The Inner Chamber

Does Your Corporate Environment Encourage Innovation?

8/9/2010 01:07:04 PM  -  0 Comments
 

As the Greater Louisville Region works to become the Idea Capital of the World, many companies are looking for ways to contribute. And like so much in the new economy, it all begins with innovation, innovation, innovation.

CNN Money offers an interesting step-by-step guide to innovation, using the best practices of some of America’s most innovative companies. Companies that creative environments where innovations can thrive are more likely to see new ideas arise and be implemented.

The steps to creating an innovative environment, which are discussed in detail, include:

Finding New Customers to Diversify Your Client Base

8/9/2010 12:50:50 PM  -  0 Comments
 

Dave Oetken, Director of Business Advising for GLI’s ENTERPRISECORP, delivers detailed, personalized guidance to local businesses who want to generate new growth.  Below, Dave examines the “80/20” rule of business, and offers insights on how your company can successfully enlarge its customer base beyond that 20 percent:

Recently, experiences with clients have caused me to rethink the old 80/20 rule. This rule states that 80 percent of a company’s revenue comes from 20 percent of its customers. As a result, smart business leaders focus most of their time and company resources toward this segment.  And, while it can be a good business practice, it can also become a dangerous habit.

Case in point: a local company did increasing business with a large manufacturer to the extent that 90 percent of its revenues came from that one customer. As you can guess, when the customer decided it could buy cheaper elsewhere, it put the local company out of business, costing the community 67 jobs.

In today’s competitive environment, the 80/20 rule can sometimes be cause for alarm, especially if most of the 80 percent is coming from a small number of customers.

Meet the Intern: Elizabeth Matthews

8/6/2010 09:31:28 AM  -  0 Comments
 

 As summer is winding to a close, we’re posting the final installment of our Meet the Intern series. Elizabeth Matthews, a Northern Kentucky native, worked with GLI’s Public Affairs and Communication department. The Inner Chamber Blog can personally attest to the amazing research and thoughtful projects she completed this summer, on topics ranging from education and the local economy to taxes and Kentucky state revenue. Read on to learn more:

The Fed Says Regional Economy Improving

8/6/2010 09:22:00 AM  -  0 Comments
 

The Federal Reserve Bank's St. Louis District, which includes Louisville, is reporting that economic conditions are improving throughout the region. In a report released last week, the Fed showed activity has increased in the manufacturing and service sectors. However, the report also showed that commercial and industrial real estate markets remain weak, and overall bank lending activity decreased from early April to late June.