Article of Interest: Thought About Moving Your Business to An Urban Area?

If ever there were a consideration, now is the time to think about moving your business to an urban area. Why?

Goldman Sachs recently announced that it would provide $500 million in support for 10,000 small businesses, particularly those located in urban neighborhoods. A Who's Who of business leaders including the billionaire investor Warren Buffett and Harvard Business School professor Michael Porter have signed on the help.

But the person who will be responsible for running the initiative day-to-day is Dina Powell (pictured), a former State Department official in the Bush administration who worked with Karen Hughes on education and cultural issues. Powell joined Goldman Sachs in 2007, as the global head of corporate engagement. Her first task was to set up a program called 10,000 Women--an initiative to foster entrepreneurship among women around the world. The small business outreach effort will be modeled on that program.

Find out how the money will be spent by reading an interview conducted by Inc.com editor Mike Hofman with Dina Powell, the executive in charge of the program here.

Hint of how you get on the list:

Our criteria are that a business must have between $150,000 and $4 million in revenue, four or more full-time employees, and that it has been in operation for two years at a minimum.

News of Interest: Women Business Owners Have Huge Economic Impact, Study Finds

In case you did not know:

U.S. businesses owned by women have an economic impact of $3 trillion annually. That translates into the creation or maintenance of 16% of all jobs in the country, according to the Center for Women's Business Research. If U.S.-based women-owned businesses were their own country, it would have the fifth-largest GDP in the world.

A new study reveals the above and the economic impact of majority-women owned firms for the first time.

Download report here: Econimpactreport-final.pdf

A hat tip to Elisabeth Ritz, Ritz Communications, for letting us know about the study.

Resource of Interest: Choose Chicago

One of the points of interest we forget to blog about is our great city Chicago which many of you know is an incredibly delightful place to visit and conduct business.

Since we have so many WPO members in Chicago, we naturally assume you will be doing business with a few of them at some point or another. If you need specific introductions, drop me an email (refer to right sidebar of blog). Happy to oblige.

When you are ready to button down your schedule, explore Choose Chicago to make no small plans. We welcome your visit and look forward to connecting with you soon.

Pictured: Millennium Park sculpture.

Resource of Interest: 20 Tips for Best ROI in Social Media

Should ROI (return on investment) -- a very popular investment metric -- in social media be based on outreach efforts and bottom line profit results or based on a new ROI (return on influence) -- that of more a creative investment metric -- that you develop contingent upon your group of friends and colleagues?

You can decide here.

In the meantime, let us know how you measure success or what constitutes a win in your mind.

Resource of Interest: How Women Presidents Can Use Social Media

Here's a look at how smart companies, especially those run by women presidents like us, are using Twitter and Facebook to get ahead.

• Social Media Beachcombing: Survival of the Twittest?

  Twitter and other social media are quickly entering the mainstream, but it will be years before we see which innovations will endure.

• Slide Show: CEOs Who Use Twitter

  Dozens of CEOs who find Twitter to be a personal and professional delight. Here's how they use the service, and who they like to follow.

• A Twitter Code of Conduct

  To prevent information leaks and other liabilities, companies are drafting guidelines for social media interaction. A rule of thumb: Don't be stupid.

• Keeping Momentum in Social Media

  A few simple steps can keep employees involved in a company-sponsored social media platform long after the excitement of the initial launch.

• Starting a Corporate Social Network? Don't

  Save your company's cash. Leveraging Facebook, LinkedIn, and Twitter is fast, easy, and free.

Resource of Interest: Complimentary Business Entrepreneurship Courses Online

Who would ever think or imagine that if you want to brush up on a few critical business skills while running your business that it can be done online, at your own convenience and at no cost to you. Yes, that's right.

While reviewing local entrepreneurship programs at Northwestern University's Kellogg School of Management, Entrepreneurship & Innovation Program, University of Chicago Polsky Center for Entrepreneurship and Loyola University Chicago, I stumbled upon this:

7 Universities and Websites Offering Free Business Entrepreneurship Courses Online

Sounds suspect to me but then I see that MIT - Sloan School of Management (mit.edu) is featured first with the following program modules:

• Global Entrepreneurship Lab
• Entrepreneurial Finance
• Law for the Entrepreneur and Manager
• Developmental Entrepreneurship
• Introduction to Marketing

Course materials include video, audio, text and many other multimedia elements.

Next up is Carnegie Mellon (cmu.edu) and U.S. Small Business Administration (sba.org)

In this tough global economy, maybe online education -- especially when it's top quality and free -- is worth a serious consideration. It can't hurt to get a refresher course that might very well strengthen your competitive position in the business world.

Event of Interest: The Founder of The Pampered Chef

We are delighted to have had the remarkable opportunity on October 20 to hear how Doris Christopher, founder of The Pampered Chef, grew her business from a kitchen table (started in 1980) into what it is today: a global empire that Berkshire Hathaway, Inc. acquired.

And we are even more thrilled that Deloitte sponsored our event. All three WPO Chicago chapter members had a chance to attend, network, learn and grow their business.

It is with these kinds of programs and companies, such as Deloitte and The Pampered Chef (along with our other chapter hosts and sponsors), that not only support us but make WPO even more special and a remarkable value for women business owners worldwide.

Aren't a member yet? You should be. Contact us when you are ready (check the right sidebar for email and telephone information). We just might have room for you in Chicago!

Event of Interest: WSJ Insight Exchange

I had the great opportunity to attend the Wall Street Journal Insight Exchange -- a business owners breakfast series -- on October 2nd at the Hyatt Regency McCormick Place in Chicago, where business leaders gather to learn from the experience of other, highly innovative CEOs. Wendy Bounds is the moderator of the program (she does a fantastic job I might add) and they are hosting these events across the country throughout the year. Next up is Atlanta.

Two WPO Chicago members attended the program: Kate Koziol, President of K Squared Marketing & Public Relations and Karen Barnett, President and CEO of Valley Screen Process (and the new BigShots!), served on the panel. Karen did a great job discussing creative ways in which she has kept her company growing despite tough economic times.

Learn more about the program here. And watch for more highlights about it soon here on this blog.

Article of Interest: Is Reverse Innovation Like Disruptive Innovation?

What is the relationship between reverse innovation to disruptive innovation? Is there any? For those of you new to disruptive innovation, that's Clayton Christensen's model for describing the impact of new technologies on a firm's existence, and you can learn more about that theory and Christensen, here.

According to authors Vijay Govindarajan (blog) and Chris Trimble, there is an overlap between reverse innovation and disruptive innovation but not a one-to-one relationship.

They go on to say:

We see three primary situations that create the possibility of reverse innovation. Only the first is also an illustration of disruptive innovation.

Find out about the three situations here and think about how you might execute on one or all three within your organization.

Event of Interest: Women's Leadership Breakfast 10/09/09

The Executives' Club of Chicago Women's Leadership Breakfast, "Thriving in the New Economy -- The Woman's Advantage" will be held Friday, October 9, 2009 at the The Hilton Chicago, Grand Ballroom (720 South Michigan Avenue) from 7:00-9:00 a.m.

Description:

How are women uniquely qualified to fix the current economic challenges? Was it a scarcity of women in board rooms and executives suites that led to flawed decision making? What does this mean for women personally and professionally? Learn about the choices women can make that will lead to their success in the New Economy.

The Women Presidents' Organization Chicago is a proud partner of this empowering high-level women's program (look for our tabletop with brochures).

Registration is 7:00 a.m. Seated Breakfast, 7:30 a.m. Panel Discussion, 8:00 a.m.

Moderator:

Diane Swonk
Chief Economist & Senior Managing Director
Mesirow Financial

Panelists:

Dr. Sylvia Beyer
Professor and Chair of the Psychology Department
University of Wisconsin-Parkside

Quave Burton
Vice President, Procurement
Payless ShoeSource

Katherine K. Scott
Managing Director and Executive Vice President
U.S. Equities Realty

Registration Deadline:

10/8/2009

For more information and to register, visit here.

I hope to see you there! Feel free to contact me to pre-arrange a meeting (ldelaney(at)globetrade.com)

Article of Interest: How Great Companies Achieve Double-Digit Growth

"5 Actions for Double-Digit Business Growth" was written for the Idea Hub: American Express OPEN Forum. See if it's helpful in taking your business to the next level.

Snippet of one action:

Hold on to your hats — I mean customers! If you can’t do that, you are in denial! “One of the easiest ways to improve growth is to slow the loss of your existing customers,” says Treacy. Losing customers left and right? Then figure out why and change course.

Read the entire article here.

News of Interest: Annual Economic Survey by the Women Presidents' Organization

According to the annual economic survey by the Women Presidents’ Organization (WPO), the premier peer advisory organization for women entrepreneurs, WPO membership indicate 55% of women presidents and CEOs of multi-million dollar companies have maintained or grown their employee base.

Bottom line: Women presidents have shown they can adjust to the changing economic climate.

Other Key Findings:

Relative to 2008, regarding financial performance in 2009

• 31% of companies have grown
• 21% are stable and have neutral performance

Optimism for 2010

• 82% are optimistic about business performance in 2010

Environmental Sustainability

• 54% have made their business environmentally friendly
• 35% are interested in making their business environmentally friendly

Greatest threat to the bottom line and factors affecting business

• Economic Conditions
• Customer retention
• Competition
• Human Resources

Employees

• 55% plan to increase number of employees or keep the same amount
• 53% have kept employee salaries the same; 15% have increased employee salaries

Future Role

• 44% will continue full-time management
• 20% plan hands-off oversight, with presence in the office 1-3 days per week

WPO

• 61% Believe their business has grown since joining
• 65% Believe the WPO has contributed to economic success
• 81% Believe the WPO helps manage business concerns in the current economic climate

“These statistics are evidence of the versatility and strength of companies owned by women entrepreneurs in the face of adversity,” said Marsha Firestone Ph.D. president and founder of the WPO. “Our survey indicates that WPO members have found ways to adapt to the changing economic climate. To succeed as a small business is tougher than ever, yet 56% have indicated that their businesses are growing or stable in 2009. I sincerely believe that the members of the WPO are models of perseverance of small businesses globally.”

Additional references:

Woman-Owned Businesses Retaining Their Employees in Tough Economy, The Institute for Economic Empowerment for Women

Women-Owned Businesses Retain Employees in Tough Economy | EHS Today

Women-Owned Businesses Retaining Their Employees in Tough Economy | Forbes

Event: WBDC Chicago Annual Conference 9/16

The Women Presidents' Organization will be exhibiting at the upcoming Women's Business Development Center Chicago 23nd Annual Entrepreneurial Woman's Conference where we have been a longstanding partner for many years.

Several WPO Chicago members plan to attend to network, learn and share best practices on how to continue down the path of double-digit business growth.

We are also fortunate to have Susan Diamond, Chief Learning Officer and Vice President of Facilitation from our New York headquarter office attending -- so be sure to stop by our Booth No. 616 to say "hello" and to learn more about our organization.

Look forward to seeing you!

Article of Interest: TweetChats

Birds of a feather flock together and all of us at the Women Presidents' Organization (WPO) definitely need to Twitter away together (Twitter WPO at http://twitter.com/womenpresidents) with a TweetChat, a short-term hyperfocus for your Tweets.

Here's how it works.

We'll be giving this a try soon. The challenge is to say everything you want to say in less than 140 characters!

How can you use it to grow your business? Easy. Have a chat to get ideas about the look and feel of a new product idea, whether you should expand into a new market or change the color of your logo to update it. Online conversations with your key influencers matter.

Related posts:

TweetChats -- The Cool New Way to Network and Learn on Twitter

Internet Business 101: What are tweetchats?

What's a TweetChat?

Site of Interest: Many Eyes

Turning numbers into pictures is a gift. We are pleased to unveil (if you don't know about it already) a new social kind of data analysis, Many Eyes, that is brought to you generously by our WPO national sponsor IBM.

Many Eyes is a bet on the power of human visual intelligence to find patterns. Our goal is to "democratize" visualization and to enable a new social kind of data analysis. Jump right to our visualizations now, take a tour, or read on for a leisurely explanation of the project.

All of us in CUE's Visual Communication Lab are passionate about the potential of data visualization to spark insight. It is that magical moment we live for: an unwieldy, unyielding data set is transformed into an image on the screen, and suddenly the user can perceive an unexpected pattern. As visualization designers we have witnessed and experienced many of those wondrous sparks. But in recent years, we have become acutely aware that the visualizations and the sparks they generate, take on new value in a social setting.

Visualization is a catalyst for discussion and collective insight about data.

Sample its concept here: Unemployment by State, May, 2009, World Language Speakers by Family (pictured) and Obama Speech in Cairos - Focus on "WE."

Learn more here.

Think about how you might use this tool to unearth new insights and grow your business. Create your own visualization here.

Event of Interest: WPO Chicago Summit Report

Our WPO Chicago Summit -- sponsored by Harris N.A. and IBM -- was a huge success. It began with Mary Lyons, Manager of the IBM Innovation Center (Chicago) welcoming everyone. We are always delighted when Mary shares her valuable time and enthusiasm with us. IBM is a national sponsor to the Women Presidents' Organization which we value tremendously.

In the morning segment, Supplier Diversity Professionals (SDPs) and WPO Chicago members discussed how to work more efficiently together during tough economic times. We will continue to nurture this vibrant conversation over the coming months.

First up in the afternoon, Emilia DiMenco, Executive V.P., Harris, presented, “Retrench, Renew, and Reset: Navigating the current environment and positioning your business for success," which helped WPO Chicago members re-evaluate their business objectives and financial well-being in light of the current economy and economic forecast. She instilled in us that it is not too late to get your business in financial order. She was accompanied by Janice Zimmerman, Sr. Commercial Relationship Manager, Harris, who fielded questions that arose by members.

Rick Murray, President, Edelman Worldwide Digital, followed with a presentation, “The Engagement Imperative: Communications Strategies for a Connected World,” that painted the big picture on social media and word-of-mouth marketing. And we were delighted to hear insights from Janet Cabot, President, Central Region, Edelman as well (shhhhh ... we are wooing Janet into becoming a WPO Chicago member -- will keep you posted).

The highlight of our event was at the end of our program when we had a special guest visit by our very own WPO Chair, International Board of Directors, Margery Kraus (pictured center in red; she is also president and chief executive officer of APCO Worldwide), who gave a wonderful "impromptu" talk about how she started and grew her business into a major global player.

Here's what people said about our Summit:

I just wanted to say that last week was very beneficial to me. I am glad that I took the time out of my day to listen to the speakers and presentations. I also was able to meet and connect with other members that are in the other chapters. I am really going to start going forward with Social Media with our company since that pep talk was a real eye opener. I am so glad that I joined this group and would have never been exposed to the different topics if I had not joined. -- WPO Chicago member (downtown III)

Thank you again for allowing us to host this year’s Summit meeting. I enjoyed the social media presentation and discussion and continue to be awed and impressed by the dynamic, high energy business owners that are involved in the WPO. -- Summit Sponsor

The summit energized and refocused me. -- WPO Chicago member (downtown II)

Thank you for inviting me and for continuing to try and address the gaps between WBEs and supplier diversity representatives. -- Supplier Diversity Professional

It was excellent. I am amazed at how much I get from the Summit. It's like you have to take a step back and then rethink all of the fabulous information you were given in a period of a few hours. Then sort and take away what is relevant to your business needs. -- WPO Chicago member (downtown I)

I wanted to take the opportunity to say thank you so much for inviting me to the Summit today. I was very interested in the topic this morning and very impressed with the membership as a whole. It's always nice to see first hand that an organization that my firm sponsors is really doing wonderful and valuable things. -- WPO National Sponsor

Special thanks to Harris N.A. and IBM for making this year's Summit more relevant than ever. Thanks to our national sponsors who help make the WPO program possible.

We are already preparing for next year's Summit. Mark your calendars now: August 12, 2010. Send your ideas my way at ldelaney(at)globetrade.com.

Photo credit: Laurel Delaney, Women Presidents' Organization Chicago

Article of Interest: Best Promotion of Social Media Efforts by a Big Brand: And the Winner Is ...

Our 6th Annual WPO Chicago Summit was a huge success. We had a fabulous turnout and the discussions were both useful and empowering for driving results for our businesses. We will report on it shortly -- be on the lookout.

In the meantime and since it's related to our Summit theme, take a look at Fast Company's, "Best Promotion of Social Media Efforts by a Big Brand: And the Winner Is ..." for ideas on how to promote your social media efforts on your own Web site.

Shhhhhh ... one of the winners is NikeWomen!

Blog Post of Interest: 101 Blogs To Inspire

Let's face it. We are all searching for solutions to challenges we face each and every day while growing a business. And with this awful economy, its hard to stay focused, remain enthusiastic and lead in a way that people respect and admire. So where do you turn to get inspiration when the going gets tough?

Not sure? We can help. If you are a woman and run a million-dollar plus business, see us! You definitely need to consider WPO membership. But in between now and that point of contact (ldelaneyatglobetrade.com or call 773-381-1700), take a look at the following list of resources (primarily blogs and in line with our upcoming Summit on communications strategies for a connected world) to help you cut costs and get inspired.

Top 100 Blogs For Small-Business Cost-Cutting Inspiration

#101: The Women Presidents' Organization

Have a few of your own? Please share.

Article of Interest: Twitter Intelligence

Since the focus of our 6th Annual WPO Chicago Summit August 13th is on communication strategies for a connected world (e.g., social media), we will continue to blog about a variety of social media and networking platforms that enable you to connect, collaborate and engage with other human beings worldwide through your business.

The first big question is this: Are you connected? As a founder, President or CEO of an organization, are you using Facebook, Twitter, LinkedIn, Wikipedia, and blog sites as a business tool?

Here's what a CEO says:

"Customers crave engagement and dialogue with the brands they love, and Twitter is one of the ways you can help establish that," Marr said. "The key is remembering that you're walking into one big dinner party - if you start shilling products instead of engaging with people you might not find any seats at the table."

About how 31 percent of business owners through the 2008 Inc. 500 maintained a blog or presence on a social network.

What about you? What are you doing right now? How will we know?

Read more here.

Other related resources:

CEO's Who Twitter
Tweets From the Chiefs
C Level Tweeters
No surprises in CEOs using Twitter

Article of Interest: Social Media by Design

Sustainable solutions only happen through smart choices and the art of execution. But have you thought about how design factors into it? This commentary, "Yes, Your Social Media Strategy Needs Design" will compel you to take a new approach to how you communicate with the world whether with words or images (hence, the Moscow Bridge image) or both.

Wikipedia "design" definition:

"Design is the planning that lays the basis for the making of every object or system. It can be used both as a noun and as a verb and, in a broader way, it means applied arts and engineering. As a verb, "to design" refers to the process of originating and developing a plan for a product, structure, system, or component with intention."

Go here for the voice of David Armano who blogs for Harvardbusiness.org.