Lately, this seems like a contrarian point of view, but there are great reasons businesses come to and stay in Illinois. ​There are several reasons why you might consider continuing to do business in Illinois:

1. Strong Economy: Illinois has a diverse and robust economy, with key industries such as finance, manufacturing, technology, healthcare, agriculture, and logistics. The state offers a wide range of business opportunities and a large consumer market.

2. Central Location: Illinois is strategically located in the heart of the United States, making it an ideal location for businesses with distribution and logistics needs. Its central position allows for easy access to major markets in the Midwest and across the country.

3. Transportation Infrastructure: The state boasts a well-developed transportation infrastructure, including an extensive network of highways, railways, airports, and waterways. This infrastructure facilitates the movement of goods and services both domestically and internationally.

4. Skilled Workforce: Illinois is home to top-tier universities and colleges, producing a highly skilled and educated workforce. The state's talent pool provides businesses with access to a wide range of professionals across various industries.

5. Business Support and Incentives: Illinois offers various programs and incentives to support businesses, including tax credits, grants, and low-interest financing options. The state also provides resources and assistance for startups and small businesses through organizations like the Illinois Small Business Development Center.

6. Innovation and Research: Illinois has a vibrant innovation ecosystem, particularly in the Chicago area. The state fosters collaboration between businesses, universities, and research institutions, providing opportunities for partnerships and access to cutting-edge research and development.

7. Quality of Life: Illinois offers a high quality of life, with diverse cultural attractions, vibrant arts and entertainment scenes, and a range of recreational opportunities. The state is known for its world-class museums, professional sports teams, music festivals, and renowned restaurants.

8. Access to Capital: Illinois has a strong financial sector and access to venture capital and private equity firms. This makes it easier for businesses to secure funding and attract investment for growth and expansion.

9. Infrastructure and Utilities: Illinois has a reliable and modern infrastructure, including a robust energy grid, advanced telecommunications network, and access to high-speed internet services. These factors are crucial for businesses that rely on efficient and reliable utilities.

10. Supportive Business Community: Illinois has a thriving business community with numerous industry associations, chambers of commerce, and networking groups. Engaging with these organizations can provide valuable opportunities for networking, collaboration, and business development.

It's important to conduct thorough research and evaluate your specific industry and business needs to determine if Illinois is the right fit for your company. Consulting with local business experts or economic development agencies can provide further insights and assistance in making informed decisions.

There is no inherent reason why businesses shouldn't be in Illinois. It is important to assess various factors when considering the location for a business, including market demand, infrastructure, taxes, regulations, and the overall business climate.

However, it's worth noting that Illinois has faced some challenges in recent years that may have an impact on businesses. Here are a few factors that some businesses may find less favorable:

1. High taxes: Illinois has been known for its relatively high taxes, including income taxes, property taxes, and sales taxes. This can place a burden on businesses, particularly small businesses and entrepreneurs.

2. Fiscal challenges: Illinois has faced significant fiscal challenges, including large budget deficits and a growing pension crisis. These issues have led to concerns about the state's financial stability and long-term economic outlook.

3. Regulatory environment: Like any state, Illinois has its own set of regulations and bureaucratic processes that businesses must navigate. Some businesses may find the regulatory environment to be burdensome or restrictive.

4. Political climate: The political climate in Illinois can vary, and it may not align with the preferences or priorities of certain businesses. Political instability or policies that are unfavorable to businesses could potentially be a concern for some.

5. Economic competitiveness: While Illinois is home to Chicago, a major economic center, the state has faced challenges in maintaining its economic competitiveness. Businesses may consider factors such as access to markets, talent pool, and industry clusters when evaluating their location options.

It's important to note that these factors may not be deterrents for all businesses, and many companies continue to thrive in Illinois. Each business has its unique circumstances and requirements, so conducting thorough research, considering the specific needs of the business, and seeking professional advice are essential steps in determining whether Illinois is the right location for a particular company.

The Des Plaines Chamber of Commerce is an outstanding Organization for Business. Andrea Biwer, Executive Director has done amazing things for the business community since she became the ED. one of the things is offering a Podcast that features chamber member businesses. 

​https://www.dpchamber.com/podcast

I have enjoyed hearing many of these podcasts, but this one finally answered all my questions about the  Juneteeth Holiday. Andrea interviews Yolande Wilson Stubbs, President & Chief Post Acute Officer Ascension Holy Family. 

Yolanda not only gives us the historical significance of this important federal holiday but gives us ideas on being able to celebrate this holiday ongoing every year. 

Please take the time to listen to this, specifically today.

​Leadership plays a critical role in the success and growth of any business. It sets the direction, inspires and motivates employees, and guides the organization toward achieving its goals. Here are some key reasons why leadership is important in business:

1. Vision and Goal Setting: Effective leaders have a clear vision for the future of the business and can articulate it to the team. They set strategic goals and objectives that align with the vision, providing a roadmap for the organization to follow. This clarity of direction helps employees understand their roles and work towards a common purpose.

2. Inspiring and Motivating Employees: Leadership is about inspiring and motivating individuals to give their best effort. Strong leaders create a positive work environment, foster trust, and empower employees to take ownership of their work. They provide guidance, support, and recognition, which boosts morale and increases employee engagement and productivity.

3. Decision-Making: Leaders are responsible for making important decisions that impact the organization. They analyze information, evaluate alternatives, and choose the best course of action. Effective leaders are decisive, considering the long-term implications of their choices while balancing risks and opportunities. Their ability to make informed decisions guides the business toward success.

4. Building and Developing a Team: Leaders recognize that success is not achieved in isolation but through a cohesive and high-performing team. They recruit, train, and develop talented individuals, leveraging their strengths and fostering collaboration. Effective leaders also provide mentorship and coaching, helping employees reach their full potential and grow within the organization.

5. Adaptability and Change Management: In today's fast-paced and dynamic business environment, adaptability is crucial. Leaders must be flexible and open to change, anticipating market shifts and embracing innovation. They lead by example, encouraging a culture of learning and continuous improvement. Effective leaders also manage change effectively, minimizing resistance and guiding the organization through transitions.

6. Communication and Relationship Building: Leadership involves effective communication skills to convey the vision, goals, and expectations clearly. Leaders listen actively, seek feedback, and maintain open lines of communication with employees at all levels. They build strong relationships based on trust and respect, creating a positive work culture where ideas are freely shared and collaboration thrives.

7. Strategic Planning and Execution: Leaders are responsible for developing and implementing strategic plans to achieve organizational objectives. They analyze market trends, identify opportunities and threats, and devise strategies to capitalize on them. Effective leaders ensure that plans are executed efficiently, monitoring progress, and making adjustments as needed to stay on track.

8. Crisis Management: During times of crisis or uncertainty, strong leadership becomes even more crucial. Leaders provide stability, instill confidence, and make tough decisions to navigate through challenges. They rally the team, keep them focused, and communicate transparently to address concerns and maintain trust.

In summary, leadership is essential in business because it provides direction, inspires employees, facilitates decision-making, builds teams, drives change, fosters effective communication, ensures strategic execution, and manages crises. Effective leaders create a positive work environment, unlock the potential of their teams, and steer the organization towards success.

​Approaching the halfway point of the year is a great opportunity to reflect on your progress and make adjustments to ensure you achieve your goals. Here's a step-by-step approach to help you:

1. Reflect on your goals: Review the goals you set at the beginning of the year. Assess your progress and identify which goals you've achieved, which ones are in progress, and any that you haven't started yet.
   
2. Celebrate your achievements: Take time to acknowledge and celebrate your accomplishments so far. Recognize the effort you've put in and the milestones you've reached. This will boost your motivation for the rest of the year.
   
3. Assess your current situation: Evaluate where you stand at the halfway point. Consider factors such as your personal life, work, health, and relationships. Determine if anything has changed or if new opportunities have arisen.
   
4. Review and adjust your goals: Based on your assessment, consider if your original goals are still relevant and realistic. Are there any goals you need to modify, add, or remove? Make adjustments that align with your current circumstances and aspirations.
   
5. Break down your goals: Divide your revised goals into smaller, actionable steps. This will make them more manageable and increase your chances of success. Set deadlines for each step to create a sense of urgency.
   
6. Create a plan: Develop a clear plan outlining the actions you need to take to achieve your revised goals. Prioritize your tasks and allocate time for each of them. Consider using productivity tools or techniques like time blocking or creating to-do lists.
   
7. Seek support: If you need assistance or collaboration to achieve your goals, reach out to others. Seek guidance from mentors, collaborate with peers, or delegate tasks when necessary. Surrounding yourself with a supportive network can provide motivation and valuable insights.
   
8. Track your progress: Regularly monitor your progress towards your goals. Set milestones along the way and evaluate your achievements. This will help you stay accountable and make adjustments if needed.
   
9. Stay motivated: Motivation can wane over time, so find ways to stay inspired. Set reminders of your goals, create a vision board, or find an accountability partner. Celebrate small victories and remind yourself of the benefits and rewards awaiting you at the end.
   
10. Practice self-care: As you work towards your goals, don't forget to take care of yourself. Prioritize your physical and mental well-being by getting enough rest, eating nutritious food, exercising, and practicing self-reflection or mindfulness. Taking care of yourself will enhance your productivity and overall happiness.
    

By following these steps, you'll be able to approach the halfway point of the year with clarity, purpose, and a plan to make the most of the remaining months.

During my travels this week, I heard about ESOPs a couple times. The first was at the Schaumburg Business Association Leadership Lunch where John Costello shared his journey as a business owner of Cherry's Industrial. He went from sleepless nights and the weight of the world on his shoulders to a thriving company with financial transparency, employees that share and live out core values, a common destiny and a shake in the outcome of the company.

I then read the Sunday Daily Herald Business section. This got a little more in the mud on the good and bad of Employee Ownership. ESOP plans are growing in popularity as a great way for a business owner to exit (dailyherald.com)

An ESOP can take various forms, but generally setting one up involves creating a separate entity that's owned by a company's employees, with the ownership determined based on a variety of factors from compensation to tenure to job position. They can be complicated, but below outlines some steps.

​To form an Employee Stock Ownership Plan (ESOP) for a company, follow these steps:

1. Design: Determine the objectives and structure of the ESOP. Decide what percentage of the company's shares will be allocated to the plan and how those shares will be distributed among employees.
2. Consult Professionals: Seek guidance from professionals such as lawyers, accountants, and financial advisors experienced in ESOP formation. They can assist with legal and regulatory compliance, valuation, and plan design.
3. Valuation: Conduct a valuation of the company to determine the fair market value of its shares. This valuation is crucial for setting the price at which the ESOP will purchase the shares.
4. Trust Formation: Establish an ESOP trust, typically in the form of a trust agreement, which acts as the legal entity to hold and administer the shares on behalf of the employees.
5. Financing: Determine how the ESOP will finance the purchase of shares. This can be through cash contributions from the company or borrowing funds externally.
6. Plan Documentation: Develop a comprehensive plan document that outlines the rules and provisions of the ESOP, including eligibility criteria, vesting schedules, and distribution rules. Ensure compliance with relevant laws and regulations.
7. Employee Communication: Communicate the ESOP's purpose, benefits, and mechanics to employees, emphasizing how it aligns their interests with the company's success.
8. Purchase of Shares: The ESOP trust purchases the company's shares using the funds allocated for this purpose. This can be done directly from existing shareholders or by issuing new shares.
9. Ongoing Administration: Establish procedures to manage the ESOP, including record-keeping, annual valuations, and compliance with reporting and disclosure requirements. Consider appointing a trustee or forming a committee to oversee the plan.
10. Employee Participation: Allocate the shares among eligible employees according to the plan's distribution rules. Monitor and update employee accounts as per the vesting schedule and any additional contributions made to the ESOP.
11. Repurchase Obligations: If employees leave the company or retire, establish a mechanism for the ESOP to repurchase their shares at fair market value, providing liquidity to exiting participants.

It is important to note that forming an ESOP involves legal, financial, and regulatory complexities. Engaging professionals with expertise in ESOPs is crucial to ensure compliance and a smooth implementation process.

Key Performance Indicators (KPIs) play a crucial role in the success of any business. They provide measurable and quantifiable metrics that allow organizations to assess their performance and progress towards their goals. Here are some key reasons why KPIs are important in business:

1. Goal Alignment: KPIs help align business activities with strategic goals. By defining specific and measurable targets, KPIs enable businesses to focus on what truly matters and direct their efforts towards achieving desired outcomes.
   
2. Performance Measurement: KPIs provide a means to measure performance objectively. They allow businesses to track progress, identify areas of improvement, and assess the effectiveness of strategies and initiatives. Without KPIs, it becomes challenging to gauge success or failure accurately.
   
3. Decision Making: KPIs offer valuable insights for informed decision making. By monitoring key metrics, businesses can identify trends, patterns, and potential issues early on. This enables timely adjustments, course corrections, and resource allocation based on data-driven analysis rather than guesswork.
   
4. Accountability and Responsibility: KPIs establish accountability within the organization. By setting clear targets and regularly measuring performance, individuals and teams can be held responsible for their contributions. KPIs promote a culture of ownership, motivation, and continuous improvement.
   
5. Communication and Alignment: KPIs serve as a common language across the organization. They facilitate effective communication, ensuring that everyone understands the organization's objectives and the progress being made towards them. KPIs promote transparency, collaboration, and alignment among different departments and stakeholders.
   
6. Benchmarking and Competition: KPIs allow businesses to benchmark their performance against industry standards and competitors. By comparing their metrics with similar organizations, businesses can identify areas where they are lagging and take proactive measures to improve their competitive position.
   
7. Continuous Improvement: KPIs drive a culture of continuous improvement within an organization. Regular monitoring and analysis of key metrics help identify inefficiencies, bottlenecks, and areas for optimization. KPIs provide a basis for setting targets, implementing changes, and monitoring the impact of improvement efforts.
   
8. Motivation and Recognition: KPIs can be used as motivational tools. By setting challenging yet attainable targets and providing regular feedback on performance, businesses can inspire employees to strive for excellence. Recognition and rewards based on KPI achievements can further enhance employee engagement and satisfaction.
   

In summary, KPIs are essential for effective performance management, strategic decision making, goal alignment, and fostering a culture of accountability and improvement. They enable businesses to stay focused, measure progress, make informed decisions, and drive success in a competitive marketplace.

Social responsibility refers to a company's commitment to operating in an ethical and sustainable manner, taking into account the impact of its activities on society and the environment. Some of the benefits of social responsibility include:

1. Improved brand reputation: Companies that are socially responsible are viewed more favorably by consumers, employees, and other stakeholders, which can lead to increased loyalty and trust.
   
2. Increased employee engagement: When companies prioritize social responsibility, employees are more likely to feel that their work is meaningful and that they are contributing to a greater good. This can lead to higher levels of job satisfaction and engagement.
   
3. Enhanced risk management: Companies that take social responsibility seriously are better able to manage risks associated with environmental, social, and governance issues. This can include avoiding negative publicity, legal sanctions, and financial penalties.
   
4. Access to new markets: Companies that are socially responsible are often able to access new markets, particularly those that prioritize sustainability and ethical practices.
   
5. Improved financial performance: There is evidence to suggest that companies that are socially responsible perform better financially over the long term. This is because they are better able to attract and retain customers, employees, and investors who value sustainability and ethical practices.
   

Overall, social responsibility can have a range of benefits for companies, including improved brand reputation, increased employee engagement, enhanced risk management, access to new markets, and improved financial performance.