Even though our recent blogs on the improving economy were rightly optimistic, that doesn’t necessarily mean that small businesses are seeing more money in their bank accounts (yet).  After a year of frugality and belt tightening, you are probably ready to loosen up and kiss 2009 good-bye!  Show your staff and loyal clients extra appreciation during this festive season.  Our vibrant city offers plenty of options to make merry without draining the bank.  Dining and entertainment are probably areas where they have trimmed their personal budgets, so give them the chance to get out and have some fun. 

The hospitality industry is finding creative ways to compete for your business this year.  Deals abound, especially if you plan strategically.  Take your team to dinner and give them a gift that is free for you by dining at any Lettuce Entertain You restaurant.  They are awarding a $25 holiday Bonus certificate for every $100 in Gift Cards purchased between November 1 and December 30, 2009.   Smaller venues are offering deals too.   La Madia Pizzeria at 59 W. Grand is offering $25 gift certificates for every $100 spent on holiday parties booked by Nov. 15.   If you have a favorite restaurant in mind, give them a call and see what deals they are offering for the holidays. 

Local entertainment can also be fun and affordable.  A great way to kick off the season with a small group is to attend a free caroling concert under the Bean in Millennium Park.   If you are planning to provide a night out for a larger group, take a private trolley holiday lights tour for only $23 per person.   Or for a treat they can use with family or friends throughout the year, give gift certificates for the Imax at Navy Pier.  Any gesture will certainly be appreciated.

Finding a way for your business to help someone in need would make poignant addition to your year end celebrations.  The Greater Chicago Food Depository is a worthy cause to consider during the holidays.  The food distribution center is always looking for donations or volunteers.  For a finishing touch, mail out greeting cards to vendors, delivery people and any one else whose work influences your business.  Include a brief note of thanks for their important contribution.  You can support a good cause by purchasing your cards from Chicago Lights Tutoring, whose cards are designed by participants in their tutoring program, which serves children from low-income families across Chicago. 

Today concludes the third quarter of 2009 and The Dow Jones Industrial is up 15.3% for the period, on track for its best quarterly performance since 1998.  It’s fitting news for the last installment of our blog series on keeping on top of the economic wave.  While the climate improves, we should keep in mind that the result of this recovery will be a new economy unlike the one we enjoyed just one year ago. 

How will it be different?

1)      The consumer will place more emphasis on value.

2)      Labor markets will be volatile.

3)      The environmental & renewable-energy sector is a powerful new force.

Given the new realities, what choices can you make to better your position in your sector?  It is our business to be aware of issues facing independent and small business owners.  We find that being informed about our clients’ concerns makes it easier to build long lasting relationships and gain their trust.  Lately, we have taken our blog advice to heart and have delved into every area of our organization to find ways to energize new initiatives and maximize current realities.  We are going through a marketing blitz, reinforcing our assets and resurrecting stalled initiatives.  Our staff team goal is to not leave any stone unturned in our quest to better every area of our business.  We are excited to see what comes next and are glad that the news keeps getting better!

Sales at U.S. retailers rose at their fastest pace in three-and-half years last month.  This was the biggest monthly advance since January 2006, according to the US Commerce Department.  Now that customers are opening their wallets again, smart business owners will be geared up.  This is our third blog on preparing for the recovery and each week the economic news has gotten better!  It’s now time to accumulate new customers as you stake your share of the expanding marketplace.

Hopefully, you’ve continued your usual advertising programs throughout the recession, but with cash flowing again a big marketing push is a smart idea.  Potential customers are making decisions about where they will spend and this opportunity may be the only positive aspect of the economic slump. 

There are two imperatives to selling your products and services in the new economy: presence on the internet and offering a good deal.  Even if your product isn’t sold from a website, shoppers will go online to get a sense of your company and to research their decision.  Make sure they can find you online and that your website gives a good impression.  Then, show them you are sensitive to their wounded wallets by offering something better than they will find elsewhere.  If lowering your prices or offering a temporary discount isn’t possible, convince your audience that you are giving them the best value for their hard earned money.  Be sure to let them know that your price is a considered factor, because even with a recovery at hand, the hard lesson we all learned was that we may suffer in the face of excess but we will all benefit from each others’ careful spending.

“The worst is over” according to the Organization for Economic Cooperation and Development.   Today’s announcement cites their appraisal that our global economy is emerging from recession more quickly than originally expected.  That’s great news for small business owners who are struggling with a shrinking bottom line.  It is a welcome relief to know that the economy will be growing again.  Luckily, small businesses will have an advantage in this shifting climate because we are fast to adapt to change. 

Our last Suites blog discussed resurrecting company initiatives and goals that had life before the stock market collapse.  Once the cobwebs have been cleared out, what next? 

The great thing about being a small business is the ability to be lean and mean with your operational structure and communication systems.   Be sure to shore up those assets now.  Show your existing customers that you appreciate them.   A thank you note or a quick phone call can be all it takes to ensure their continued allegiance.    Also, connect with your valued vendors and stock up on product deals while they last.  Gather your key team members together and make sure they are all ready to provide good products and great service to satisfy customers.  That is your goal now, just as it always has been.  Though you can’t go back in time and you can’t predict the future, you can arm yourself with tools to support your efforts while you forge a new direction.

According to the Conference Board, consumer confidence is at its highest point since the recession began.  Home prices have posted their first quarterly increase in three years and even Warren Buffet writes that we are on a path to recovery.  While not likely to look the same as it did before, the economy will grow again.  When it does; you want to be prepared.  Now is the time to abandon inertia and equip your small business for recovery.

Start by remembering your plans and goals from before the stock market collapsed.  Which good ideas stalled out while you were busy putting out fires?  Think through every area of your business: sales, marketing, infrastructure, technology and personnel.   Many strategies will still be viable though some of them may require reworking.  By reviving your awareness of those good ideas and the possibilities they contain, your confidence will catch on and encourage even more good ideas.  We are working on our own preparations at The Suites Collection.  During the next few weeks we will continue this series on examining the steps to recovery, so we invite you to check back and share your own experiences.

If a price sounds too good to be true, it probably is.  Getting caught in a bait and switch scam is frustrating, particularly for small business owners who imbue all deals with personal integrity.  No one likes to be surprised by hidden fees.  To protect yourself you must read all contracts carefully and know who you are doing business with.

Be alert for clues that a shady deal may be going on behind the scenes.   Was the source of this vendor reliable?  Already today I’ve received three unsolicited faxes offering me deals on medical plans and vacations.  The numbers look great, but they are not likely to be quality arrangements.   Another question to ask is who is making decisions about your deal?  The farther away the executives are from the base of operations, the greater the chance that your offer is based on quotas and top down pressure, rather than transparency suitable for a beneficial relationship.   Find out if they have dissatisfied customers by using Rip Off Report. 

At The Suites Collection, our contracts are personalized for your company and your deal.  We are a small business and one of the first independent executive office operations established in Chicago.  Our longevity is reinforced by successful relationships we have with long term tenants, some of whom have been with us for over a decade.  We are known for superb service because we tailor our offerings to fit the needs of our tenants.  Schedule a tour of our unique office centers and get to know our team of support professionals.  We are here to help you grow your business. 

Working in your living space can be burdensome on your family and your business.   Certain aspects of the arrangement that appeal to you at first may not seem so beneficial once the interruptions and expenses add up.  Personal matters can become a distraction.   Cost savings disappear when equipment fails.  You may not have appropriate meeting space for clients.  Maintaining the efficiency of a home office can drain your resources.   Don’t let the value of your business suffer because you are not in the right place to get the job done.

Furnished offices in a professional atmosphere are move-in ready at The Suites Collection.  If you are weighing the decision to leave your home office for a new one, arrange a tour for any or all of our three convenient business centers.  Rents start at under $1000 per month.  Your furniture, telephone and high speed internet connection are included in your rent.    Our centers are equipped with conference rooms, copier, fax and secretarial support.   We have a wide variety of office sizes and layouts to suit your style and our experienced staff will work with you to select the right one.  If your office needs change in the future, you can transition to another one with minimal disruption. 

If you do plan to continue working from a home, The Suites Collection offers another service that can enhance your business.   Our virtual office program will allow you to have a prestigious mailing address and personalized telephone reception with 24/7 access to voice mail.  Our flexible office program offers part time use of an office for when you need focused time to prepare for a meeting or require privacy with a client.   Meeting and conference rooms that hold up to 20 people are available for half or full day rental and are located close to public transportation and parking.

For more insight on the ways individuals and businesses make the most of shared office environments, see these recent articles from Wall Street Journal and Washington Post.  Or, for a fun international perspective, read how the Germans are also enjoying the benefits!

The Suites Collection’s business centers are located in River North and the North Loop, two of Chicago’s hottest neighborhoods for dining, theatre and shopping.  Tourists are ubiquitous in these areas.  On sidewalks, they pause for sightseeing or stop to get their bearings.  Because they are operating on leisure time, their casual gait sets a conflicting pace with business people rushing by.   The contrast reveals how the choices we make every day determine the speed in which we live out our lives.

“Time is money.” - Benjamin Franklin

When you are running your own business, effective time management is crucial.  Not only will it make you more productive, but it will allay burn out from impeding your success, happiness and health.  The expectation that we will multi-task from anywhere has removed boundaries that used to shelter our leisure time for ourselves. 

A balanced approach to time management incorporates goal setting, prioritization, managing interruptions, avoiding procrastination and effective scheduling.  How do you feel about your time management skills?  Take this test at mindtools.com to identify areas for improvement. 

Another resource, RescueTime, is a web-based analytics tool for professionals who want to be more productive.  Signing up is free and you’ll be up and running in a minute or two.  RescueTime appears as a dashboard on your computer that monitors the applications and websites you use.  This real-time feedback allows you to make immediate decisions to increase your productivity. 

Other improvements may take longer.  The pursuit of effective time management can be life long.  You won’t always handle everything perfectly, but identifying your personalized strategy and employing it to the best of your ability will improve your business and your life.

A Canadian firm recently paid $1.68 million to charity for one lunch with Warren Buffet.  Their CEO cited the value of Buffet’s “wisdom and experience” as the reason they would spend so much money on one meal.  Whose opinions and advice would you pay for?  Is there someone in your life whose advice has value beyond measure but they give it to you for free?  When you are starting or leading a small business, engaging in dialogue with a personal hero is important.  Maintain an open dialogue with a mentor and it will make your business, and your life, better.

Often you will meet a mentor during the natural course of your professional life.  It could be a former boss or someone you know personally.  “At Their Knee” in Inc.com is an interesting article with interviews of successful business owners who were lucky enough to encounter great entrepreneurs in their early careers.  They credit the advice distilled to them from these mentors with their current success.  What’s striking is the way the mentees can recall the one or two snippets of advice that continue to drive their business decisions today.

If necessary, you can deliberately seek out and find a person with whom you can create this particular bond.  SCORE will put you in touch with an expert to answer specific questions that you have within 48 hours.  Another option would be to join a local business alliance.  One of the many unique benefits of working in a shared office environment like The Suites Collection is the networking potential.  Your adjacency to other entrepreneurs and business owners opens up the opportunity for mentorships to occur.   Even if the particulars of your business are distinctive, hearing about lessons learned by others in common situations can help you save time by not reinventing the wheel. 

We all need inspiration and encouragement.  Who are your real life heroes?  Remember to value your time with them and look forward to a day you can hopefully pass on your hard won wisdom and experiences to a younger generation.

Looking for ways to expand or enhance your business acumen? There are plenty of options for support and advice from companies whose business it is to keep you in business. Continuing your education is a great idea. Even if your schedule is busy, you can always find quick tips in magazines, online and by reaching out into your local community.

Reading a magazine is a refreshing way to discover information without having to be in front of a computer screen.  While on the train or waiting at an airport, pick up a copy of Inc. Magazine, “The Magazine for Growing Companies”.  Also referred to as “The Small Business Bible”, Inc. Magazine uses real life examples of business strategies, case studies, successes and failures to highlight real world solutions. The current issue features Paul Graham whose company, Y Combinator, is a hybrid venture capital fund and business school that funds and advises early-stage businesses.  Another article captures and compares the inner workings at Google and Microsoft.   

Toolkit.com is an online business owners toolkit offering “total know how” for small businesses.  We’ve recommended this site in previous blogs, but they’ve revamped and improved their site recently which makes it even better.  News stories and links direct you to the latest developments affecting small businesses.  The 200 free business documents, templates, checklists and official government forms make it easy for you to access those items from one place.

Your nearby college or university can also be a great resource.  Business and economics departments often conduct public outreach.  In Chicago, DePaul University’s Entrepreneurship Program at the Coleman Entrepreneurship Center offers consulting services, educational programs and resources for students and entrepreneurs throughout the city in the various stages of what they term the “Entrepreneurial Quest®”.

And if you want a good laugh to relieve you after your studies, read “Every Piece of Start Up Advice Is a Lie Including Mine” , an enlightening blog entry from one of Y Combinator’s participant entrepreneurs, Tony Right.