SYRACUSE — Surviving the “new normal” economy, meeting aggressive business growth goals, tapping global markets, and engaging employees and customers — these were among the topics that a panel of four area business executives and one nonprofit leader discussed at the Business Journal 500 event on Wednesday morning, Aug. 21 at the Genesee Grande Hotel […]
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SYRACUSE — Surviving the “new normal” economy, meeting aggressive business growth goals, tapping global markets, and engaging employees and customers — these were among the topics that a panel of four area business executives and one nonprofit leader discussed at the Business Journal 500 event on Wednesday morning, Aug. 21 at the Genesee Grande Hotel in Syracuse.
Rob Simpson, president of CenterState CEO and moderator of the panel discussion, asked the panelists how their organizations are adapting to a “new normal” economy featuring tepid growth, rapid change, and constant business uncertainty.
Nice N Easy Grocery Shoppes responded to the trend of consumers driving less and buying less gasoline by “tossing out” the traditional convenience-store model and “going bigger,” said Fran Duskiewicz, senior executive VP at the Canastota–based company. That included building bigger stores offering more amenities typically found only at larger supermarkets and even hiring executive chefs, he noted.
Peter Belyea, president of CXtec and TERACAI, which sell networking equipment and services and generated $115 million in sales combined last year, stressed the need to concentrate on the future and on the customer. “You can’t long for the old days,” he said. “We’ve focused on understanding our customers.”
Stephen Chabot, VP of operations at INFICON, Inc., a Switzerland–based technology company that employs 240 in DeWitt, said his firm’s revenue dropped 30 percent in 2009 amid the recession. But the company bounced back with three straight years of record sales. The key was investing in research and development and sales, he said. “We accelerated product development,” Chabot said. The company, which produces high-tech instrumentation, sensors, and process-control software, has generated most of its growth outside the U.S. by tapping growing international markets.
Nathan Andrews, president of Morse Manufacturing Co., Inc., a 90-year-old business that specializes in making drum-handling equipment, said, “Unequivocally yes, it’s a ‘new normal’ [economy] and the scary thing is that in another five to seven years, it’ll be another new normal.” He said his company has also achieved new revenue heights by reaching into global markets, including Asia.
Mary Jo Thorn, CEO of ACHIEVE, a Johnson City–based nonprofit whose mission is enhancing the quality of life for people with intellectual and other developmental disabilities, said her organization faces the dual challenge of declining government funding and increased demand for its services. ACHIEVE employs more than 260 and generated more than $20 million in 2012.
Goal setting
The panelists agree on the need to set ambitious corporate goals, such as a revenue or fund raising target, and keep employees involved, informed, and engaged in meeting it.
Belyea said that last year CXtec and TERACAI set a goal of reaching $200 million in sales by 2015. Management has shared the goal and roadmap for reaching it with employees every step of the way. “Bringing along everybody helps you get there,” he said.
But Belyea jokingly admits that when he first revealed the goal to his employees they questioned his sanity. “They thought I was a lunatic the first time I stood there.”
A year later, the enterprise is on pace to reach the goal, he said.
INFICON’s Chabot said his company has a goal to double in revenue by 2020, a campaign called Vision 2020. The business has put up posters throughout the building and communicated with employees frequently about its progress toward the target.
“A lot of our employees have bought in and they have incorporated [the goal] on a daily basis,” Chabot said.
Thorn, of ACHIEVE, said the nonprofit had to scale back a planned capital campaign from an $11 million goal to $4 million in the wake of the recession, but noted it is now within $500,000 of achieving it.
Contact Rombel at arombel@cnybj.com
BUSINESS JOURNAL 500 PANEL
Moderator: Rob Simpson, president, CenterState CEO
Panelists:
Mary Jo Thorn, CEO, ACHIEVE
Peter Belyea, president, CXtec & TERACAI
Stephen Chabot, VP of operations, INFICON, Inc.
Nathan Andrews, president, Morse Manufacturing Co., Inc.
Fran Duskiewicz, senior executive VP, Nice N Easy Grocery Shoppes
