Increase Productivity Right Now

How to Grow When It’s Slow: Increase Productivity Right Now

“Imagine –” suggests business expert Cameron Herold, “If you train your employees on interviewing, train them on effective meetings, train them on an email management, train them on time management, or if you could really work on skill development right now – you can come out of this stronger.”

Cameron Herold is a top business consultant, best-selling author, and speaker. We caught up with him via a recent podcast interview he did for Real Estate Rockstars Radio. He’s the mastermind behind hundreds of companies’ exponential growth and teaches today’s most dynamic business leaders.

Periods of slow growth come with great challenges both for businesses and consumers. However, you can take advantage of such times to improve efficiency and increase productivity. Cameron has some great advice for business owners in his interview, and we put together some recommendations inspired by Cameron.

Clean up your business systems – and your work space

Most businesses will focus only on sales and marketing to survive hard times. You can also use this time to work on your standard operating procedure to ensure it meets your current and future needs. Slow growth periods are ideal times to purge and clean your warehouse, offices, desks, filing systems, and other important areas of the business. Cleaning the workplace will go a long way in creating a better work environment and improving efficiency.

Training and skills development

Considering the busy schedules that characterize modern workplaces, employers have little or no time to train their employees. When it is slow, you can use this time for training and skills development. Train employees in critical areas like interviewing, effective meetings, time management, and email management. Skills development will also help to address weaknesses and strengthen skills, allowing you to bring employees to a level where they can work without constant help and supervision. In a nutshell, training and skills development will contribute to improved employee performance.

Take advantage of technology

Periods of slow growth can allow businesses to make the most of existing and new technology. As more employees work and communicate remotely, they will save significant commuting time and be less distracted when handling projects. Businesses can maximize technology to increase productivity by setting up efficient communication channels and empowering all employees to work remotely. Teleconferencing and working from home are quickly becoming the new normal, a factor that could affect the organizational structure of many companies.

Explore alternative work sites

Changes such as teleconferencing and working remotely will have a significant impact on office leasing. There will be cases where staff members are unable to make it to the corporate office, and working from home is not an option. This situation may force businesses to identify alternative working sites such as sterilized co-working spaces. Choosing a great facility will allow you to carry on with your activities despite the disruption caused by issues such as infectious epidemics. Employees can remain productive in emergency situations.

Proactive employee support

When your employees work remotely, your physical office will be set-up into numerous virtual offices. Maintaining proper communication between managers and employees will require that you give your staff the necessary support. Through observations and conversations, you will be able to identify and understand any signs of agony. These include low morale, low work productivity, and anxiety relating to the slow-growth period. Addressing employee concerns will help in increasing productivity to ensure your business survives the tough times.

For information about how to become a better business owner or operator, check out the Second In Command Podcast at CameronHerold.com/podcast.

And stay tuned for the next article in the 6-part series How to Grow When It’s Slow on the topic of building culture in a remote working environment.

Support Local, While Giving the Gift of Choice

Since the pandemic started, the North Central Massachusetts Chamber of Commerce has been focused on providing strong leadership and as much assistance as possible to help local businesses and our communities weather this crisis.

The Chamber believes that economic recovery must start locally.  Therefore, we are encouraging the public and business leaders to shop, eat, visit and support local small businesses whenever possible.  Our small businesses are crucial to our economy and the fabric of our communities.  The public’s generosity and support of our local small businesses will not only directly help the employees at these locations, but also indirectly help our local economy continue until this crisis has passed.

The Chamber’s Gift Local gift card is one great way to help local small businesses who are among the most impacted by the COVID-19 pandemic.  The Gift Local gift card works just like a traditional gift card, except that it is tailored to be redeemable at participating restaurants and merchants in North Central Massachusetts.  The Gift Local gift card is an effort by the Chamber to encourage consumers to shop local and help keep local dollars circulating in the region.

Gift Local gift cards can be purchased at the Chamber office, at the Johnny Appleseed Visitor Center in Lancaster or by phone or email by contacting the Chamber.  Click here for a flyer with details on the Gift Local gift cards or here for an order form.

We truly hope that you will consider it as an option for this holiday season.  Due to the current pandemic and to encourage support of local businesses, we have waived the purchase fee for buyers and all fees for participating merchants. 100% of the proceeds go to support small businesses.  You can also find more information on Gift Local gift cards and their redeemable locations at www.NorthCentralMass.com or www.GiftLocal.net.

Please feel free to contact the Chamber with any questions.

Storytelling in the digital age

Storytelling is a major buzzword in the marketing industry these days, and it is an aspect of promoting your business that you cannot afford to ignore. Rather than focusing your marketing efforts on promoting your products or services, the new business model requires telling the story of your brand to help your customers feel connected to and engaged with your business. Follow these tips to do it right.

Stay True to Your Core

When coming up with your “brand story,” it is important to stay true to the foundation of your business. For example, if your company manufactures reusable water bottles, you wouldn’t want your brand to be associated with anything that is disposable in nature. Instead, you would want to tell a story that coincides with sustainable values. Viewers these days are becoming more and more discerning in terms of the brands they choose to patronize, and they will immediately identify anything disingenuous.

Tug at the Heartstrings

Emotions are incredibly powerful when it comes to influencing consumer behavior, and your brand can use this fact to its advantage. People love seeing stories of triumph over adversity, personal growth and achievement, and giving back to the community, so try to incorporate these or similar storylines into your brand storytelling. Of course, any content you produce should still align with your company goals at the same time as telling your story.

Generate Excitement

The primary goal of brand storytelling is to get prospective customers excited about your brand. Whether you do this through associating with popular local events or by offering frequent promotions and discounts, the goal is to keep your customer base interested in your offerings and excited about buying from your company rather than your competitors. Aim for a high energy level in your marketing materials and branded content online so that your customers are excited to share your content with their friends and followers, helping to expand your reach even further.

Tie in Your Company’s Offerings

At the end of the day, the ultimate purpose of brand storytelling is to attract new customers, and you can’t accomplish this without letting people know what your company has to offer. With any content you create, whether it be blog posts, social media posts, advertisements or videos, there should almost always be an element that speaks specifically to your company’s products or services. Without this critical aspect, your audience won’t know why your brand is sharing its story. You need to help them make the connection between the story and your offerings.

Overall, brand storytelling is about more than just selling products; it is about helping your customers to feel more connected to your business, increasing the likelihood that they will continue to buy your products or services in the future. Keep this end goal in mind at all times to help guide you in creating your brand story. With a bit of creativity and effort, you’ll draw in customers and establish dedicated brand loyalty, setting your business up for ongoing success in the future.

Chamber Member Spotlight: “Family, Value, and Respect” come together at Enterprise Bank

These three words are always something kept in mind with the team members at Enterprise Bank. There are approximately 555 employees at the bank, who are purpose-driven, and care for their families and customers, catering to small and large businesses. 

“I get excited when I come to work,” said Tracy Lafleur, Branch Relationship Manager and Vice President at Enterprise Bank in Fitchburg, MA. “When a customer calls, we pick up the phone and they’re speaking to an actual person; we feel valued by that as well.”

The bank’s website says, “In the late 1980s, Massachusetts faced a severe economic downturn. As George Duncan watched his city struggle, he joined other visionaries to help influence the recovery. Together, they imagined a new kind of independent, innovative bank – one that would value the entrepreneurial spirit and stimulate the economy by helping to create new businesses, meaningful jobs, vibrant communities, and a dynamic work environment for employees. This vision became Enterprise Bank.”

Enterprise Bank was started about 32 years ago in Lowell, MA in 1989 and mushroomed out from there, currently with 25 branches in operation. In 1995, the Leominster branch was the fourth branch to open, and Fitchburg branch was opened 16 years ago.

“We continue to stay rooted in values, caring, and trust and relationship, all rooted in the culture that has made us successful. We continue to grow through technology and evolve to meet customers’ needs,” said Jack Clancy, CEO of Enterprise Bank. 

While preparing for the “new normal,” Enterprise Bank has helped local businesses and customers through the COVID-19 pandemic through over 2,800 PPP loans, which accounts for approximately $510 million in PPP loans. 

“We reached out proactively and became one of the top PPP lenders in the country,” said Clancy, “which goes back to our dedicated team members having so much passion and caring. It’s been a monumental effort on their part since April.”

Internally, Clancy and Lafleur both prioritized not only providing PPP loans, but also protecting the safety of their team members and customers.

“We had a pandemic preparedness plan in place long before COVID,” said Clancy. “At first, we thought we were wasting our time with it, but it really helped us. People are starving for human relationships, and we devote every resource possible to make sure we have the right protocol and precautions, but also increasing digital usage and making sure that we are progressive.”

On the branch side, Lafleur said that the team members are constantly receiving updates and being informed on everything going on if there are any changes.

“[Enterprise Bank] helped a lot of small and big businesses, and we are able to get them through keeping their businesses,” said Lafleur. “We have people thanking us up and down, because our team members took extra calls and were working hard. Just the feeling of helping customers save their businesses is amazing.”

In fact, Lafleur has been a chamber ambassador for about two years, and loves being able to go out to visit chamber members.

“The [North Central Massachusetts Chamber of Commerce] cares and is very easy and outgoing,” she said. “The networking is great and you meet at a lot people, just like here at Enterprise Bank.”

The Enterprise Bank Fitchburg branch is located at 420 John Fitch Highway, and has a family atmosphere where everyone is welcomed and treated like family. Find out more information about the entrepreneurial bank at www.enterprisebanking.com. 

North Central Mass Development Corp Provides Funding to Sterling Gymnastics

(Regional) – The North Central Massachusetts Development Corporation (NCMDC) – the economic development arm of the North Central Massachusetts Chamber of Commerce – recently approved a $50,000 loan to the Sterling Academy of Gymnastics.

The Sterling Academy of Gymnastics, owned by John and Nancy Carbone, received a $50,000 microloan for working capital for pandemic related relief and recovery as well as to help start a remote education program. The pandemic has created a number of challenges for the business, requiring John and Nancy to explore new and creative programs. With increased demand for child care services, Sterling Gym introduced a remote learning program where children can attend their remote classes and also take advantage of the gym amenities. Sterling Gym also offers a number of other programs and classes such as gymnastics, dance, ninja challenge and martial arts. For more information visit their website at sterlinggym.com or facebook at facebook.com/sterlinggym/.

As a microloan lender, the North Central Massachusetts Development Corporation (NCMDC) can provide loans to small businesses up to $150,000 for working capital, equipment, inventory, expansion and working with our banking partners to provide gap financing for the final piece of a project.

 

About the North Central Massachusetts Development Corporation

The North Central Massachusetts Development Corporation (NCMDC) is a non-profit economic development corporation with the mission of creating jobs and improving the economy. NCMDC is certified by the U.S. Small Business Administration (SBA), and the U.S. Department of the Treasury under the Community Development Financial Institutions (CDFI) Program. The NCMDC works in partnership with local banks, credit unions, chambers of commerce and area nonprofits to support emerging microenterprises, small businesses, and community projects in 76 communities in Worcester, Middlesex and Franklin Counties with loans and business assistance.  Since 1996, the NCMDC has granted over $8,000,000 in loans to small businesses to help grow jobs and the economy in the region.

 

For more information about the NCMDC loan programs, please call 978.353.7607 or visit ChooseNorthCentral.com.

Chamber Member Spotlight: Elite Construction & Design, Inc.

Elite Construction & Design, Inc. believes in the future of downtown Fitchburg and recently made a move to be at the center of it.

Previously located in a former Crocker paper mill on Westminster Street in West Fitchburg, the construction company has moved to Sawyer Passway, where it hopes to play a key role in the city’s revitalization efforts, said President Matthew Fournier. 

“It’s already starting but we lost some momentum with the pandemic,’’ Fournier said. “The energy is still there with public and private development. There are projects that will bring quality housing and restaurants downtown and some amenities. It may have delayed us a year or two but at the same time, all the projects are still there and moving forward. People are feeling positive about it.’’

Wachusett Brew BarnWhile some projects downtown may have been delayed, business is strong overall at Elite, Fournier said. 

Between businesses looking to reconfigure their space or make improvements during some downtime, growth in the cannabis industry and homeowners investing in projects, Elite has kept busy.

“A lot of our clients are in different industries and are getting affected in different ways so we are there to help them adapt,’’ Fournier said. “Commercial construction is still going strong and residential has picked up. A lot of people are sitting at home and look at their yards and houses saying ‘We’re not going on vacation, how can we change our space?’’’

Fournier founded the company in 2004 after graduating from Wentworth Institute of Technology a year before with degrees in interior design and facilities management and planning. 

“I wanted to create a construction business from the ground up by focusing on long term relationships and servicing clients with an innovative hands-on approach, driven by small business values instilled in me by my family and other mentors,’’ Fournier said. “Our team is driven to be a recognized as one of the most responsive, innovative and customer-focused firms in Central Massachusetts.’’

Today, his company offers general contracting, design-build, pre-construction services, tenant fit-ups, rapid response facility services and insurance repairs/emergency services. 

Elite caters to a variety of industries including commercial, residential, health care, retail, hospitality, food service, cannabis, non-profit and municipal. Wachusett Brew

“At Elite Construction, we differentiate ourselves by providing our clients and partners with a high level of service from a project’s conceptual phase through the project closeout and beyond,’’ Fournier said. “Three values that lead our day to day are: Plan, execute and deliver.’’

Elite is a member of the North Central Massachusetts Chamber of Commerce, which Fournier said has helped on a business and personal level, with professional development, networking, visibility, credibility and a better understanding of the changing community and economic landscape of the region.

Elite Construction & Design, Inc. is located at 61 Sawyer Passway, Fitchburg and can be reached at 978-597-5071. For more information, visit http://www.eliteconstructiondesign.net/. 

New Survey Highlights Continued Impacts to Businesses from COVID-19

Survey Data reveals decline in customers and cash

(Regional) — Results from a business impact survey issued to businesses located in North Central Massachusetts highlight the continued impacts to the local business community due to the COVID-19 pandemic.  This new survey was conducted by the North Central Massachusetts Chamber of Commerce in partnership with the MassHire North Central Workforce Board, the Montachusett Regional Planning Commission, NewVue Communities and many of the cities and towns in North Central Massachusetts.

Nearly 250 responses were received, representing businesses from all twenty-seven cities and towns located in North Central Massachusetts.  Respondents reflected the top industries in the region including health care, manufacturing, retail, food and beverages, financial services, education and agriculture among others.

Nearly 64% of the businesses and organizations reported losses when compared to 2019, with nearly 25% reporting losses of 50% or more.  Nearly 54% reported that they expect it will be more than six months before their operations return to a normal level.  Twenty-five percent of respondents estimated they could stay operational on current cash flow and reserves for six months or less.  Forty-three percent of the businesses responded that they had difficulty getting employees to return to work citing health and safety concerns, child care and adult care as the top reasons.  Some businesses noted falling behind on rent and other bills, while the vast majority reported increased costs due to additional sanitation or shifting operations online.

Over 50% of the respondents indicated that they were completely open, while 46% indicated that they were only partially open in a limited way and the remainder were still closed due to the pandemic.  Of those closed, several cited they were closed for good while others reported that they were unsure if they would be able to reopen.

Financial programs to mitigate layoffs such as the Payroll Protection Program (PPP) was the top response when asked what businesses were using to mitigate the impact of the COVID-19 pandemic, followed by reduction in expenses and use of personal savings.  Communications, marketing, and social media to reach their customers was the most requested resource when respondents were asked what resources,

beyond financial assistance, would be most helpful.  For the respondents who had applied for PPP to support their business/organization, over 50% were approved for the full amount, and expected to be fully refunded.

“Our businesses have been working hard to operate safely, but the results show that many are still struggling from the economic impacts brought on by the pandemic” said Roy Nascimento, President & CEO of the North Central Massachusetts Chamber of Commerce. “This survey data will be very helpful to our efforts to help support our businesses and communities as they continue to navigate the pandemic.”

“Thank you to all of the business and community members who have responded to the Chamber’s survey”  said Jeff Roberge, Executive Director of the MassHire North Central Workforce Investment Board “The feedback you have provided is vital to our collective economic and workforce development strategy development and our unwavering commitment to driving economic prosperity in the region.”

“We’re very impressed by the strong response this survey has garnered from businesses across the region,” said Glenn Eaton, Executive Director of The Montachusett Regional Planning Commission. “The information from this survey will be critical as we work closely with our partners to identify the tools and policies that will help to restore the growth and prosperity Montachusett’s economy enjoyed prior to the pandemic.”

“Thank you to all of the small businesses that responded to the survey’ said Marc Dohan, Executive Director of New Vue Communities “This information will help us better understand the challenges faced by small businesses during the pandemic so that we can help create a dynamic economy in North Central Massachusetts.”

This survey was conducted online between October 20, 2020 and November 11, 2020 and was a follow-up to an initial survey conducted by the Chamber in March during the early days of the pandemic.  The goal of the survey was to collect some fresh data and dive much deeper into the continuing impact of the pandemic to local businesses.  Although the survey results included large businesses, the vast majority of respondents would be considered small businesses by federal standards with less than 500 employees and gross revenues less than $10 million per year.  More specifically, approximately 75% reported less than 20 full time employees and 64% reporting gross income of less than $1 million.  The majority of the businesses that responded were also primarily established, existing businesses in the community with an average of 29 years of operations.

Click here to view the complete COVID-19 Business Impact Survey

Top Diversity & Inclusion Resources for Employers

Business leaders are having more open conversations about diversity and inclusion in the workplace. While this isn’t novel, the spotlight on racial, gender and other biases has rejuvenated talks about increasing workplace diversity and equal opportunities. The goal is to create a workplace with open communication channels that allow all employees can express their opinions and concerns. This is precisely what chambers of commerce like us seek to achieve.

We are an independent local association of employers and employees. Our goal is to promote the quality of life for all members through providing public/private education and economic opportunities.

What Is Diversity and Inclusion in The Workplace?

Managers have an objective to create a workplace environment that promotes the integration of employees from various walks of life. This is key to business success, even in regions with significantly lower diversity rates from the national averages. Diversity refers to the individual traits that make people unique, while inclusion deals with the social norms and behavior that make people feel welcome.

The goal of diversity and inclusion in the workplace is to promote the development and advancement of marginalized and underrepresented groups. This ensures an active, productive workplace environment free from bullying and harassment. Employers should enact measures to ensure their workforce is a true representation of the diverse populations and groups in the communities they serve.

Inclusion aims to create a thriving workplace environment where all employees and managers are treated fairly, with respect, and given equal opportunities and resources to contribute to the organization’s goals. Diversity and inclusion are often used in tandem, but remain two disparate concepts, with unique approaches and merits.

Benefits of Diversity and Inclusion

The top five merits of diversity and inclusion in the workplace include:

  1. Variety of perspective – You can benefit from faster decision making from teams comprised of varying backgrounds and work experiences.
  2. Attract skilled candidates – Many people are drawn to businesses that show value for workplace diversity and inclusion.
  3. Increased employee performance – Diversity results in more creativity, happy employees, equal distribution and resources and opportunities, which are vital in workplace performance.
  4. Market expansion – With a diversified workforce, you can target customers from different backgrounds and walks of life.
  5. Increased ROI – Better performance, motivation, reduced employee turnover, extended market, and other workplace diversity outcomes drive sales and return on investment.

Diversity and Inclusion Resources

Are you looking for new ways to ensure a genuinely diversified and integrated workforce that reflects your community?

There are several resources for managers and HR teams looking to augment diversity and inclusion in the workplace. The top recommendations include development courses, training programs and books. We encourage our employer-members to read as many diversity and inclusion books as possible to understand the different aspects of the workplace environment.

We aim to encourage employers to start internal conversations that emphasize the role of diversity and inclusion in workforce performance, employee requirements and other business practices.

Mass. Economy Should Be Well-Positioned for Rebound, Rating Agencies Say

Article Source: State House News Service
Article By: Colin A. Young

S&P: Numbers “Not As Weak As Feared”

 

NOV. 12, 2020…..As lawmakers debate the budget plan for the fiscal year that’s already underway and the state Treasury prepares to go to market next week to sell almost $1.4 billion in new debt, credit rating agencies taking notice of Massachusetts’s budget management and the outlook for an economic recovery here.

S&P Global Ratings and Fitch Ratings on Tuesday gave strong ratings (AA and AA+, respectively) to about $1.4 billion in bonds the state plans to sell next week and said the outlook on Massachusetts’s ratings is stable. The firms also commented on how Massachusetts has managed its pocketbook through the pandemic and what could be in store once a COVID-19 vaccine allows for more normal economic activity.

“To date Massachusetts has navigated the economic and fiscal disruptions of the pandemic without materially affecting its strong operating performance and remains well-positioned to continue doing so,” Fitch wrote in its rating statement.

Both agencies pointed out that Massachusetts and its economy were hit hard by the COVID-19 pandemic and the government mandates that limited economic activity as a means of slowing transmission of the virus.

The budget year that ended June 30 wound up about $700 million short of expectations and the Baker administration has forecast that state tax revenues for the current budget year will be about $2 billion less than in fiscal 2020. In June, Massachusetts had the highest unemployment rate in the country and the rate remains worse than the national average.

But the key anchors of the Massachusetts economy — namely higher education, health care, technology and finance — and the state’s economic fundamentals should put it in a good position to make a solid rebound once pandemic restrictions are lifted, the agencies said.

“We believe that Massachusetts’ economy, with a substantial tech sector presence in the Boston area, might be well-positioned to thrive when COVID-19 pandemic restrictions are fully lifted, although capital gains tax could be a weakness in this income tax-dependent state,” S&P wrote in its assessment.

Though a good deal of uncertainty remains, Dr. Anthony Fauci this week suggested that the return of more normal economic activity — unrestricted dining, shopping, and more — could come by the end of the fiscal year.

“The cavalry is coming,” Fauci told Good Morning America on Thursday. The country’s top infectious disease expert said that “the ordinary citizen should be able to get” vaccinated against COVID-19 by the “end of April, early May, May, June, somewhere around that time.”

The thoughts of the rating agencies hold a lot of weight with state budget managers and lawmakers because the ratings handed down from the firms are a huge part of what determines the state’s cost of borrowing. The better the rating, the more favorable borrowing terms the state can get.

Ways and Means Committee chairmen Rep. Aaron Michlewitz and Sen. Michael Rodrigues likely read the firms’ rating statements with a particular interest in the comments about using money in the state’s stabilization fund to plug holes in the fiscal year 2021 budget.

Gov. Charlie Baker proposed drawing $1.35 billion from the state’s $3.5 billion rainy day fund to help cover up a $3.6 billion decline in anticipated tax revenue. The House has been debating this week a budget that features a $1.5 billion withdrawal, and the budget the Senate will debate next week also calls for a $1.5 billion drawdown.

Neither agency commented specifically on the House and Senate plan to pull $1.5 billion out of the stabilization fund, but both commented on Baker’s idea of drawing $1.35 billion. S&P said the governor’s proposed withdrawal would leave $2.2 billion in the fund, “or what we would view as a still-good 4.5% of expenditures and other uses.”

S&P said that its stable outlook for the Bay State “reflects our view that Massachusetts’ strong [stabilization fund] provides a cushion allowing the state to ride out the current pandemic-related economic slowdown without significant liquidity pressure. This supposes that the commonwealth’s economy will rebound after fiscal 2021, and that Massachusetts will rebuild its [stabilization fund] once the economy is again in an expansionary mode.”

In June 2017, S&P lowered its rating for Massachusetts bonds to AA from AA+, largely due to the state diverting money from its stabilization fund while the economy was growing. In the years since, buoyed by a strong stock market and surplus state revenues, Massachusetts financial managers were able to sock away hundreds of millions of dollars into the rainy day fund and boost it to an all-time high ahead of the COVID-19 pandemic.

Last December, when Treasurer Deborah Goldberg was asked by the Ways and Means Committee whether she thought a credit rating upgrade could be in the offing, she told lawmakers that the rating agencies “still harbor a little bit of skepticism” of Massachusetts since the S&P downgrade.

Through four months of fiscal year 2021, state tax collections of $9.347 billion are trending $118 million or 1.3 percent ahead of receipts during the same period of time during fiscal 2020, the Department of Revenue said earlier this month. But by the end of June 2021, DOR expects tax revenues will land somewhere between $25.918 billion and $28.387 billion — which would be between $2.76 billion and $5.23 billion below the assumption agreed to before the pandemic upended the economy and a drop from final fiscal year 2020 collections of $29.596 billion.

“This is slower revenue growth than the commonwealth experienced in recent years, and could turn negative when the effects of federal stimulus wear off or if a new wave of coronavirus infections occur, but the numbers to date are not as weak as feared earlier in the year,” S&P said of year-to-date tax collections in Massachusetts.