FRESHviews

RHONDA ABRAMS

Is social

networking

right for you?

Rhonda Abrams is the president of The Planning Shop, a publisher of books and software for entrepreneurs ( www.planning shop.com).

IF YOU’RE IN BUSINESS, you’ve got to communicate with customers and prospects. It used to be enough for a small business to market its services with e-mail, advertising and public relations. Now, an increasing number of customers turn to social networking tools. Should you?

To help you decide, here’s a guide to social networking sites as they relate to your small business.

Twitter. Twitter’s the Internet darling of the moment, allowing users to send very short messages (limited to 140 characters) known as “tweets.” It’s a good way to keep your name in front of people who have some connection or interest in you or your business. For instance, I tweet about things I think small-business people would find interesting or sometimes amusing.

: STRATEGIES

LinkedIn. Unlike all the other major social networking sites, LinkedIn is aimed specifically at business. I’ve found it useful to search for consultants and contractors, and to identify people in companies I hope to do business with. It’s also become a major source for posting job openings. If you’re a consultant or headhunter, or sell business services, you definitely need to check out LinkedIn.

Facebook. The heavyweight of social networking in the U.S., Facebook is great for keeping in touch with people you care about and finding people you’re out of touch with. I love it for seeing what my family and friends are up to, but I don’t use it much for business yet.

MySpace. Once the leading social networking site, it’s lost ground, but it’s still a huge draw, especially for teenagers. It’s good for building support for certain types of business, such as bands and other music-related companies.

You Tube. Businesses have discovered this is a great way to provide information to prospects and customers. Why not make a video of the products you sell or of you describing your services (or video testimonials) and easily upload them to You Tube? Then, you can direct prospects to You Tube to check it out.

One thing’s for sure: Social networking is here to stay. Get connected. Send me a tweet! C

More in archives
On Costco.com, enter “connection.”
At Online Edition, search
“Rhonda Abrams” or “social networking.”

PUBLIC RELATIONS is one of those elements that many small businesses claim they don’t have time or budget for. Yet it’s a key factor in the success of any business, and you don’t have to have a dedicated department or spend a lot of money to practice savvy PR.

A new book, Strategic Public Relations: 10 Principles to Harness the Power of PR, by Costco members Jennifer Gehrt and Colleen Moffitt, co-founders of Seattle-based Communiqué PR ( www. communiquepr.com), with Andrea Carlos, offers solid, simple tips for putting together a cohesive plan. The book claims, “Many CEOs have begun to see PR as the prime contributor to organizational success.” the success of any business, and you don’t have to have a dedicated department or

many of the fees the SBA charges for its guarantee on small-business loans, such as those under its 7(a) and 504 programs. In addition, the SBA is increasing the loan amounts it will guarantee—up to 90 percent of various loan programs.

Through a key component of ARC, the U.S. Treasury Department will boost bank liquidity by purchasing small-business loans in the secondary markets. The $15 billion from the Treasury will primarily be used to buy loans and thus free up lending by community banks, credit unions and other small-business lenders.

Since banks depend on the secondary markets for liquidity, a local community bank may now be more willing to lend to a business because it will have confidence that the U.S.

ARC money for small biz

THE WHITE HOUSE recently announced a $15 billion, multipronged plan designed to help ease the credit crunch affecting so many businesses and their owners. One portion, the America’s Recovery Capital (ARC) loan program, offers deferred-payment loans backed 100 percent by the Small Business Administration (SBA).

ARC loans of up to $35,000 are guaranteed by the SBA for viable small businesses that need help making payments for up to six months on an existing qualifying loan. These loans can give small businesses some temporary financial relief to keep their doors open and get their cash flow back on track so they can maintain existing jobs and ultimately create new jobs.

The recently announced program also reduces or eliminates

The 10 principles explained in the book are:

1. Sell PR to key stakeholders within your company.

2. Select your PR team wisely.

3. Know your target audiences and how to reach them.

4. Leverage emerging trends and technologies.

5. Develop a strategic

PR plan.

6. Craft a compelling story.
7. Build media relationships
for strategic advantage.

8. Maintain an open information flow.

9. Measure and merchandize your results.

10. Keep your PR program relevant over time.

For more information on elements of the ARC program and how to apply, visit the SBA’s Web site, www. sba.gov, and click on or search “Economic Recovery,” then click on “Local Resources” to access a host of resource partners, including participating lenders.—Mark E. Battersby