple pie and for one local business, Wynnewood Lanes, success is as simple as observing the golden rule – treat the customer as you would want to be treated. Since it’s opening in 1962, this family business has lived by this simple creed as generations of patrons can attest.   Partners Tony Amarosa, Gloria Amarosa Smith and Tom Thomas and their employees strive to make each customer’s experience a pleasant one, and their attention to detail and commitment to this goal is impressive . This was evident the moment I began speaking to Tom about the business. Tony, Gloria and Tom all feel that the success of their business is based on their customers.

When asking Tom what 3 key pieces of advice he and his partners would like to share with others he said “first and foremost, do not ignore your customers, be thankful that you have customers, they are what makes your business flourish. Secondly, field all questions with a smile, no matter how difficult the question or customer, and assure them that they are being treated with the utmost respect and that you will do the very best to make them happy. Finally, lead by example. As small business owners Tom feels that they have a responsibility to set the standards for employee’s to follow. If you show your employees that you have unparalleled customer service skills and expect nothing less, you are on the road to growing a successful business.”

It’s all smiles for the 15 employees working at Wynnewood Lanes (12 in the bowling area and 3 in the lounge, the Beer Frame Bar) as they ensure that the customer is having a great time, all the time. They pride themselves in providing a great atmosphere for, parties, corporate events and charity fundraisers, as well as couples and families who drop in to bowl a few frames. Over the years they have coordinated  various charity events hosted by  the Philadelphia 76ers, WPHT/WOGL – 1210AM/Oldies 98.1 and the ACS Relay For Life, helping the organizations raise tens of thousands of dollars to fund research projects in our area. Tom said their biggest complement is when they receive repeat business, especially when that business helps the community and with their success rate these past 40 years, they are on the right path.

How do you become the #1 Chinese Restaurant in America? On the cusp of their twentieth anniversary, we sat down with Michael Wei, owner of Bryn Mawr’s beloved Yangming Restaurant to discuss how his Main Line restaurant rose to the top of the list and the 3 key pieces of advice he would give to any business owner:

1. “Stay true to your core beliefs. Don’t deviate, dilute, or dissipate them, no matter what.”
2. “Make your key employees your partners.”
3. “Always connect to, participate in and donate to your community.”

Chinese Restaurant News selected Yangming to receive this prestigious honor in part for their philosophy, to pursue the highest standard of culinary art and innovation. Drawing upon the essence of various cuisines in order to construct a fusion that appeals to both Western and traditional tastes, diners are routinely rewarded for their choices with healthy dishes that many times use local and organic produce prepared with little oil, salt, sugar and never MSG.

For nearly 2 decades Yangming has thrived in the Main Line’s ultra-competitive dining scene by offering a truly memorable experience to their customers. The staff is trained with two simple rules in mind:

1. The customer is always right.
2. If you found the customer wrong, go back to No. 1.

Accolades have been well earned and plentiful for Yangming. Both in 2007 and 2009 they were ranked as one of America’s Ten Great Chinese Restaurants by USA Today and they have also won the Best of Philly-Chinese (2008) award from Philadelphia Magazine. And the honors do not stop there; in addition to a host of other awards, they have been selected twice to prepare a banquet at the celebrated James Beard House in New York City.

Yangming is located in a historic two-story building that covers 13,000 square feet of dining space with four types of accommodations: three dining rooms, two VIP rooms, a stylish and inviting bar and a party room on the 2nd floor that can hold up to 200 people. It is in this party room that Wei takes to heart his 3rd piece of advice and plays host to a number of fundraising banquets where part of the proceeds are donated to local charities such as the Ronald McDonald House, the Philadelphia Corporation for Aging, Philly Meals on Wheels, the Diabetes Research Foundation and the Fight Against Childhood Hunger Foundation, to name a few.

Yangming
Conestoga and Haverford Roads
1051 Conestoga Road
Bryn Mawr PA, 19010
610.527.3200

Lunch:
Mon-Sat 11:30-3

Dinner:
Mon-Thu 3-10pm
Fri-Sat: 3-11pm
Sun: 2-10pm

yangmingrestaurant.com

James and his life partner David White are first-time entrepreneurs who knew they wanted to use their backgrounds in corporate hospitality and art sales and production, respectively, to launch a business selling affordable art to individual and corporate clients, as well as serving as a venue for up-and-coming artists. Together they opened Absolute Abstract on March 15, 2006 in a then quiet pocket of Center City which has now grown into the vibrant neighborhood known as Midtown Village (thanks in large part to their efforts).

What makes their art so unique? James and David researched the market and saw a void they could fill. Rather than offering original prints and framed posters, Absolute Abstract carries art printed on UV-protected linen canvas and stretched over wide bars. Their products range in size from 24”x24” to loft-style art as large as 4.5’x13.5’. In discussing sales technique with James, it’s clear to see they build a strong and trusting relationship with their clients. Absolute Abstract offers its expertise and interior design knowledge to every client and follows up along every step of the process to ensure that the client is satisfied with the end result.

Absolute Abstract has a targeted approach to advertising and marketing, running campaigns in local law publications to gain corporate clients and other niche publications to draw in new business. They also generously donate pieces of art to numerous charities for fundraising auctions while simultaneously increasing brand awareness.

When asking James what three key pieces of advice he would give other Small Business owners, without hesitation his first two responses were “location and community involvement.” For example, James is the Founder and a past President (just stepping down in January) of the Midtown Village Merchant’s Association and has strived to improve the quality of shopping, dining and living in Center City Philadelphia. He is also on the board of the Independence Business Alliance, a member of the Center City Proprietor’s Association and the Gay Tourism Caucus.

The third piece of key advice James would offer is to “Stand back and look at your business as it grows; make sure you are listening to your employees and clients and doing what is in the best interests of your business.”

You can visit James and David at
Absolute Abstract Art located at
Midtown Village
141 South 13th Street, Philadelphia, PA 19107
Telephone: 215 733-0190

Store Hours
:
Tues-Sat: 11am – 7pm
Sun: Noon – 5pm

Or visit them online at www.absoluteabstractart.com to see their unique and creative art pieces and gallery.

Much of the information on the SBA’s site has been around for a while. Not that it is stale (some good advice never gets old); it was just produced a while ago and as often happens, newer, shinier things advanced to the fore. By thoroughly reviewing all of the great material they had on hand, they were able to pluck some gems out and feature them on their redesigned website.

Think about it. They simply needed to pour over what they already had (perhaps freshening it up slightly) and change the presentation to ensure that it reached a new and wider audience. That’s often good advice for any business.

Is there information in your repertoire that your current or prospective customers may not be aware of?  Are there skills you possess that could be used to solve existing customers’ problems? Have circumstances that may have led to “retiring” these skills changed? Search your “toolbox,” you may even be able to develop an entirely new product line (or even a full-blown business) based on these “hidden” talents.

Examples of this type of thinking are all around us today, from the baker who dusts off a traditional family recipe that appeals to a specific demographic to the designer who revisits his once outdated styles only to realize they are now considered “retro chic.”

Some who keep in-depth records may even want to look back and see what filled the majority of their time five or 10 years ago. It may be time for a renaissance, a rebirth of old ideas through a new lens. Perhaps you can use the technology available today to dust off these skills and make them profitable.  It may be time to revitalize your business with these old gems.

Now’s the time to use your experience from the past to guide and shape your business’s future.

Social Media Roadmap For Your Small Biz – January 13, 2011

Small businesses are using social media twice as much this year as they did last year.  In fact, one in five small businesses are integrating social media into their business processes. They are tapping Facebook, LinkedIn, YouTube, Twitter and other platforms to increase brand awareness, generate online buzz, recruit talent, attract leads, and more.

During our interactive session we’ll discuss the growth of social media marketing, compare various social media platforms, explain the advantages of social media over traditional media and provide you with a roadmap for getting your social media program off the ground.

Event details:

To register for this free event please click here.

1.  Business equipment tax deduction extended and expanded. Businesses can write off the entire amount of equipment they purchase in the first year they acquire an asset; also, the amount eligible for deduction has been upped from $250,000 to $500,000. Need new equipment or technology to grow?  Buy it now and start building that lead on your competition while reaping tax benefits in 2010.

2.  SBA 7(a) loan program guarantees extended through the end of 2010. With the 90% guarantee program extended through the end of this year, businesses poised for growth may find banks more receptive as more of the risk is shifted. If you aren’t already talking with a lender, step to it. The more they know about you and your plans the more comfortable they will be about your project.

3.  SBA 7(a) max loan levels increased to $5 million. Businesses whose growth strategies require financing above the old max of $2 million may be able to secure the extra financing they need. Again, as above, keeping your lender in the loop is key.

4.  Cell phone rules simplified. No more juggling multiple cell phones and service plans for home and business.  The rules regarding deducting cell phones have been simplified and paperwork eliminated which should enable small business owners to operate with only one cell phone in their pocket.  (By the way, add this # to your speed dial: 484.270.3000 – Royal’s Small Business Lending Center)

5.  Start-up deduction increased to $10,000. Seize the day – entrepreneurs with an idea should get moving!  Deductions for start-up expenses have been increased from $5,000 to $10,000, meaning you can build the foundation of your business with less pocketbook stress.

For businesses in growth mode the Small Business Jobs Bill provides a nice little boost. To learn more about how your business can benefit, as well as learn more about Royal’s offerings for small businesses and individuals, stop by any of our 15 convenient branch locations or give one of our small business lenders a call at 484.270.3000.

Bonus material
Some great resources available online include:

Section179.org
SCORE.org
SBA.gov

As always when it comes to your business, please consult a tax professional for details on how this bill specifically impacts your business.

Reprinted from Royal Bank America’s Fall/Winter 2009 Newsletter

Royal has been in the unique position to increase small business financing at a time when others are pulling back. This is exactly what happened to one growing business in our region.

Northeast Fence & Ironworks has been a leader in commercial and residential fencing for 30 years. When their existing bank readjusted their lending practices and shrunk NE Fence’s line, President Ray Longstreath knew he needed to find another option.

“During these difficult times, businesses like ours use the flexibility offered by a line of credit to seize opportunities in the marketplace,” Longstreath said. “When our bank came to us and said they were cutting our line size I knew we needed to find a new lender who could truly partner in the growth and success of our business–that is when we turned to Royal.”

Having the ability to react to market conditions quickly is critical for businesses looking to thrive during these challenging times. Royal’s Small Business Lending initiative has proven to be the perfect vehicle to help stimulate the local economy.

Is your business in growth mode and looking for working capital? Let Royal help you get to the next level. Speak to a lender today.

by Gene Marks, reprinted from Royal Bank America’s Fall/Winter 2009 Newsletter

I admit it – I really don’t have a whole lot of discipline. I can’t eat just one potato chip. I can’t take just a “short” nap. And I can’t watch just a single episode of Cops on a Saturday night. It’s too addicting.

That’s why I don’t have a line of credit for my business. I’m afraid of what I’d do with the money if I had it in my hands. I don’t think I’d have the self-control to invest it in my business. I’d probably blow the money on a great vacation. Or some cool stuff for my house, like a Man-Cave.

Fortunately, I’m not the norm. Banks loan money to businesses, big and small, all the time. And now that it’s pretty much agreed that the recession has bottomed out, a lot of my fellow business owners are turning to their bankers for some cash to fuel their expected growth. I know a few of these guys. I’m going to change their names for the purpose of this article. But they’re out there.

For example, there’s Steven Snyder who runs a company that makes piping and tube fittings for the military and energy industries. And there’s Jerry Castel, who owns a 25-person architectural firm. What do these guys have in common? They’re both seeing deals out there and they’re looking to buy. For Steven, the prices of key commodities, like the iron and nickel he needs to make piping, have dropped more than 50%. For Jerry, the prices of computers and specialty copy machines he needs for his firm have also fell considerably as the economy has slowed.

These guys are both predicting growth over the next year, and they see opportunities. Jerry wants to grab as many pounds of raw materials as he can; Steven wants to snap up as many computers and copy machines as he can. They both dipped into their lines of credit not for major acquisitions, but for smart business buys that will help them fuel their growth. Because for those that have the credit, now is a great time to get those end-of-recession deals that could make a huge profit contribution going forward.

Sandra Nelson doesn’t care about buying inventory–she wants to buy some people. Don’t get the wrong idea, she’s not a dictator, at least not to most of her employees. Sandra runs an engineering firm whose workload has slowed through this latest economic downturn. But she, like Steven and Jerry, is looking forward. She’s seeing the money that’s being pumped by the government into construction and “green” energy. She sees a lot of projects coming to life, and she’s going to need people to work these projects. The great news for her is that the labor market, pushing 10% unemployment, is now full of talented engineers and technical types that were laid off by big companies. Problem is, how can she bring them on?

Like Steven and Jerry, Sandra’s going to let her bank help her with this problem. With growth predicted, and some great workers available, Sandra’s also drawing on her business line of credit to finance their hiring. To her, it’s a bet she can’t lose. She’s already got contracts for work which in many cases are financed through government money. She can predict her cash flow. All she desires is some extra help to buy the “inventory” her business needs: people.

I wish I had the discipline that these guys have. I wouldn’t mind taking some of those calculated risks with my own line of credit. I know of a few potential projects that, with a little financing, could turn a good profit. A competitor of mine, hurting from the recession, recently offered me his customer contracts so he could retire into the sunset. My line of credit could help me do it. And maybe I will… right after I catch this next episode of Cops, OK?

Gene Marks’ latest book is the bestselling Streetwise Small Business Book of Lists. Gene is a regular online columnist for Forbes.com, BusinessWeek.com and American City Business Journals. Gene also owns a small business outside of Philadelphia.