BRIGHT SPOTS
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New Overtime Rules
The US Department of Labor is planning on implementing a new rule which would dramatically affect who is eligible for overtime pay and the employers who would be impacted. According to the US Chamber of Commerce, "As proposed, the new salary threshold of $50,440/year (up from $23,660) will result in many employees being reclassified from salaried to hourly and eligible to earn overtime compensation. Employees in these groups routinely work long and odd hours to serve their clients whose needs do not fall neatly into the typical eight hour workday, or 40 hour work week. If these employees do end up earning overtime (i.e. they work more than 40 hours a week) this will substantially increase the labor costs of these nonprofit employers and state and local governments." Their point is that ALL employers - private, public, nonprofit, etc. - will fall under the new regulations. You can read more about this issue at the US Chamber website and the NFIB website.
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 Business Resources & News
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GROWTH
In the new book "Edge Strategy: A Mindset for Profitable Growth" by Alan Lewis and Dan McKone, the authors define "edge strategy" as an approach in which you look for new profit sources on the edge of your core business--through the sale of ancillary goods and services which already satisfy customers. It sounds like common sense. Yet according to L.E.K.'s research, fewer than 10 percent of companies make a disciplined effort to probe at the edges of their core for growth opportunities. Read more at Inc.com.
PLANNING
If a woman's first step to starting a business is having a great idea, the second step is most certainly making a plan. According to the National Women's Business Council, women own 30% of all businesses, but only capture 11% of all sales. While a well-prepared business plan is necessary to attract investors and gain funding, it can also help a woman plan for the growth and success of her business. Read the rest of this post by Heather Shoenleben from Peoples Bank at the Chamber Experts blog.Want to submit your own column to help establish your own expertise and promote your business? Submit to the blog now.
CUSTOMER REFERRALS
In this video blog post John Spence talks about a simple but NOT easy way to get more customer referrals.
FINANCIAL
A reliable financial forecast is your "heads up" that a financial or cash flow problem is brewing. Most business owners think that cash flow problems "just happen". In almost every case that is not true. Most financial problems can be seen in advance. And far enough in advance to do something about them... before they happen. Read more from Philip Campbell.
ECONOMICS
Here is the latest set of national economic indicators in the form of the US Bureau of Labor Statistics' "Economy at a Glance". It includes unemployment rate, consumer provide index, average hourly earnings, and more.
EXPORTING
The Ohio Export Internship Program matches companies with highly motivated undergraduate students who have taken export-focused coursework in preparation for a summer long internship. Your business can receive a 50% reimbursement for intern wages (up to $3,600) and be matched with an export-trained intern that will:
- Conduct market-specific research and analysis
- Translate marketing materials and order forms
- Develop an international marketing plan
- Identify new markets
- Receive continuous program support
- Improve export readiness
- Streamline current export processes and procedures
LEADERSHIP
A local leadership conference will be held on April 21 at Zane State College. It's called Lead with Intent and the featured speaker is Archie Griffin, president and CEO of The Ohio State University Alumni Association. For more information visit https://www.zanestate.edu/LeadWithIntent .
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Chamber Updates & Services
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SOCIAL MEDIA 101
Social Media 101 will be the topic of the upcoming Muskingum Valley Human Resource Management Association meeting. On February 10 from 8 to 9 am, Kamilah King, Communications Coordinator at Ohio State University, will talk about the subject and answer questions. Chamber members are welcome to attend these meetings. Please RSVP to dmatz@zmchamber.com if you plan to attend.
CHECKLISTThe Chamber provides a checklist to members to help guide you in getting the most fro your annual membership. There are host of benefits and services and it can be hard to know where to start. If you simply follow this list you are sure to get your money's worth.
MEMBER LOGO
Members are entitled to use our special member logo on web pages, emails, and printed materials to highlight your involvement in the chamber. Why?
- Because research shows that when customers know you are a chamber member they are more likely to do business with you.
- A national study demonstrated that membership in a local chamber of commerce can significantly boost a company's image among consumers, as well as among other businesses.
- For example, when consumers know that a business is a member of the local chamber they are 63% more likely to patronize the business in the future and 44% more likely to think favorably of the business.
- Visit the Chamber website to obtain the logo.
USE CHAMBER DIRECT MAIL FOR YOUR MARKETING
If you mail a brochure, flyer or sales letter today it costs over 50 cents per piece. A stamp cost 49 cents, and an envelope maybe 5 cents...and then you have the real cost: Your time to fill the envelope and to make sure it gets mailed. What if we told you the Chamber can do it for just over 10 cents each!
- The Chamber's Direct Mailing sends 1,200 copies for $125
- The Direct mailing service is a great way to get your message in front of 1,200 decision makes who are Chamber members and at a cost that can't be beat!
- Here is how it works: You provide 1,200 8.5" x 11" documents and we mail them in our monthly Chamber mailing.
- You will want to reserve your space in the mailing at least a month in advance. We are limited to eight inserts in each mailing and it does sell out so schedule early.
- Please have your 1,200 copies delivered to Allegra Print & Imaging located at 1326 Brandywine Boulevard by the 15th of each month (or the Monday following if the 15th falls on a weekend.)
- To reserve your spot or for more information please contact Dana Matz at dmatz@zmchamber.com or 455.8282.
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