Introduction:
In life, some threads stand out, weaving stories of passion, dedication, and camaraderie. For me, starting and nurturing a group called Engaging Speakers has been one such defining thread. Over two decades, this endeavor has evolved from a mere idea to a community of extraordinary individuals, all bound by the shared passion for public speaking and the transformative power of words.
 
In the summer of 2003, Gail Brown and I embarked on a journey to create a space where speakers, aspiring and seasoned alike, could come together, learn, grow, and inspire one another. Little did I know then that this journey would unfold into a transformative odyssey, touching the lives of countless individuals.
 
The Genesis of Engaging Speakers
Two decades ago, the seed of Engaging Speakers was sown from a desire to foster a supportive community for individuals enthusiastic about the art of public speaking. The initial vision was to create a space where people could not only refine their speaking skills but also find their authentic voice, connect with a network of like-minded individuals, and explore speaking engagements.
 
Cultivating Growth and Impact
The growth of Engaging Speakers over the years has been nothing short of phenomenal. What began as a small gathering of passionate speakers has blossomed into a thriving community of diverse voices, collectively making a significant impact in various spheres of life. The engagement and dedication of the members have been instrumental in turning this vision into a reality.
However, like any journey, the path to growth was not always smooth. Over the years, our community experienced its fair share of ups and downs, reflecting the ebb and flow of life and the world of professional speaking. But through it all, we persevered, adapting to changing landscapes and emerging stronger as a result.
 
A Collection of Great People and Amazing Speakers
The heart and soul of Engaging Speakers lie in its people—the members, each bringing their unique stories, experiences, and expertise to the table. Our community is vibrant, interwoven with a multitude of colors and patterns, united by the common goal of sharing knowledge, empowering others, and creating positive change.
 
The speakers who have graced our platform over the years have been the lifeblood of our community. Their inspirational talks, insightful guidance, and unwavering commitment to making a difference have left an indelible mark on all of us. Beyond sharing their wisdom, these speakers have also been invaluable connections for networking and securing speaking engagements, further propelling the growth of our community.
 
The Heartfelt Gratitude
As I reflect on the past 20 years, my heart swells with gratitude. Engaging Speakers has been a labor of love, fueled by the dedication of all involved. The joy of witnessing members' growth, the pride in their accomplishments, and the camaraderie that has been fostered—it's all beyond words.
 
Conclusion
In life, Engaging Speakers stands as a vibrant, enduring thread, representing growth, transformation, and the immense power of human connection. This journey has been a testament to the impact that a community of passionate individuals can have when united by a shared purpose. Here's to the next 20 years, where we continue to inspire, empower, make a difference, and forge new speaking engagements, one engaging speech at a time.
 
Come help us Celebrate the 20th Anniversary of Engaging Speakers at lunch on October 20th in Elk Grove
www.engagingspeakers.com/20th

Tax planning for business owners in 2023 should be a year-round effort, but here are some key tax moves to consider early in the year to help reduce your tax liability and optimize your financial situation:

1. Review Your Business Structure: Assess whether your current business structure (e.g., sole proprietorship, partnership, LLC, S corporation, C corporation) is still the most tax-efficient option for your business. Changing your structure can have significant tax implications, so consult with a tax professional before making any changes.

2. Maximize Deductions: Identify all available deductions and credits that can help reduce your taxable income. Common deductions include business expenses, home office deductions, and retirement plan contributions.

3. Consider Qualified Business Income Deduction (QBI): If you're eligible for the QBI deduction (also known as Section 199A deduction), ensure that you're optimizing it. This deduction can be significant for pass-through entities like S corporations, partnerships, and sole proprietorships.

4. Evaluate Employee Benefits: Review your employee benefits packages, such as health insurance plans, retirement plans (e.g., 401(k)s), and other fringe benefits. Ensure they are tax-efficient and meet your employees' needs.

5. Plan for Capital Expenditures: Take advantage of the Section 179 deduction and bonus depreciation rules to write off the cost of qualified capital assets in the year of purchase, rather than spreading the deduction over several years.

6. Charitable Contributions: If your business makes charitable contributions, ensure that you're documenting them correctly and taking advantage of any available deductions. Consider contributing appreciated assets for potential tax benefits.

7. Inventory Management: Review your inventory management practices to minimize carrying costs. Methods like LIFO (Last-In-First-Out) or FIFO (First-In-First-Out) can impact your tax liability.

8. Review Your Debt Structure: Evaluate your business debt and consider refinancing or restructuring if it makes financial sense. The interest on business loans is often deductible.

9. Tax Withholding and Estimated Payments: Ensure that your business is withholding the correct amount of taxes for employees and making estimated tax payments on time. Underpayment can result in penalties and interest charges.

10. Estate Planning: If you have a succession plan or intend to pass your business to heirs, consider the tax implications and develop a strategy that minimizes estate taxes.

11. State and Local Taxes: Be aware of your state and local tax obligations, including income, sales, and property taxes. State tax laws can vary significantly and impact your overall tax liability.

12. Hire a Tax Professional: Tax laws are complex and subject to change. Consider working with a tax professional or accountant who specializes in small business taxation to ensure you're taking full advantage of available deductions and credits while staying compliant with tax regulations.

Remember that tax planning should be tailored to your specific business situation and goals. It's essential to consult with a tax professional who can provide personalized advice based on your circumstances. Additionally, staying informed about tax law changes and deadlines throughout the year is crucial for effective tax planning.

This was inspired from an article in the Daily Herald Business section on Sunday September 3, 2023
Never too early: Tax moves every business owner should consider right now (dailyherald.com)

Labor Day, celebrated on the first Monday of September in the United States, marks more than just the end of summer; it commemorates the contributions and achievements of the American workforce. Beyond its significance as a public holiday, Labor Day has had a profound influence on the world of business, shaping workplace practices, consumer behaviors, and economic trends.

Origin and Purpose

Labor Day's roots trace back to the late 19th century when the labor movement was gaining momentum. The holiday was established to honor the social and economic achievements of workers, including their contributions to the nation's prosperity, growth, and well-being. The labor movement advocated for fair wages, reasonable working hours, and safer working conditions, all of which have left an indelible mark on how businesses operate today.

Workplace Policies and Practices

Labor Day's origin in the labor movement has influenced workplace policies and practices. The advocacy for fair treatment and improved working conditions paved the way for the establishment of labor laws and regulations. Over time, employee rights, such as minimum wage, overtime pay, and workplace safety, became integral components of business operations. Today, businesses must navigate a complex legal landscape that prioritizes the well-being of the workforce.

Focus on Work-Life Balance

As Labor Day underscores the importance of the workforce, it has prompted businesses to reconsider their approach to work-life balance. The holiday serves as a reminder that employees are more than just cogs in the corporate machine. Many modern businesses now prioritize flexible work arrangements, remote work options, and wellness programs to ensure that employees can maintain a healthy equilibrium between their professional and personal lives.

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Labor Day's influence on business extends far beyond its historical origins. It has transformed into a significant economic event that shapes consumer behavior, influences retail strategies, and encourages businesses to uphold fair labor practices. As we commemorate Labor Day, we not only honor the contributions of workers but also recognize the enduring impact of this holiday on the business world—a reminder that the relationship between labor and commerce is intertwined in the fabric of society.

A few Months ago, The Schaumburg Business Association (www.schaumburgbusiness.com) hosted a Leadership Luncheon featuring John Costello, Cherry's Industrial Equipment. He talked about how, after implementing Open Book Management, his employee engagement rose, employees stayed longer, and his business became more profitable. 
​
Open Book Management (OBM) is a management approach that involves sharing financial and operational information with employees at various levels within an organization. This transparency aims to help employees understand the company's financial health, objectives, and performance metrics. Here are some benefits of implementing Open Book Management:

1. Increased Employee Engagement: OBM fosters a sense of ownership and responsibility among employees since they can see how their work directly impacts the company's financial outcomes. This heightened engagement can lead to improved job satisfaction and motivation.
2. Enhanced Financial Literacy: Open Book Management helps employees develop a better understanding of financial concepts and how the organization generates revenue and profits. This knowledge can translate into more informed decision-making and better overall business acumen.
3. Alignment with Organizational Goals: When employees have access to financial information and understand the company's objectives, they are better able to align their efforts with those goals. This can lead to more focused and effective collaboration across departments.
4. Innovative Ideas and Problem-Solving: Open Book Management encourages employees to think creatively about improving the company's financial performance. Since they have a clearer picture of the challenges and opportunities, they can contribute innovative solutions and ideas.
5. Cost-Saving Ideas: Employees who are aware of the company's financial situation may be more proactive in identifying areas where costs can be reduced or efficiencies can be gained. This can lead to cost-saving initiatives that positively impact the bottom line.
6. Transparency and Trust: Sharing financial information openly demonstrates trust in employees and promotes a culture of transparency. This can enhance trust between management and staff and reduce potential feelings of secrecy or distrust.
7. Empowerment and Autonomy: When employees have access to relevant financial data, they can make informed decisions without waiting for top-down directives. This empowerment can lead to faster problem-solving and decision-making at all levels of the organization.
8. Performance Accountability: OBM provides a clear way to measure performance against key financial metrics. Employees can see the direct impact of their efforts on these metrics, which can encourage accountability and a sense of responsibility for results.
9. Crisis Management: In times of financial challenges or uncertainty, employees who understand the company's financial situation are better equipped to contribute to solutions and make informed choices to navigate the crisis effectively.
10. Improved Communication: OBM promotes open dialogue and communication among different levels of the organization. Teams can discuss financial data and performance openly, fostering better collaboration and sharing of insights.
11. Skill Development: As employees become more familiar with financial information, they develop valuable skills in interpreting financial statements, understanding market dynamics, and assessing business viability.
12. Attraction and Retention of Talent: A transparent and engaging work environment, such as that fostered by Open Book Management, can attract top talent and contribute to employee retention, as employees feel valued and part of something larger.

Overall, Open Book Management can lead to a more informed, engaged, and motivated workforce that works collaboratively toward the company's financial success and growth. However, successful implementation requires careful planning, effective communication strategies, and a commitment to transparency from leadership.

He wrote an article in the Daily Herald Sunday Business Section on Sunday, August 20, 2023 about how he uses the concept and the benefits:

https://www.dailyherald.com/business/20230820/open-book-management-a-way-of-doing-business-that-benefits-everyone

​Valuing a business is a complex process that requires careful consideration of various factors. Here are some key things to think about when conducting a business valuation:
 
1. Financial Statements and Performance: Review the company's historical financial statements, including balance sheets, income statements, and cash flow statements. Analyze revenue growth, profitability, and trends over time.
 
2. Industry and Market Analysis: Understand the industry in which the business operates. Consider market trends, competitive landscape, growth prospects, and potential disruptions that could impact the business's value.
 
3. Earnings and Cash Flow: Evaluate the company's earnings and cash flow, as these are critical indicators of its financial health. Consider the quality and sustainability of earnings, as well as the company's ability to generate consistent cash flow.
 
4. Assets and Liabilities: Assess the value of the company's tangible and intangible assets, such as real estate, equipment, intellectual property, and brand reputation. Also, review its liabilities, including debt and obligations.
 
5. Customer Base: Consider the size, loyalty, and diversity of the customer base. A strong and loyal customer base can add significant value to a business.
 
6. Management Team: Evaluate the strength and experience of the management team. A capable and skilled leadership team can positively impact a company's growth potential and overall value.
 
7. Competitive Position: Analyze the company's competitive advantages, market positioning, and barriers to entry. A strong competitive position can contribute to higher valuation multiples.
 
8. Risk Assessment: Identify and assess risks that could impact the company's future performance and value. These could include industry-specific risks, regulatory changes, economic downturns, and more.
 
9. Growth Prospects: Consider the business's potential for future growth. This could include expansion into new markets, introduction of new products or services, and leveraging emerging technologies.
 
10. Valuation Methods: Choose appropriate valuation methods based on the nature of the business and the industry. Common methods include the income approach (discounted cash flow), market approach (comparable company analysis), and asset-based approach.
 
11. Exit Strategy: Understand the potential exit strategies for the business, such as selling to a strategic buyer, merging with another company, or going public. The chosen exit strategy can influence the valuation approach.
 
12. Economic Conditions: Take into account the prevailing economic conditions and how they might impact the business's value. Economic factors like inflation rates, interest rates, and overall market sentiment can influence valuation outcomes.
 
13. Legal and Regulatory Factors: Consider any legal or regulatory issues that could affect the business's operations or value. This could include pending litigation, compliance requirements, and intellectual property protection.
 
14. Discount and Premium Rates: Determine appropriate discount and premium rates to account for factors like lack of marketability, control, and specific risk considerations.
 
15. Comparable Analysis: Compare the business to similar companies within the same industry to gain insights into its relative valuation and performance metrics.
 
16. Synergies: If the valuation is being done for a potential merger or acquisition, consider potential synergies that could arise from combining the two companies.
 
17. Timing: Keep in mind that market conditions and business performance can change over time, so the timing of the valuation can impact the final result.
 
Remember that business valuation is both an art and a science, and there is often a degree of subjectivity involved. It's recommended to seek the expertise of financial professionals, such as business appraisers, accountants, and financial analysts, to ensure a thorough and accurate valuation.

​A general marketing plan outlines the strategies and tactics a business or organization will use to promote its products or services and achieve its marketing objectives. While specific marketing plans can vary widely depending on the industry and company's goals, here is a general outline that can be adapted to most situations:

1. Executive Summary:

•  Briefly introduce the company and its products/services.
•  Summarize the main marketing objectives and key strategies.
•  Provide an overview of the budget and resources allocated to marketing.

2. Situation Analysis:

• Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) to evaluate the internal and external factors influencing the business.
• Analyze the target market, including demographics, psychographics, and market trends.
• Assess the competitive landscape and identify key competitors.

3. Marketing Objectives:

• Set clear, measurable, achievable, relevant, and time-bound (SMART) marketing objectives.
• Align marketing objectives with overall business goals.

4. Target Audience:

• Define the target audience(s) for the marketing efforts.
• Understand their needs, preferences, and pain points to tailor marketing messages effectively.

5. Positioning and Unique Selling Proposition (USP):

• Define the brand's positioning and how it differentiates from competitors.
• Highlight the unique selling points that make the products or services stand out.

6. Marketing Strategies:

• Identify the primary marketing strategies to achieve the objectives (e.g., product development, market penetration, market expansion, etc.).
• Choose the appropriate marketing mix (product, price, promotion, place) for each target market.

7. Tactics and Action Plan:

• Develop specific marketing tactics for each chosen strategy.
• Set a timeline and allocate responsibilities for executing the tactics.
• Determine the marketing channels and platforms to be utilized (e.g., social media, email marketing, advertising, etc.).

8. Budget and Resource Allocation:

• Define the marketing budget and allocate funds to different tactics.
• Consider the costs associated with marketing tools, advertising, personnel, and other resources.

9. Performance Metrics and Monitoring:

• Determine key performance indicators (KPIs) to measure the success of the marketing efforts.
• Establish a system for monitoring and analyzing marketing performance regularly.
• Use data and feedback to make informed adjustments to the plan as needed.

10. Marketing Implementation:

• Execute the planned marketing activities according to the action plan.
• Ensure coordination among various teams involved in the marketing efforts.

11. Evaluation and Reporting:

• Periodically assess the results against the set objectives and KPIs.
• Prepare detailed reports to present the marketing achievements, challenges, and recommendations.

12. Adaptation and Optimization:

• Use the insights gained from evaluation and reporting to optimize future marketing efforts.
• Be flexible and willing to adjust the plan based on changing market conditions and customer feedback.

Remember that the marketing plan should be dynamic and responsive to the ever-changing business environment. Continuous evaluation, improvement, and adaptation are crucial for success.

​Successful business owners tell us that they are concerned about:
​

• Rising labor costs
• Health Insurance
• Workers Comp
• Government Regulations
• Declining Sales
• Taxes
• Fighting Fires
• Tight Cash Flow
• Errors, Mistakes, Quality
• Productivity & Attitude
• Equipment Capacity
• Customer Demands
• Not having anyone to talk with

What concerns do you have?

Do they keep you up at night?

Successful business owners also tell us they have a solid relationship with their accounting firm. They indicate this has occurred because of a unique process that allows them to spend more of their time growing their business.

The result is increased business and a better night’s sleep!

Matching Ideas with Resources

Your business concerns are discussed during regular consulting sessions.  Our deep network of contacts can help you solve most of your business concerns. These specialists are experts in their respective field.
 

Special Thank you to Schaumburg Business Association for informing us about this (www.schaumburgbusiness.com):

The Cook County Small Business Source proudly introduces The 2023 Source Grant, which will provide $40 Million in grants to small businesses to help stabilize operations, foster recovery and resiliency, and advance equity in a post-pandemic economy.

$40M TOTAL FUNDING

$40 million in grants to small businesses coupled with no-cost advising and coaching services, to help stabilize operations, foster recovery and resiliency, and advance equity in a post-pandemic economy.

APPLICATION DATES: July 20 – August 18

Application review will begin in August 2023 and not before – so there is no rush to apply. Early submission of an application does not lead to an earlier or faster review. Applicants will be notified of their application status by November 2023 and grant awards will be distributed in January 2024.

TWO TYPES OF GRANTS:

Businesses with 2019 gross revenue between $20k-$50k are eligible to receive $10K grants.

Businesses with 2019 gross revenue of more than $50k are eligible to receive $20K grants.

The Daily Herald had some great facts to support last week's Blog about Illinois. 

Frank Manzo IV
Illinois Economic Policy Institute

"Beware the naysayers who allege that Illinois' economy is "upside down" and "struggling."

Midway through 2023, there is no evidence that the state is in recession..."

​Read the rest at the Daily Herald Website:

https://www.dailyherald.com/business/20230716/attention-naysayers-the-data-show-illinois-economy-still-growing