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          Stay connected with Boston's entrepreneur, business, and innovation community! This event is hosted in partnership with Innovation Studio.

          02/13/2023

          8:30am - 10:30am

          Roxbury Innovation Center

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          BIMA: Gaming’s Present & Future: Creativity, Attention, and Social Connection

          This event will explore why in-game advertising is becoming the next big advertising channel and how companies can tap into the gaming ad space.

          02/28/2023

          5:30pm - 7:30pm

          Mediahub

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          Cook & Bake with City Awake

          Join City Awake for our first social experience event of 2023!

          02/27/2023

          4:45pm - 8:00pm

          Cambridge School of Culinary Arts

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          Economic Inclusion

          Our Economic Inclusion Committee provides strategic support around research, policies, and programs that are focused on building equal opportunity.

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          Economic Inclusion
          Pacesetters

          We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).

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          Fierce Urgency of Now Festival
          2023 Fierce Urgency of Now Festival

          The Fierce Urgency of Now Festival brings Boston’s diverse young professionals together with business leaders, organizations and their peers to build connection, advance careers and ignite positive change.

          09/12/2023 -

          09/15/2023

          Greater Boston

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          City Awake

          City Awake empowers young professionals in a variety of ways that encourages these rising leaders to stay invested in the region’s future success.

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          BIMA

          BIMA (the Boston Interactive Media Association) serves a vibrant community of like-minded professionals from agencies, brands, publishers, and ad-tech companies with business interests in the New England market.

          Read More
          Women’s Network

          For more than 25 years, the Chamber’s Women’s Network has connected female professionals of all background and career levels. Today, our Women’s Network is the largest in New England, strengthening the professional networks of women each year.

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          MITX

          Through MITX (the Massachusetts Innovation and Technology Exchange), we’re building valuable connections between the people and ideas behind technology and its impact on the future of customer experiences, all to create a community that’s finding tomorrow’s solutions together.

          Read More
          Pacesetters

          We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).

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          We support small business through public policy initiatives, events designed to connect small businesses in Greater Boston to their peers and established business leaders, professional development offerings, and free small business advising.

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Boston Chamber
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          City Awake
          City Awake: BIPOC Young Professionals Coffee Networking

          Stay connected with Boston's entrepreneur, business, and innovation community! This event is hosted in partnership with Innovation Studio.

          02/13/2023

          8:30am - 10:30am

          Roxbury Innovation Center

          arrow-go
          Read More
        • ...
          BIMA
          BIMA: Gaming’s Present & Future: Creativity, Attention, and Social Connection

          This event will explore why in-game advertising is becoming the next big advertising channel and how companies can tap into the gaming ad space.

          02/28/2023

          5:30pm - 7:30pm

          Mediahub

          arrow-go
          Read More
        • ...
          City Awake
          Cook & Bake with City Awake

          Join City Awake for our first social experience event of 2023!

          02/27/2023

          4:45pm - 8:00pm

          Cambridge School of Culinary Arts

          arrow-go
          Read More
  • Learning & Development
        • Learning & Development

          • Overview
          • Call for Nominations
          • Resources
        • Boston’s Future Leaders

          Our Boston’s Future Leaders (BFL) program provides emerging leaders with a socially conscious and civically engaged leadership toolkit, as well as the opportunity to apply their knowledge through experiential assignments.

          Read More
          Transformational DEI Certificate

          Join our Transformational DEI Certificate! Our comprehensive learning & development offerings are designed to connect and grow strong leaders who lead both inside and out of the office.

          Read More
          Women’s Leadership Program

          Our Women’s Leadership Program enables you to take your leadership to the next level by arming you with the most in-demand leadership toolkit.

          Read More
  • Economic Inclusion
        • Economic Inclusion

          • Overview
          • Economic Inclusion Committee
          • Fierce Urgency of Now Festival
          • Pacesetters
          • Resources
        • ...
          Economic Inclusion
          Economic Inclusion

          Our Economic Inclusion Committee provides strategic support around research, policies, and programs that are focused on building equal opportunity.

          arrow-go
          Read More
        • ...
          Economic Inclusion
          Pacesetters

          We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).

          arrow-go
          Read More
        • ...
          Fierce Urgency of Now Festival
          2023 Fierce Urgency of Now Festival

          The Fierce Urgency of Now Festival brings Boston’s diverse young professionals together with business leaders, organizations and their peers to build connection, advance careers and ignite positive change.

          09/12/2023 -

          09/15/2023

          Greater Boston

          arrow-go
          Read More
  • Policy & Impact
        • Policy & Impact

          • Overview
          • Leadership Councils
          • Amicus Advisory Board
        • GET INVOLVED IN OUR POLICY FOCUS AREAS

          Business Climate
          Read More
          Climate & Energy
          Read More
          Health Care
          Read More
          Housing & Development
          Read More
          Talent
          Read More
          Transportation
          Read More
  • Our Networks
        • GBCC’s Networks

          • Overview
        • OUR NETWORKS

          City Awake

          City Awake empowers young professionals in a variety of ways that encourages these rising leaders to stay invested in the region’s future success.

          Read More
          BIMA

          BIMA (the Boston Interactive Media Association) serves a vibrant community of like-minded professionals from agencies, brands, publishers, and ad-tech companies with business interests in the New England market.

          Read More
          Women’s Network

          For more than 25 years, the Chamber’s Women’s Network has connected female professionals of all background and career levels. Today, our Women’s Network is the largest in New England, strengthening the professional networks of women each year.

          Read More
          MITX

          Through MITX (the Massachusetts Innovation and Technology Exchange), we’re building valuable connections between the people and ideas behind technology and its impact on the future of customer experiences, all to create a community that’s finding tomorrow’s solutions together.

          Read More
          Pacesetters

          We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).

          Read More
          Small Business

          We support small business through public policy initiatives, events designed to connect small businesses in Greater Boston to their peers and established business leaders, professional development offerings, and free small business advising.

          Read More
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Five strategies to increase profit

Learn More

 

Most businesses seek to increase their profit year to year. Here are five cumulative ways you can look to increase your bottom line.

 

1. Increase your leads

 

First, build a larger pipeline of prospective customers by:

  • Identifying your most successful promotional tactics and repeat
  • Identifying your best customers and contact them directly (if possible)
  • Attending industry events and conferences (virtual and physical) to meet potential customers outside their work environment
  • Ensuring your website is set up to generate new leads
  • Developing new distribution channels – think about using agents, licensing your goods, or utilizing a new distributor
  • Asking current clients to provide referrals
  • Actively ask people to get in touch by creating calls to action or incentives through promotional materials, your website, blog advice, social media platforms, and free trial offers
  • Running webinars or speaking at events
  • Creating thought leadership content, whitepapers, blogs or opinions, and syndicate in social media

Anything you can do to get in front of new customers is a valid tactic.

 

2. Convert more of your leads into customers

 

Once you have more leads, increase your conversion rate (the number of leads divided by the number of confirmed customers). To help achieve this, try:

  • Training staff on selling techniques and closing methods to help them convert
  • Providing staff with incentives or bonuses for higher conversion rates
  • Running demonstrations for potential customers to see what you have to offer and how they could benefit. Sign them up
  • Develop content where potential customers need to register to access, providing you a more qualified leads list
  • Create offers to encourage customers to buy.

3. Increase the number of items you sell per customer

 

If you can entice your customers to buy just one more item, or hour, or extra service from your business, your sales (and your profits) should increase. On-selling additional items is a tried and true tactic to improve profit.

Tactics include:

  • Adding impulse or lower cost products at checkout (physical and online) or a final sell when closing
  • Asking customers what else they would be interested in buying from you and then widen your product range to accommodate their needs
  • Bundling products together or prompting at check out ‘other people also bought XYZ’
  • Adding services if you sell products, adding products if you sell services.

 

4.Increase your average sale

 

If you can increase the average value of each sale, you should directly improve your profit (unless you’re selling any items for less than they cost).

To increase your average sale, try:

  • Ensuring your highest margin products and services are prominent on your website, and they have the most promotional budget allocated to selling
  • Training employees to know which products have the highest margins and then incentivize them to sell more
  • Increasing prices as even small improvements will show direct profit results
  • Profiling higher margin products on your website and allocating higher advertising dollars to their promotion
  • Introducing new premium products or services that have a higher value.

 

5. Increase net profit percentage

 

Net profit can be improved by looking carefully at your gross and net margins.

Try these tactics to improve your net profit:

  • Review all of your main suppliers and determine if you can swap any out for lower cost provider (though check cheaper suppliers can match the quality and service you expect)
  • Re-tender to contractors or ask suppliers to re-quote if you believe there are savings to be made
  • See if you have any components or parts of your business that can be sub-contracted out to cheaper suppliers
  • Identify your top five overhead costs to find savings. Overheads such as power, insurance, office supplies, internet, subscriptions and communications often reduce in price year by year. Make sure you’re getting these reductions
  • Trim any other costs that you may no longer need.

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HarborOne Bank, headquartered in Massachusetts, serves the financial needs of consumers, businesses, and municipalities throughout Massachusetts and Rhode Island through a network of 31 full-service branches and commercial loan offices in Providence and Boston. The Bank also provides a range of educational services through “HarborOne U,” with content and classes available on personal finance and small business delivered virtually as well as at community locations throughout Massachusetts and Rhode Island. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with offices throughout Massachusetts, Rhode Island, and New Hampshire and is licensed in seven additional states.
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