In This Issue:

• Sunday August 1 Car Show

• Spotlight on Business - new Dining options

• Welcome New Businesses!

• Mayor Craig Message on National Forum website

• Chamber of Commerce events

• September 14, 2021 B.E.S.T. sera en Espanol!

• New SBA PPP Forgiveness Portal opening 8/4/21

• WBDC News - Pricing for Profit

• Village Business Survey

• NLNW Growth Acceleration Program

See you Sunday August 1st at the 12^th Annual Hanover Park Car & Motorcycle Show, noon to 4 PM!

The Village of Hanover Park's Special Events - Movies in the Park, Wednesday Live! concerts, and our signature Corks and Crafts are a great way to unwind, share time with friends and family, and enjoy the summer. 

Next up, the 12^th annual Car & Motorcycle Show this Sunday, from 12-4 pm. The event benefits the Hanover Park Community Resource Coalition to raise funds for the youth summer camp program which helps 40 local children attend an 8-week long camp. The camp includes field trips, swimming, life skills and much more.

This Family Fun FREE event is open to the public, and fun for all ages with live music from The Stingers Band, food trucks, and a 50/50 raffle.  Day of event walk-in registration ($20) to display your vehicle will be open 9 am to noon.

For registration information, call Gayle at 847-514-4349.  Car registrars will be provided with a free t-shirt for the first 200 entries. Trophies will be awarded for: Best of Show, Best Paint, and Best Engine.

If you'd like to participate as a corporate sponsor, please complete this application.  Questions may be directed to Assistant Village Manager Dave Webb at (630) 823-5608, or dwebb@hpil.org

New venues for your Business Meetings and Dining Pleasure!

The Village has welcomed several new restaurants in the past six months!  Karake Seafood and Grill, located at 5678 Arlington Drive East, is a family-owned new restaurant, offering American, Mediterranean, and Balkan Cuisine, including many vegan and detox dishes. White table-cloths, elegant décor and gourmet menu. 

Help us welcome these new eateries to Hanover Park (note - names are hyperlinked to their website!):

• Karaka Seafood Grill – 5678 Arlington, 847-450-0918
• Kolachi Tandoori Grill – 2020 Army Trail, (630) 736-1000
• Legend Wings – 1553 Irving Park Road, (630) 855-5292
• Los Cabos Restaurante – 6602 Barrington (opening soon)
• My Polish Deli – 1234 Lake, (847) 893-6133
• My Taco Express – 7310 Barrington, (630) 855-8460
• San Marcos Mexican Grill – 1222 Lake, (630) 855-4538
• Smoothie King – 7460 Barrington, (630) 823-8067
• Spice 35 – 7219 Orchard, (630) 855-2314
• Tamaleria y Restaurante Los Biscochos – 2021 Irving Park, (847) 893-6220
• Tap House Grill (new corporate management) – 7600 Barrington, (847) 787-1880

Mayor Craig Unites with Peers, the National Forum and National Association of Chain Drug Stores to Enhance COVID-19 Vaccine Confidence and Uptake 

Mayor Craig joins the ranks of Republican, Democratic and Independent mayors urging members of their communities who have not yet been vaccinated to join with them in receiving their COVID-19 vaccine. 

Mayor Craig’s newly released video message urges eligible individuals to get vaccinated against COVID-19 to accelerate the reopening of the economy and to help communities return to the activities they know and love. The video is part of a COVID-19 vaccination initiative spearheaded by the National Forum for Heart Disease & Stroke Prevention and the National Association of Chain Drug Stores.

Visit http://bit.do/mwtmc19 to see additional videos and a growing list of participating mayors.

Ever consider joining your local Chamber of Commerce?

The Village supports two local Chambers.  Why don't you attend an upcoming event and give the Chamber a try!

Both the Bartlett Area Chamber and the Northwest Hispanic Chamber support our Hanover Park business community and their membership.  The benefits of Chamber membership are many, including:

1. Networking and education
2. B2B opportunities
3. Membership helps build community trust in your business
4. Working together to strengthen our community
5. Promotional opportunities and referrals from fellow members

Bartlett Area Chamber of Commerce Meet-Up at Neehee's

Join the Bartlett Area Chamber at the monthly "meet-up" on August 4th at noon at Dogfathers, 947 S. Route 59 in Bartlett.  The cost will be your individual lunch. 

Let BACC Director Nan Gudenkauf know you'll be there, (630) 830-0324, or Register here. 

August 4, 2021 Cafecito is Live, and After Work!

The Northwest Hispanic Chamber of Commerce's monthly Cafecito on August 4th will be at 5 PM at First American Bank in Elk Grove Village.  Event is free. The Chamber asks that those who are not vaccinated wear a mask and maintain social distancing.

Register here or call NWHCC Director Mario Farfan at (630) 708-0694. 

La Presentation Best (Business Education Seminar on Technology) Sera en Espanol!

¡La presentación BEST del 14 de Septiembre será en Español! Miguel Paloma, Fundador de 4thRight Marketing te brindará consejos sobre marca personal para que puedas distinguirte de tus competidores.

The September 14, 2021 BEST will be in Espanol!  Join Miguel Paloma of 4thRight Marketing and learn valuable tips on how you and your business can build visibility and stand out from your competitors.  

June BEST session now posted - Watch the recording of the June BEST session on the Village You Tube Channel, here.  Kendra Svendsen of Speak Creative in Nashville discusses 10 Social Media Best Practices for 2021.

Our quarterly BEST series is brought to you by the Village Economic Development Committee and our development partners:  The Bartlett Area Chamber of Commerce, Northwest Hispanic Chamber of Commerce, Women's Business Development Center (WBDC), Schaumburg Township District Library, and the Poplar Creek Public Library.

New SBA PPP Forgiveness Portal

The SBA has launched a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.  

The portal is available only if the PPP loan is $150,000 or less and the lender is one of the 600 lending institutions of the lender list.  The new "Forgiveness Platform" will begin accepting applications from borrowers on August 4th, 2021.  Information on this new feature is online.

Tips You Can Use:  Profit

The WBDC offers these great tips on understanding profit and how you can implement these tools into the financial structure of your business. 

TIP #1

Maximize profits by implementing a pricing strategy which maintains a competitive advantage. Two commonly used strategies are:  

• Economy pricing implements a no-frills approach - the products or services sell at a low price. Economy pricing relies heavily on volume and profits made when the company can keep large amounts of clients consistently. Examples of companies that use economy pricing are Aldi, Wal-Mart, and Southwest Airlines.
• Premium pricing allows the company to set their prices high because they offer an exclusive product or service challenging to compete with. Premium pricing is a successful strategy when implemented correctly. It requires a marketing approach that positions the product as high quality with no substitutes. To generate profits using premium pricing, the company must define its target client and convince them that the product or service is worth the expense. Examples of companies that use premium pricing are Apple, Mercedes Benz, and Starbucks.

TIP #2

Regularly track the performance of everything to help decide which costs are necessary and which should be reconsidered. Remember, unnecessary costs eat into your profits.  If your costs are not performing well, you may need to eliminate them or renegotiate the expense.  Some product lines bring the most profit.  Others however may help you keep a positive flow.  Talk with a WBDC advisor to determine what balance to strike.

TIP #3

Calculate your profit into your Break-Even Point! One way to ensure your business is earning a profit and paying itself first is to consider your profit as part of your expenses. 
 
How do you do that? 

• Step 1. Tally all of your Fixed Costs and Variable Costs. 
• Step 2. Calculate 10% of that total. 
• Step 3. Take the 10% and ADD that to your Fixed Costs. The total would then be your new Fixed Costs expense. 
• Step 4. Proceed to calculate your Break-Even Point. Your "profit" becomes a guaranteed amount worked into your pricing.

For more information, schedule an appointment with a WBDC Business Advisor.  

Tell Us What You Think!

The bi-annual Village Business Climate and Business expansion survey provides the Village with useful information to help set policies and programs.

Please let us know your business needs - the Community & Economic Department can help with a list of available properties, referrals to hiring resources, and general liaison assistance. 

We’ve kept this online survey short!   Thanks in advance for your assistance! 

Complete the survey

Accelerate your business!!

If you would like to grow, expand, engage your employees, increase innovation, or need business coaching, you might be a candidate for this FREE service.

The Village of Hanover Park is one of 5 communities sponsoring Next Level Northwest, a business accelerator program designed to assist “Stage II” businesses with professional, confidential coaching, mentoring and technical assistance to accelerate their business to the next level.

To apply, visit www.nextlevelnorthwest.org. For more information, please contact Shubhra Govind, Director of Community and Economic Development at (630) 823-5781 or sgovind@hpil.org.