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          02/13/2023

          8:30am - 10:30am

          Roxbury Innovation Center

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          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

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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.

          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).

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Boston Chamber
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        • Events

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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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          Explore our mission and values to better understand how we are leading the business community forward.

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Why You Need an Early Warning System

Learn More

 

The sooner you know something needs fixing in your business the earlier you can remedy the issue and the stronger your business will be.

The absolute worst-case scenario in a business is when sales slowly erode over time (death from a thousand cuts) and it becomes too late to fix the problem, or you don’t know what the issue is. It’s possibly better to have a sharp revenue shock from a crisis (loss of a major customer, rapid falling demand) as it can be easier to decide what to do. There are also other events you can predict by keeping an eye and ear out for changing business conditions, such as rising interest rates, future delays in the supply chain or impacts on your industry, or needing to comply with environmental legislation.

The first step towards business resilience is identifying your business drivers and setting a series of red flag thresholds to trigger action before it’s too late.

Identifying your drivers

 

Sales revenue tends to be the main indicator of how well a business is doing, and an early warning system helps avoid a precipitous drop.

 

Sales drivers and their issues can be:

  • acquisition (fewer calls, queries, demo’s, meetings booked, foot traffic)
  • retention (more customers switching to competitors)
  • average sale (cheaper competitors and discounting)
  • gross profit (increase in costs or selling lower margin items)
  • web traffic and leads (distracted customers)
  • conversion (fewer customers buying as a percentage of leads)
  • accounts receivable (customers paying late)
  • unhappy employees (increase in sickness, absenteeism or staff turnover)
  • social media participation (less relevance).

 

Every industry will have its own specific characteristics and may not be linked to immediate sales. Builders could monitor new building consents, retailers review inventory turnover, manufacturers check waste or returns, professionals keep up-to-date with new regulations, farmers keep an eye on market prices, etc.

Setting red flags

 

Automate data you want to measure and set thresholds (such as new customers drop 10% or more in a month). If an indicator drops below a certain level, this triggers to investigate why.

Accounting software will make it easier to monitor buying trends, cost of goods sold, gross profit, lifetime value and product or service costs. Marketing CRM software, search engine and social media platforms will help detect a slowing of demand.

Action points

 

  • Decide which drivers you want to monitor
  • Set thresholds to trigger concern
  • Decide how often you want to review
  • Involve others to keep you honest
  • Ensure customers are central to your business and sell more to existing customers
  • Always look to improve your profit margin

 

“To Learn more by visit https://www.harborone.com/small-business

HarborOne Bank

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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