1/12/2024

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IN THIS ISSUE

Networking

Marketplace Summary

Business Trends

Mitigating Risk

Newly Certified Businesses

UPCOMING EVENTS

JAN 31: VETERANS SMALL BUSINESS ROUNDTABLE

FEB 1: PRIME CONTRACTOR AND SUBCONTRACTOR NETWORKING EVENT

SCORE EVENTS

ABC WISCONSIN EVENTS

ASSOCIATION OF WOMEN'S BUSINESS CENTERS EVENTS

The Power of Networking Industries are always changing, and you need to keep up with those changes as best you can. Networking can enlighten you, help with your challenges, and find you friends who can relate to what you're going through.? A great starting place is joining in on the events we have listed in our monthly newsletters.?

2023 Marketplace Summary

The 2023 Governor?s Conference on Diverse Business Development Marketplace, held in Wisconsin, was a landmark event in fostering diverse business growth and development. With a robust turnout of 770 attendees, the Marketplace served as a vibrant hub for networking, collaboration, and learning. It showcased an array of exhibitors and buying organizations, facilitating a dynamic environment for 635 one-on-one meetings. These interactions not only opened doors for new business opportunities but also highlighted the crucial role of diverse and small businesses in the economy.

The Contracting Academy, as part of the event, was a testament to the educational and developmental strides being made, drawing a significant number of participants. The impact of the Marketplace was profound, with attendees benefiting from unparalleled access to resources, knowledge, and potential business partnerships.

For those who missed this impactful gathering, there's an exciting opportunity on the horizon. Marketplace 2024 is set to take place later this year, promising another chance to engage with and be part of this thriving community of diverse business professionals. It's an event not to be missed for anyone looking to be at the forefront of business development and diversity.

https://www.marketplacewisconsin.com/

Business Trends: Customer Experience is Key in 2024 As 2024 begins, experts at Forbes anticipate user experience will be key to keeping businesses thriving. Whether it be efficient problem resolution, personalized marketing, or on-time delivery, it is more important than ever to ensure every customer engagement is positive. Some companies have gone so far as to appoint a Chief Experience Officer to ensure this is a priority. To find out more about the ?Customer Experience Era?, see the Forbes article on why this is crucial for business success.

6 Tips on how to Mitigate Risk for Your Small Business

1. Monitor your cash flow closely
1. Keeping a close eye on your cash flow ensures you?re abreast of your financial situation and enables you to analyze issues and mitigate potential pitfalls if income streams disappear.
2. Establish a cybersecurity policy
1. Many small businesses often believe they won?t be the target of cyberattacks. The failure of having a cybersecurity policy could result in the loss of customer data and loss of intellectual property.
3. Create a risk management plan and team
1. Creating a risk management team affords your business the advantage of having processes in place, instead of scrambling for answers when a risk goes awry.
4. Implement proper insurance coverage and risk transfer
1. At the very least, ensure your insurance covers any inventory, employees, equipment, and miscellaneous property or vehicles.
5. Avoid long-term commitments
1. Consider renting a storefront or having a virtual office rather than buying office space.
6. Track your online reputation
1. If you have an online presence, track your online reputation by reading and responding to every review your business gets.

For more information on how to mitigate risk for your business, visit the US Chamber of Commerence at https://www.uschamber.com/co/start/strategy/risk-management-strategies-for-small-businesses.

Newly Certified Businesses

We are excited to welcome the following newly certified businesses to the Supplier Diversity Program!

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