I hope this letter finds you well!
We are just around the corner from Daylight Saving Time (March 12!) and closing out the first fiscal quarter for 2023. Inflation rates rose again in January, indicating that the Federal Reserve will continue to raise interest rates. Financial reports indicate interest rates will stay higher for longer than initially anticipated. In short, we haven’t slid into recession or deflation. Instead, the economy will likely experience slower growth and profitability as interest rates stay higher. And that concludes my economic roundup.
Happening at NAWBO Chicago – Executive Director Melissa Lagowski and chapter staff are finalizing plans for our 40th annual Celebration of Achievement conference on April 27 at Hyatt Lodge Oak Brook Chicago. Purchase your early bird tickets, tables, exhibitor space and sponsorships now! Stay tuned as we prepare to announce our keynote speaker. Additionally, I hope to see everyone at the NAWBO Chicago Happy Hour on March 16 from 4:30 – 6:30 pm at Hera Hub – Chicago. This is an important, dedicated time for the chapter to gather and recognize Women’s History Month, the critical impacts women business owners have on the economy and, as leaders, how we make positive change in the world.
Business owners are confronted with many emerging and ever-changing technologies that can be beneficial to our day-to-day operations. It’s important to find out what types of technology can best assist your operation and enhance your customers’ experience. Investing in technology and determining your capital expenditure and its corresponding rate of return for profitability are important indicators to determine the value of your investment.
Years ago, I spent more than $10,000 for customized scrap accounting software that would track inventory better than QuickBooks. After months of development and arduous implementation, the program was slow and clunky so I decided to abandon the project. Unfortunately, I learned a lot about what I didn’t want in a program and went back to tracking my inventory on a giant spreadsheet.
I share this failure with you to show you the importance of good research in choosing the proper technology. Although tech has become much more user-friendly since my attempt, be prepared to look at multiple systems and platforms to enhance your business. Try and negotiate a trial period at a fraction of the total cost in order to determine the effectiveness of the technology and the effect on your bottom line. Talk to other customers who the software developer has worked with and find out how such programs have enhanced their businesses. In other words, really research and do your homework before making an expensive decision.
I hope to see everyone at the NAWBO Chicago Happy Hour. I’d love to learn about how evolving tech has helped to put your company on the road to success. We’re stronger together!
Sincerely,
Edie Fienemann