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Table of Contents
From the Desk of
Laura Crawford
From the Chairman of
the Board
Financing
Alternatives: Where to Go When the Bank Says No
Members in the News
Thank You!
From the
Desk of Laura Crawford...
Talking to Members about their businesses is one of the
greatest parts of my job. During this tumultuous and
historic economic era, I’ve heard many diverse coping
methods. The Members who have dove
back into their customer base and offered
creative services to further assist their customers are
the happiest. They’re staying with the core
competencies they’ve always offered and have expanded
value. The added value depends on the business. It
ranges from offering seminars, financial alternatives
and increased services through partnerships. Times such
as these have forced Members to take a look at what
really works in their business, what currently
provides the largest rate of return and could
provide the largest rate of return. Yes, many are
planning for their futures. What they are NOT doing, is
decreasing their marketing, they are maximizing it,
getting the biggest bang for their buck.
The referral groups of the Chamber, Chamber FIRST, Leads
Organization of Downers Grove Executives (LODGE) and
Women2Women are increasing in size. These groups act as
a business’ own personal sales force. We are also
seeing an increase in our very economic electronic
advertising and website enhancements. When running a
report on the most accessed website listings of our
Members, I found a direct correlation with those that
were advertising with the Chamber. In most cases, these
Members have had their listing visited over 1,000
times a month and the venue varied: info@downersgrove.org
advertising, website enhancements, banner ads on both
our website and this BizWord weekly email. Think about
which one is best for you!
If you haven’t taken advantage of our new E-Networking
opportunity, you need to do this right away! It’s a
no cost method to get your face and business
recognized and includes a direct link to a page on
your website. It’s simple – just send us your
headshot with a 20-25 word Chamber testimonial. We’ll
post it right on the front of BizWord, sent to all of
our Members each week.
These economic times will pass but we have to work very
hard and very smart in the meantime. Take the time to
think about your core competencies and where you want
your business to be one year and five years from now.
And USE your Chamber!
lcrawford@downersgrove.org
630-968-4050 x14
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The Chamber’s strategic plan is divided
into four areas: Promote Business, Protect Business,
Enhance Business and Business Excellence. Today’s
column will focus on “Enhance Business.” To enhance our
member’s businesses, the Chamber board and staff is
currently working on opportunities to improve the annual
programming and events calendar to ensure the overall
professional development needs and requests of the
Membership are addressed. We are currently evaluating
all the Chamber’s programming and events by conducting
member surveys, exploring additional partnership
opportunities and analyzing the profit/losses for each
event held. If you are interested in helping the Board
and Staff enhance the Chamber’s programming and events,
please contact Laura Crawford at
lcrawford@downersgrove.org.
One of the great “Enhance Business”
initiatives that came out of 2007 was the launch of the
annual Chamber Choice Awards. This year’s event is being
held on February 11 at the DoubleTree Guest Suites &
Conference Center in Downers Grove. The awards recognize
lifetime achievement,
business excellence and community contribution by
Chamber Member businesses.
Last year this event widely praised by
all members and winners involved as a great opportunity
to expose their business’s talents to the entire
business community. One of last year’s winners, Dawn
Tuskey, owner of IHM Remodeling & Repair contractors,
provided us with the perfect testimonial for this event.
“Because of my Chamber Choice Award and the BBB 2007
Torch Award, I’ve been interviewed for a front page
story by the Chicago Tribune on prioritizing home
repairs and remodeling projects. My Membership and the
Chamber Choice Award have proved their value!”
In years to come, I am confident this
event will become one of the premier Business Award
events in DuPage County. I encourage all our members to
experience this great event firsthand and see why.
For more information on
attending or sponsoring this great event visit
HERE.
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Giovanni Coratolo
Executive Director
Small & Mid-Market Business Councils
U.S. Chamber of Commerce
Cash flow is the lifeblood of small
business. So what do you do when customers stop spending
and the banks reduce or terminate your line of credit?
Many small business owners know only so well that as
business slows, the bills don't. Here are 10 alternative
avenues to increase your cash position.
401(k) Hardship Loans--In
many cases, 401(k) plans allow you to take loans for
hardship.
Leasing--Equipment
dealers may allow you to lease their equipment with the
option to buy at the end of the lease.
Other Banks--Even
if you have built up a great relationship with your
local branch, don't be shy about knocking on the doors
of other banks. In many cases, lending strategy is
developed nationally and may vary widely from bank to
bank.
Landlords--In the
current depressed economic environment, landlords may
make concessions rather than risk having empty
storefronts. Make sure to get all arrangements in
writing.
Utility Companies--Many
utilities will finance the purchase of equipment that
uses their commodity and will add the cost of
installment to your gas or electric bill.
Angel Investors--Friends,
family, and formal business investor groups will invest
capital in small businesses under the right conditions.
Remember, though, that this avenue generally requires
giving up some control of your company.
P2P Lending--Relatively
new, this form of financing bypasses financial
institutions entirely. You submit a loan application on
a peer-to-peer Internet lending site, and different
people bid for a portion of your request.
Purchase Order Financing--There
are special finance companies set up to step in when you
have confirmed an order with a vendor but do not have
the cash for the vendor to fill the order.
Vendors--Vendors
may work out a deal with you on outstanding balances or
terms on existing lines of credit. But there may be
hidden costs in what they charge you for their goods and
services.
Invoice Factoring--Turn
your accounts receivables into cash. Some companies
specialize in purchasing your receivables for a
discount.
Most people are willing to work
with you during economically trying times, but it will
always be at a price. Ensure that you have anticipated
your new cost of doing business and that you are still
profitable.
Originally published December 2008. Reprinted by
permission, uschamber.com, December 2008.
Copyright©
2008, U.S. Chamber of Commerce.
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Members in the News
Gloria Dei Lutheran Church celebrates 60 years!
Congratulations!
Joel Riley has been promoted to Principal of
Trust Company of Illinois' Wealth Management team.
Michael Kwon has joined the company as partner
and wealth advisor.
Barbara Taylor has been named director of
Indian Boundary YMCA.
Mallard Press has purchased American Graphic
Specialties of Westmont, allowing them to produce
unusual and customized items in-house.
Highland Oaks II is the recipient of The
Outstanding Building of the Year by the Building Owners
and Managers Association of Suburban Chicago.
College of DuPage received a $1.5 million grant
for adult education and family literacy programming.
PACT, Inc. and College of DuPage were
honored by the Parent's Alliance Employment Project for
promoting diversity in the workplace by supporting an
individual with a disability.
Downers Grove Moose Family Center brought 50
children from Mooseheart to the West Towns Chorus
Christmas show.
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Thank You!
Downers Grove Park District and Culinary Art
Catering for the November Holiday Showcase Business
After Hours!
Best Buy for hosting an awesome Young
Professionals Gizmos & Gadgets event and Events by
Tommy R's for providing breakfast.
Tivoli Bowl for hosting the Board of Directors
Retreat. Wing Stop and Dunkin' Donuts
for donating wonderful treats!
Kristi DeLaurentiis
of the
Metropolitan Planning Council, Bola
Delano of the
Chicago Metropolitan Agency for Planning (CMAP),
Chuck Tokarski, DuPage County Engineer,
and Dave Fieldman, Village Manager of
Downers Grove
for presenting at the November "Think Regionally, Act
Locally" luncheon. Thank you to
GC Engineering, Inc.
for sponsoring the event and Greg
Bedalov, Downers Grove Economic Development Corporation
for
facilitating.
Mattine Gallentine
of MG
Computer for
presenting on computer organization to the Women's
Business Council.
Karyn Pettigrew
of KPConsulting
for presenting to the Women2Women Referral Group on the
360 Strategy.
Don Shewmake, Jr,
and
Jill Hawley,
from Pantheos Group
for presenting at the November Business Roundtable on
human resources.
Dennis Culloton
of Res
Publica for
providing an informative presentation at the Legislative
Impact Network.
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