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          A Fireside Chat with Dr. Melissa Gilliam, Boston University

          This Women's Network event will offer an insightful conversation with Dr. Melissa Gilliam, the 11th President of Boston University and both the first woman and the first Black woman to lead the institution since its founding in 1869.

          06/18/2025

          11:30am - 1:00pm

          Fairmont Copley Plaza

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          Talent and Competitiveness in 2025: Finding Opportunity in Uncertain Times

          Join the Chamber and Massachusetts Business Roundtable for a deep dive into employer insights, featuring analysis from McKinsey and a panel of experts.

          06/26/2025

          11:00am - 12:00pm

          Virtual

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          Doing Business with Mass General Brigham

          Join us for our installment of the Pacesetters Doing Business series featuring Mass General Brigham on June 26, 2025.

          06/26/2025

          1:00pm - 2:00pm

          Virtual

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          Authentic Professionalism for Early Career Professionals

          Join us on June 12 for a highly interactive virtual workshop with Strategic Career & Leadership Coach Carole-Ann Penney.

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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.

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          Women’s Network

          For over 30 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
          Massachusetts Apprentice Network

          The Massachusetts Apprentice Network convenes employers, training providers, and talent sources interested in developing and implementing apprenticeship programs in occupations across industries and statewide in fields such as tech, advanced manufacturing, healthcare, financial services, and more.

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          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
  • Events
        • Events

          • Overview
          • Events Calendar
          • Chamber Awards
          • New Chamber Event Series
        • ...
          Women's Network
          A Fireside Chat with Dr. Melissa Gilliam, Boston University

          This Women's Network event will offer an insightful conversation with Dr. Melissa Gilliam, the 11th President of Boston University and both the first woman and the first Black woman to lead the institution since its founding in 1869.

          06/18/2025

          11:30am - 1:00pm

          Fairmont Copley Plaza

          arrow-go
          Read More
        • ...
          Special Event
          Talent and Competitiveness in 2025: Finding Opportunity in Uncertain Times

          Join the Chamber and Massachusetts Business Roundtable for a deep dive into employer insights, featuring analysis from McKinsey and a panel of experts.

          06/26/2025

          11:00am - 12:00pm

          Virtual

          arrow-go
          Read More
        • ...
          Pacesetters
          Doing Business with Mass General Brigham

          Join us for our installment of the Pacesetters Doing Business series featuring Mass General Brigham on June 26, 2025.

          06/26/2025

          1:00pm - 2:00pm

          Virtual

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

          • Overview
          • Call for Nominations
          • Insights
        • Transformational DEI Certificate

          This program is in redevelopment. Click this page for DEI resources.

          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
          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
          Authentic Professionalism for Early Career Professionals

          Join us on June 12 for a highly interactive virtual workshop with Strategic Career & Leadership Coach Carole-Ann Penney.

          Read More
  • Economic Inclusion
        • Economic Inclusion

          • Overview
          • Pacesetters
          • Resources
        • ...
          Economic Inclusion
          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.

          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
        • ...
          Small Business
          Small Business

          Small businesses are the backbone of the Boston economy. Learn more about the resources available through the Chamber.

          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

          Small Business

          Small businesses are the backbone of the Boston economy. Learn more about the resources available through the Chamber.

          Read More
          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 over 30 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
          Massachusetts Apprentice Network

          The Massachusetts Apprentice Network convenes employers, training providers, and talent sources interested in developing and implementing apprenticeship programs in occupations across industries and statewide in fields such as tech, advanced manufacturing, healthcare, financial services, and more.

          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
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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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