Monthly Archives: November 2019

Education, Illinois, Tips

City of Chicago December 2019 Business Education Workshops

Leave a comment

Each month the City of Chicago offers twice-weekly (Wed & Fri) FREE business education workshops presented by experts in private practice as well as representatives from various city departments. There are quite a few good ones this month — see the list below — and they’re all offered at City Hall (right downtown and near public transit). To register for any of them, email BACPoutreach@cityofchicago.org or call 312.744.2086.

City Inspections – Ask Questions, Get Answers
Wed, December 4, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805
Presented by the City of Chicago
To operate a successful business in Chicago you need to know what it takes to maintain compliance. Officials from several City departments will provide insight on how to operate safely, stay compliant, help prepare for inspections and highlight the do’s and don’ts of operating a business.

Starting a Business In Illinois
Fri, December 6, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle Street – 11th Floor, Room 1103

Presented by LemaKhorshid, Fuksa Khorshid, LLC

Running a small business takes a lot of work. Often, a handful of employees fill a variety of roles, meaning that everyone has to bring serious hard work, dedication, self-motivation, and multitasking skills to the table. Amid all this, it can be easy to forget about the legal aspects of running a business.  However, attending to these matters sooner rather than later is likely to save you time, stress, and expense in the long run.  Join us in this workshop to learn our top 10 legal tips for small business success.

Level Up
Wed, December 11, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St – 11th Floor, Room 1103

Moderated by Kenya Merritt, Chicago Chief Small Business Officer

In this workshop, our panelists will share tips on how to take your business to the next level. Our presenters will share their personal experience and offer advice on how to properly scale and grow your business.

Construction Project Management
Fri, December 13, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle Street – 11th Floor, Room 1103

Presented by City of Chicago Department of Business Affairs & Consumer Protection (BACP) and the Department of Planning and Development (DPD) – NOF
Working with design and construction pros to make your business dream a reality takes smart planning and organization.  Learn the best practices for establishing your schedule and budget, hiring the right professionals and dealing with unforeseen challenges to ensure your project is completed on-time and on-budget.

A Legal Update on Policies and Procedures in the Employment Law Landscape
Wed, December 18, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805

Presented by Charles Krugel, a Management Side Labor, Employment and Human Resource Attorney
A roundtable discussion of all of the changes that have gone into effect this year, and that will probably be in effect next year, including the minimum wage, paid time off,fair work week, overtime wage exemptions, asking job candidates about salary/wage history & sexual harassment training.

Everything You Need To Know About Business Insurance
Fri, December 20, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle Street – 11th Floor, Room 1103

Presented by Sandra Cavoto Insurance Agency

In this session, attendees will learn the coverages needed for their business.We’ll discuss the right questions to ask your insurance professional and how to protect yourself and your business against lawsuits.

No Workshop Due to Holiday
2019-12-25

No Workshop Due to Holiday
2019-12-27

To register for a workshop, email BACPoutreach@cityofchicago.org or call 312.744.2086.

Also, in case you weren’t aware, BACP offers a Business Start-Up Certificate Program, designed to give business owners the essential elements in starting and growing a business. Attend nine workshops at BACP and learn the essentials of business planning, financing, marketing, legal issues, technology and more. Complete the program workshops within six months and earn your certificate, as well as get free advice on your business plan. You can register for the Business Start-Up Certificate Program at any BACP workshop. Learn about the full set of BACP offerings here.

And visit their Business Video Library here.

Source: City of Chicago :: Business Education Workshop Calendar

QuickBooks Software, Software

Construction Payments Slowest of All Industries, Surveys Show

Leave a comment

I recently attended the annual QBConnect conference and met some colleagues who specialize in the construction industry. We chatted about the pros and cons, rewards and challenges, and of course the specialized software and accounting practices.

So it was with particular interest that I read the results of this new survey of construction professionals — the majority of which are small businesses. It turns out that the construction industry lags behind all others in collection of accounts receivable, especially where subcontractors are concerned.

You might expect there to be repercussions for withholding or delaying payments—but you’d be wrong. The majority (78%) of people rarely or never charge interest on late payments. Desperate to get paid at all, over half (55%) of the contractors say they have gone as far as to negotiate payment terms or even provide a discount.

Collecting on retainage is a major pain point. Contractors say that it can be difficult and time-consuming to track down, which compounds cash flow strains and makes renting equipment and paying suppliers for the job itself extremely difficult.

Unfortunately, funds due to subcontractors are frequently used by general contractors to cover overhead on other projects, which leads to a large percentage of parties having to file liens in order to get paid.

The survey concludes with suggestions for improving the payment cycle in the industry, including: visibility documents; multi-tiered communication; trust- and relationship-building; down-payments/ installment payments; requiring the project owner to pay for materials and supplies; and making information accessible to all parties.

Source: 2019 National Construction Payments Report