Eved Services of Chicago, Illinois, an in-hotel event services, technology, and destinations management company, won the Stevie Award for Best Overall Company (up to 100 employees) in The 2008 American Business Awards.

Eved Services was founded in 2004 by Talia Mashiach, an entrepreneur and mother extraordinaire.  Still in her early thirties and the mother of four children, Mashiach came up with the concept for an in-hotel services company and pursued it with dogged determination.  She famously made a call to a prospective client from her hospital bed shortly after giving birth to her fourth child.

The call paid off, and her company now contracts with over thirty-five hotels and works with thousands of clients, including over half the companies on the Fortune 500 list. The company posted revenues of $8.5 million in 2007 and is still growing.

In accepting the Stevie Award for her company in New York last June, Mashiach said: "This is for the entire Eved team back in Chicago who have worked so hard to make Eved Services the number one event services company.”
 
We asked Mashiach to comment on the importance of conferences and special events in these challenging economic times.

“Conferences and events have proven to have a greater ROI then any other form of marketing,” she told us. “It would be a mistake to think of events as an extravagance. Some people are simply not familiar with the importance they play in business objectives.

“Events are a great way to bring back the economy. According to the U.S. Travel Association, meetings and events are responsible for 15 percent of all travel-related spending; create nearly $40 billion in tax revenue at the federal, state, and local level; and generate more than one million jobs. Without the jobs generated by meetings, events, and incentive travel, the current unemployment rate of 7.6 percent would rise to 8.2 percent and cost the average American household an additional $136 in taxes annually.  

“Meetings and events are key to business success,” Mashiach concluded.

Client Retention
Eved Services is not only unique within the event services and hospitality industry, the company also continuously strives to be a model for client and employee relations.

Eved Services currently has a client retention rate of 99% and services 4000 events per year. Eved’s standardized client comment card collection process monitors challenges encountered by clients, and every comment card that is returned with unsatisfactory scores is addressed personally by a director.

We asked Mashiach what she saw as the most important aspect of client services in maintaining good customer relationships.  Her response: “The philosophy that you are willing to change and adapt to the growing and changing needs of your clients.  Always put the customer first.”

Eved University
Mashiach believes that because service is the core of her business, the people who provide that service are of the utmost value. Eved University, Eved Service’s internal corporate training program, combines training, testing, and fieldwork on the specific service categories offered at Eved in order to develop and train employees to become experts in the industry. By requiring all employees of Eved Services to complete a certain number of Eved University credits to maintain their current positions--and even more for the opportunity to move up in the company--Eved Services gives each employee the opportunity to learn and grow.

Philanthropy
In 2007 Eved Services launched its Corporate Philanthropy Program, encouraging all Eved Services employees to get involved in charity organizations. All employees are given “volunteer days,” allowing them to take time from work to volunteer their time. The company itself has donated to many different charities, including Dance Marathon at the University of Iowa, an organization that provides emotional and financial support for the families of oncology patients being treated at University of Iowa Children's Hospital.
 
Turning Adversity into Opportunity
Talia Mashiach started Eved Services after weathering some business setbacks of her own in the last economic downturn.  We asked her whether she had any advice for future entrepreneurs about turning adversity into opportunity.

“Focus on the opportunities that are out there,” Mashiach told us.  “In a good economy almost anyone can make money, and there are many businesses to compete with. In a downturn, however, you have to be really good in order to succeed, which also weeds out many competitors.

“During a downturn, companies are aggressively looking for revenue and cost-cutting opportunities. Does your business model support that? If so, businesses will be much more likely to give you the time and opportunity than when they were flush with cash and not as worried about cutting costs.”

About Talia Mashiach:
Talia Mashiach is the CEO and co-founder of Eved Services.  A mother of four in her early thirties, she is revolutionizing the hotel industry with her entrepreneurial spirit. Mashiach began her entrepreneurial career shortly after graduating magna cum laude from Loyola University School of Business. Her first company, an online computer sales platform, sparked her interest in technology. Mashiach then used her technology background to found Eved Services. Her knowledge of the fragmented hotels-and-events business led her to create new technology to automate the industry in a new way.

Under Mashiach’s leadership, during 2008 Eved Services was listed at number 188 in the Inc. 5000 fastest-growing private companies; recognized as among the 101 Best and Brightest Places to Work in Chicago; received the Right Workplace Award from the Chicagoland Chamber of Commerce; and was honored with a Stevie Award for Best Overall Company (up to 100 employees) in The American Business Awards.

Mashiach is a member of the Young Presidents’ Organization/Chicago, the Women Presidents’ Organization, and the Chicago land Entrepreneurial Center. She was recently nominated to the Chicago Area Entrepreneurship Hall of Fame.
                
About Eved Services:
Eved Services operates as a technology-enabled event service and as a destination management company.  Based in Chicago, Illinois, the company is an in-house partner for over thirty-five Chicago area hotels.  Each hotel-based service team utilizes Eved’s proprietary software to work seamlessly with hotel clients and vendors in the planning and executing of their events.  Eved Services works from within the venue to orchestrate and delegate event logistics involving everything from transportation management to creating a memorable event using linen, flowers, lighting, and entertainment.  To learn more about Eved Services and see what their clients have to say go to www.eved.com.

Gwen Martin, Managing Director & Director of Research at the Center For Women’s Business Research in McLean, VA, is a member of the Board of Distinguished Judges and Advisors for the Stevie Awards for Women in Business. Following is an extract from a recent study by the Center.

Women are changing the entrepreneurial landscape, according to the Center for Women’s Business Research.  The number of businesses owned by women has increased at twice the overall rate for the last two decades, to 10.4 million today, or 40 percent of the total.  A study released by the Center in December 2008 also shows that women own 20% of firms with revenues exceeding $1 million. The two-volume report was underwritten by American Express OPEN? and The Jana Matthews Group.

This study illustrates the economic impact of women business owners and the common personality traits that may contribute to their success.  Volume I, Million Dollar Firms by the Numbers, provides the first-ever in-depth look at the characteristics—including age, race and level of education—of both men and women business owners across revenue categories from $1 million to more than $1 billion. 

The companion report, Lessons from the Trenches:  Learning from $1 Million Plus Women Entrepreneurs, is a qualitative study that provides insight into the business practices and personality traits of women business owners with revenues ranging from $1 million to more than $20 million and provides a perspective on the results of the quantitative analysis.

The research shows that these high-revenue women-owned businesses account for 67% of total business revenue and 59% of total employment of all women-owned firms in the United States.  At the time of the study, there were a total of 10.1 million firms owned by women, employing 13 million people and generating $1.9 trillion in revenues. 

“Million Dollar Firms by the Numbers clearly illustrates that contrary to common perception, women own and lead multi-million dollar businesses,” said Margaret A. Smith, chair, Center for Women’s Business Research.  “Lessons from the Trenches helps explain how they achieved these levels of business success—providing insights into the pathways to growth for all women aspiring to expand their businesses.”

Amy Fitzgibbons, senior manager of American Express OPEN, agrees. “This research reinforces what many involved in women’s advocacy efforts have known all along: that women business owners create jobs and generate revenue from which we all benefit,” she commented. “Identifying and sharing best practices of successful women business owners is the key to helping even more women entrepreneurs achieve that same level of success.”

While recent research shows that women own 20% of firms with revenues exceeding $1 million, less than 3% of the 10.1 million women-owned firms make it to that million-dollar mark.  To help more women business owners reach the million-dollar level, OPEN, along with Count Me In, a not-for-profit organization dedicated to women entrepreneurs, created the Make Mine a Million $ Business program to provide much-needed growth resources, mentoring, and encouragement to post-start-up, women-owned businesses that have the potential to reach $1 million in annual revenue within two years.

Million Dollar Firms by the Numbers
According to Million Dollar Firms by the Numbers, one in five of the women-owned firms that exceeds $1 million in revenue has revenues between $5 million and $1 billion.  Women owners of these larger-revenue firms tend to be younger than their male counterparts in the same category, with 5.7% women under the age of 35, as compared to 5.1% of men. 

The report also showed:

• Women are similar to the men in saying that one of their primary functions is financial control (50% of women and 53% of men).  In contrast to the men, women tend to be substantially less active in the day-to-day operations of the firm and production of goods/services.  Forty-five percent of women identified one of their primary functions as overseeing day-to-day operations, compared to 61% of men; 20% of women identified one of their primary functions as producing goods or services, compared to 35% of men. 
• Women business owners with more than $1 million in revenue are somewhat more diverse than men business owners, with 5% of women business owners being Asian American (compared to 3.9% of men) and 1.1% of women business owners being African American/Black (compared to .8% of men)
• Women business owners of firms with revenues exceeding $1 million have a lower level of formal education than men business owners: 42% of women business owners have a bachelor’s degree or graduate degree, compared to 53% of men business owners; nearly 25% of the women business owners have a high school diploma or less, as compared to 19% of men.

Lessons from the Trenches:  Learning from $1 Million Plus Women Entrepreneurs
One of the key findings of Lessons from the Trenches:  Learning from $1 Million Plus Women Entrepreneurs links women business owners’ success to their ability to transition from working in the business to working on the business. This finding is one of the key differentiators between women owners who grow $1 million plus businesses and those who don’t, as owners who have made this transition are more likely to spend time cultivating relationships with bankers and networks, more likely to delegate, and more likely to become confident of their ability to grow a business.

Other focus group findings show that women business owners who exceed the million-dollar revenue mark typically:
•           Are “gutsy,” action-oriented women.
•           Have a solutions orientation.
•           Believe that a larger business provides more freedom.
•           Are energized by the “business of growing a business.”
•           Create their own rules.
•           Focus on internal business culture.
•           Are life-long learners.

“This research is ground-breaking and provides new insights about successful women business owners,” said Jana Matthews, founder and CEO of The Jana Matthews Group. “The fact that many women have managed to grow a company to $1 million or more is great news. Now that we have ‘cracked the code,’ we should be able to help more women grow more successful companies with revenues in excess of $1 million.”

Leading women’s business organizations, including the Women Presidents’ Organization (WPO), the Cincinnati Women’s Foundation, the Jacksonville Women’s Business Center, and the National Association of Women Business Owners (NAWBO), were instrumental in making this study possible.  These organizations helped identify and recruit women business owners with firms generating more than $1 million in annual revenues.

Methodology
Million Dollar Firms by the Numbers: The Center for Women’s Business Research analyzed data provided for the first time by the United States Census Bureau to determine the representation of women business owners in firms exceeding $1 million in revenues.

Lessons from the Trenches: Learning from $1 Million Plus Women Entrepreneurs: A total of 51 women business owners participated in the focus groups held around the country.

About Center for Women’s Business Research
The Center for Women’s Business Research provides data-driven knowledge that advances the economic, social and political impact of women business owners and their enterprises. They do this by setting the national agenda; creating insight on the status and achievements of women business owners; altering perceptions about the economic viability and progress of women-owned enterprises; and driving awareness of the economic and social impact of this vital business sector. Find out more online at www.womensbusinessresearch.org.

About American Express OPEN?
American Express OPEN is dedicated exclusively to the success of small business owners and their companies. OPEN supports business owners with exceptional service. With tailored products and services, the team delivers purchasing power, flexibility, control and rewards to help customers run their business. Specifically, business owner customers can leverage an enhanced set of products, tools, services and savings, including charge and credit cards, convenient access to working capital, robust online account management capabilities and savings on business services from an expanded lineup of partners. To obtain more information about OPEN, visit www.open.com or call 1-800-NOW-OPEN to apply for a card or loan. Terms and conditions apply. American Express Company (www.americanexpress.com) is a leading global payments, network and travel company founded in 1850.

About The Jana Matthews Group
The Jana Matthews Group provides consulting services and programs for growing companies.  Their work with CEOs and Executive Teams focuses on building flexible, innovative companies; developing high performance employees; and achieving and sustaining long-term growth and continued profitability.  For more information, visit www.janamatthewsgroup.com

ValueSelling Associates, based in Rancho Santa Fe, Calif., is the creator of the ValueSelling Framework(tm), the sales methodology preferred by sales executives around the globe. Since 1991, ValueSelling Associates has helped FORTUNE 1000 business-to-business sales organizations compete and win in markets crowded with seemingly similar products and services.

ValueSelling Associates has long been associated with the Stevie Awards, most recently through their sponsorship of the 3rd annual Stevie Awards for Sales & Customer Service. We recently spoke with president and CEO Julie Thomas about how she got her start in business, what ValueSelling does, and how they're helping their clients to maintain and grow their sales despite challenging economic conditions.

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Blogs, or web logs, are all the rage these days. Each month in this space we'll point you to several blogs that we think might be of interest to you.

MarketingProfs: An online resource for entrepreneurs, small businesses, and marketers that offers actionable know-how to market products and services and keep you informed of the newest and best tools.
horsepigcow: Blog of Online Professional Lane Hartwell covering an array of topics.
StrangeSystems: Musings on architecture, user experience, and the overlap of physical and virtual from Korean architect and urban designer Nam-ho Park.
Tree Hugger: A one-stop shop for green news, solutions, and product information.