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Business

  Chicago, Business

Business Profile: Chicago officially became a town in 1837, with a population of 4,170. Its rapid growth can be attributed to its strategic location. The new canals of the 1840s put it on the routes from the Caribbean to New York, via the Mississippi and the Great Lakes. In the 1850s, Chicago became the central point on the railway system. This geographically powerful position as the hub of the low‐cost, bulk transport network encouraged both steel mills (the first opened in 1851) and the huge trade in cattle and meat, leading to rapid industrialisation and commercial growth.

The town centre’s elevated railway, the ‘El’ or ‘L’, opened in 1897 and still demarcates the central business district. The Chicago Board of Trade – founded in 1848, for the trade of futures, commodities and options – is the oldest such centre in the world and still looked to nationally and internationally for direction. Today, business and commerce are as robust as ever, even though heavy industry has declined dramatically since the 1970s –Chicago has always been quick to keep pace with such changes.

With regard to such factors as the number of international air destinations, cost of living, diversity of workers’ skills, population, gross domestic product, Chicago is often rated in the top 10 worldwide, and it is the world headquarters to 30 of the Fortune 500 companies, including Boeing, Kraft Foods, McDonalds, Motorola, Sara Lee and Walgreen.

Despite having a relatively high unemployment rate of 8.1% (the national average is 6.1%), Chicago ranks right up there as a city that means business. The four sectors accounting for around half of Chicago’s working population are manufacturing (12%), retail trade (13.95%), finance, including insurance and real estate (13.75%), and business services (43.62%). Illinois’ top three exporters (home and abroad) are Motorola (technology), Archer Daniels Midland (food production) and Caterpillar (industrial and farm equipment manufacture). The highest foreign exports go to Canada (24%), Japan (7%) and Mexico (7%) and the highest domestic exports are to California (25%), Texas (14%) and New York State (12%).

Regardless of the changes in its commercial activities, Chicago’s founding infrastructure is consistent. It remains a transport and communications hub with United Airlines based at the O’Hare Airport and Amtrak treating Chicago as the centre of its railway operations.

Business Etiquette: Although Chicago is home to a diverse amount of industry, Midwest conservatism reigns with regard to business dress and manners. Normal business courtesies should always be observed, and the degree of formality depends on the nature of the business. A suit and tie for men, and for women a business suit (both skirts and pants are acceptable) in banking, legal and sales professions, while computer and media companies are often more casual. Short‐sleeved shirts are acceptable in summer.

Chicagoans are friendly and quick to refer to colleagues by their first names, but let the person with whom you are doing business set the business tone, whether it be formal or relaxed. Business cards are commonly exchanged at meetings and e‐mail is a favourite means of communication.

Punctuality for business meetings is expected – and time should always be allowed for traffic delays. Business hours are from 0800/0830 to 1700. Working late is common, and it is not unusual to work well into the night or over the weekend. Working lunches are more common than working breakfasts and may be anything from a sandwich and coffee to a more serious, although not prolonged, restaurant meal.

Often business and pleasure are combined so meeting for drinks or dinner is a popular end to the working day. As a guest, not overindulging in alcohol is always a good idea. Evening dinner invitations can be to the home or to a restaurant. Visitors should bring a bottle of wine to the home or offer to share part of the restaurant bill.