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Analytics are becoming a
big deal these days. This is all about
optimization of business results through decisions
and actions based upon accurate predictions of the
outcomes of your strategies. This is about getting
out front, not reactionary management. Of course,
many companies have been working in this direction
for some years now but by and large, the majority
of businesses are still stumbling along a bumpy
path using piece-meal information that gives them
little competitive advantage. The article that
follows ‘Tracking Numbers That Drive Success
May Be Habit-Forming’ provides an
excellent discussion of what you can do to get
moving in the right direction. For another broad
discussion of the problems and benefits of
implementing analytics in your organization read
MORE
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By Mike Porter
On a list of reasons for small business
failures you'll often see assessments such as
"weak financial management" or "inadequate cost
controls." The Illinois Department of Commerce and
Economic Opportunity says that entrepreneurs often
make the mistake of starting at the production
cost level and assuming that everything produced
can be marketed for a profit. According to the
Small Business Association, more than 50% of small
businesses fail in the first year and 95% fail
within the first five years.
In his book
Small Business Management, Michael Ames
cites poor inventory management, over-investment
in fixed assets, and personal use of business
funds as reasons for failure. Clearly, carefully
monitoring numbers relevant to business
performance allows owners and managers to respond
intelligently to everything from cash flow
fluctuations to changing market
conditions. MORE
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| SMALL
BUSINESS ILLINOIS TAX
HELPLINE! |
 The Illinois Chamber
is launching a new Helpline service by partnering
with J.D. Michael, LLC, to provide you with
answers to your Illinois business tax questions.
Just as our HR Helpline has answered
thousands of your questions on complex human
resource issues for many years, you can now rely
on our Illinois Tax Helpline to help you find
answers you need to your Illinois business tax
questions.
The Chamber's new Illinois Tax
Helpline can be reached toll-free at
1-800-767-8620 and it will be available to
Illinois Chamber members from 9:00 a.m. to 1:00
p.m. CST each Monday, Wednesday and Friday.
Your questions will be answered by J.D.
Michael, LLC, a firm that was founded by five
professionals who previously worked for the
Illinois Department of Revenue. Combined, the J.D.
Michael members possess well over 135 years of
experience in the taxes administered by the
Illinois Department of Revenue, with particular
emphasis on business-related taxes such as
Illinois sales taxes and corporate income and
withholding taxes. To find out more about J.D.
Michael, LLC, visit their website at
www.JDMichael.com.
Please have your
Illinois Chamber membership number handy when you
call to take advantage of this free new member
service! If you don’t know your number, contact
Mary Taylor at 217/522-5512 or Candace Gerritsen
at 312/983-9110 for assistance.
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It has taken decades for
the transition of the Chief Financial Officer from
accountant to business strategist to make itself
real. The current day CFO role has finally become
one of business partner with the CEO in mapping
the direction of the corporation. But enter the
Sarbanes-Oxley era and now what do we have going
on? We may be seeing a knee-jerk retreat to a role
of the past for the CFO. At the very least the
role must be carefully rethought given some of the
independence required in Post-SOX. Can the CFO
safely continue to delegate accounting and other
internal controls downward in the organization in
the face of SOX penalties?
Knowledge@Wharton discusses this issue and
the advantages and compelling need for the CFO to
continue to function as corporate strategist using
the new SOX mandates and reporting requirements as
an asset of the corporation. They argue that many
CFOs are involved in strategies that involve
exotic risk-hedging to reduce volatility from
financial results and improve the bottom line. To
accomplish such strategies, the CFO needs a deep
understanding of the company's operations and
risks it will face in the future, and that
requires answering many of the types of questions
required for SOX disclosure. Maybe when the dust
settles in Post-SOX there will be benefits to the
corporation that extend beyond clear and credible
external reporting. MORE
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Most businesses have
gotten the message that they must have clear
policies in-place to prevent sexual harassment in
their workplace. In addition to a employer guide
discussion of these policies, many businesses have
implemented sound supervisor training sessions to
reinforce the importance of the subject and
protect the business from serious penalties. But
in spite of the headway that has been made over
the last decade, it looks like government is going
to demand even more. By the end of 2005 all
businesses in California with 50 or more employees
were required to perform mandatory training in
sexual harassment prevention for all managers and
supervisors. Many legal experts believe the
California approach will have a ripple effect with
other states joining by legislating similar
requirements.
Even if this doesn’t roll
out rapidly, this standard of training will likely
find itself into the courtroom where judges may
adopt it as the new standard for a successful
defense. One way or the other, it looks like the
cost of doing business for smaller businesses will
go up. After all, sexual harassment is but one of
an increasing number of discriminatory practices
that draw employee complaints and all are
complicated and require more and more supervisory
attention. You’ll be hearing more in the near
future about how your Illinois Chamber can help
you with this problem. MORE
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We are hearing more and
more complaints lately about abuses of Family and
Medical Leave Act provisions by employees. But we
also have many reminders that employers should
think twice before taking adverse employment
actions based upon perceived abuse. A wrongfully
terminated employee can win significant awards
when courts find that their absences were indeed
covered by the provisions of FMLA. One thing to
remember is that the employee may only need to be
under doctors orders not to report to work whether
ill or not. This standard was set forth by the
Michigan Court of Appeals in Woodman v. Meisel
Sysco Food Service Company which said that the
plaintiff was under ‘continuing treatment by a
healthcare provider’ for testing and it did not
matter that the test turned out negatively. The
court also affirmed that when there is conflict
between the provisions of the Act and a collective
bargaining agreement, the Act controls. MORE
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Want to know what your
employees seem to want more than anything else in
the coming year? It’s more money. In a recent
survey conducted by Adecco Staffing North America,
24% of respondents indicated they wanted a raise.
Promotions were mentioned by only 9% and just 3%
wanted a better relationship with the boss! Women
were more concerned about a raise than
men. MORE
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| The
Internet and Your Marketing
Decisions |
| Those eye-popping
Internet sales numbers just continue to grow and
it looks like there is no end in sight. Jupiter
Research says that over the next 3 years 71% of
the people with a web connection will use it to
shop. Consumers are expected to spend $144 billion
online by 2010, up from $81 billion last year and
this year’s forecast of $95 billion. Nearly half
of total retail sales will be influenced by the
Internet vs. 27% last year as more and more people
research products and prices online and use that
research to guide their purchase
decisions. |
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The Illinois Chamber is
hosting a special one-day conference at the
Drake Hotel, Chicago on April 4, 2006 for
business leaders to share solutions that address
the increasing cost of healthcare. The conference
is presented by CIGNA Healthcare and
Newt Gingrich will deliver the keynote
address as well as participate in a panel
discussion and reception following the conference.
The appearance of the former US House Speaker is
sponsored by Accenture. Don't miss this
outstanding opportunity. Register
now!
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The Transportation for
Illinois Coalition has prepared an updated White
Paper entitled Rough Roads Ahead: 2006 which
discusses the continuing challenges facing our
state’s road needs, choices and suggested
solutions. Click
here to download this important paper.
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| Illinois
Chamber HELPLINE |
| Knowing what you can and
can't do will help you prevent costly mistakes.
Call Howard Parker, our Chamber HR expert. He will
help you deal with problems safely and avoid
disputes. You can reach the Helpline toll-free at
800-322-4722. |
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SAVE 20% OR MORE ON YOUR
PAYROLL PROCESSING!
The
Illinois Chamber is offering a NEW Exclusive
Benefit to Chamber members only! TruPay
Corporation, America's fastest growing payroll
service now offers its award-winning services to
members of the Illinois Chamber at special
discounted rates that could save you 20% or more.
Click
here for more about this exciting new
opportunity.
Check out some of our other
programs and see how your membership pays with the
Illinois Chamber:
Learn more about these programs
and how they benefit your company when you Join
the Leaders! |
| |
 The Chamber urges
all Illinois employers to recognize their Guard
and Reserve employees by signing and displaying
the ESGR Statement of Support. To get yours,
simply complete
an online form and you will receive a
personalized certificate that demonstrates your
support. Also visit the SBA Veteran's Business
Development web site for assistance to small
business owners that have employees activated in
the Guard or Reserves. Click MORE
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The Exec
Report - Wood S.
McComb, Editor
Copyright © 2006 The Illinois
Chamber
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