Unity House adds board member

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AUBURN, N.Y. — Unity House of Cayuga County, Inc. recently announced that it has added Kerry Barnes of the Tompkins County Public Library Foundation to its board of directors. Barnes has been assistant director of the Tompkins County Public Library Foundation for the past three years, where she is responsible for public fundraising and development […]

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KeyCorp to pay quarterly dividend of 18.5 cents a share in mid-March

Banks & Credit Unions, Subscriber Only

KeyCorp (NYSE: KEY) — parent of KeyBank, the No. 2 bank ranked by deposit market share in the 16-county Central New York area — has declared a quarterly cash dividend of 18.5 cents per share of its common stock. The dividend is payable on March 15, to holders of record as of the close of

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Mixed Methods: Shopping Small Made Easy

Small Business, Subscriber Only, Technology

The COVID-19 pandemic has sped up the adoption of e-commerce sites and online-shopping portals for small enterprises, and one example we see of that locally is Mixed Methods, nestled in Hanover Square in Syracuse. Mixed Methods is a brick-and-mortar retail shop, located at 215 E. Water St. Rear, that features a variety of unique artists’ work from

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Mixed Methods is a brick-and-mortar retail shop, located at 215 E. Water St. Rear, that features a variety of unique artists’ work from across the United States — including pottery, jewelry, glass, metal, wood, stationery, candles, and much more. Owner Amy Wilson has demonstrated some of the best practices of small businesses by moving her shop inventory online, quickly and professionally.

Wilson first came to the Small Business Development Center (SBDC) at Onondaga Community College (OCC) in January 2019, when the artisan shop, Eureka Crafts in Armory Square, shut its doors after 37 years. Wilson had worked at Eureka Crafts and recognized the void that would be opening with its closing. She discovered that she had the desire, acumen, and organizational skills to make her dream of Mixed Methods a reality.

It was my pleasure to work with Wilson, providing her with coaching, research assistance, proofreading, constructive criticism, and general business startup mentoring. We worked together on the development of Mixed Methods’ business plan, LLC formation, budgeting and cash-flow financial statements, and real-estate options.

“From the beginning, SBDC has been a reliable resource and one of my go-to places to get information, ask questions, or learn about something new,” Wilson says.

The doors of Mixed Methods opened in mid-2019, and together we coordinated a ribbon-cutting ceremony and media event that included SBDC and U.S. Small Business Administration representatives.

When COVID-19 hit brick and mortar stores hard in March 2020, Amy was quick to transition her inventory online, even though it was not part of her strategic plan for years one and two of the business. She demonstrated numerous best practices that other brick and mortars would likely find beneficial to adopt. First, she recognized the necessity of the pivot to online sales and, in response, she shifted her time allocated to managing the business from in-store operations to converting her inventory to an online catalog and check-out powered by a free online store using the Square platform.

Wilson got back in touch with me to help her navigate the small-business stimulus funds from the federal government’s CARES Act. She had some reserves in place to cover general operating expenses for a few months (another best practice any business needs to implement), but she needed help with outstanding invoices, employee wages, and determining other answers to application questions. Mixed Methods ended up receiving a COVID Economic Injury Disaster Loan for $2,000 and a $5,000 grant through Syracuse Small Business Emergency Relief Fund provided by the KeyBank Business Boost and Build program.

It’s valuable to recognize the many best practices that make Mixed Methods a success story. Amy very clearly and completely lays out and communicates the store’s COVID safety protocols on her website, both in writing and with a graphic presentation. She also has up-to-date and functioning social-media presences on Facebook and Instagram. Both use the handle “LetsGetMixed,” which are integrated with her website, inventory, and communications.

“The recent holiday shopping season was so different from last year, but by making adjustments and receiving valuable financial assistance I was able to offer additional shopping options of local delivery, in-store pickup and shipping through the online store and well as in-store hours,” Wilson says. “This allowed shoppers different ways to still shop locally and safely. Over the next couple of months, I’ll review sales trends and processes and work to maintain the online shopping options and storefront.”

Visit Mixed Methods online at https://letsgetmixed.com/ and shop for delivery, pickup, or shipping options from amazing artisans. Gift purchases receive complimentary packaging with artist information — a unique feature of the shop. Also, appointments to visit the store can be specially scheduled outside of normal operating hours.

Advisor’s Tip: All SBDC clients can take advantage of a special partnership with Square through the Empire State Development Digital Initiative, which offers new users free processing on up to $1,000 in credit-card transactions for the first 180 days after joining. Other offerings from the Digital Initiative include resources and financial benefits from Etsy, Shopify, Clearbanc, and RitualONE.

Frank Cetera is an advanced certified business advisor at the SBDC, located at Onondaga Community College. Contact him at ceteraf@sunyocc.edu

Upstate consumer sentiment dips in fourth quarter

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State sentiment rises slightly Consumer sentiment in upstate New York was measured at 71.0 in the fourth quarter of 2020, down 2.8 points from the reading of 73.8 in the third quarter. That’s according to the latest quarterly survey of upstate and statewide consumer sentiment that the Siena College Research Institute (SRI) released Jan. 6. Upstate’s overall

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State sentiment rises slightly

Consumer sentiment in upstate New York was measured at 71.0 in the fourth quarter of 2020, down 2.8 points from the reading of 73.8 in the third quarter.

That’s according to the latest quarterly survey of upstate and statewide consumer sentiment that the Siena College Research Institute (SRI) released Jan. 6.

Upstate’s overall sentiment of 71.0 was 3.8 points below the statewide consumer-sentiment level of 74.8., which rose 0.4 points from the third quarter.

The statewide figure was 5.9 points lower than the fourth-quarter figure of 80.7 for the entire nation, which was up 0.3 points from the third-quarter measurement, as measured by the University of Michigan’s consumer-sentiment index.

All three indexes for New York held steady or rose slightly this past quarter and are approaching — or in the case of the future index — exceeding their breakeven points at which optimism and pessimism balance. The national indexes were little changed, but as the national future outlook fell slightly, New Yorkers now are more optimistic about future economic conditions than the nation as a whole.

“First glance tells us that consumer sentiment, up less than a point this quarter, is little changed but like so many things it depends upon party registration,” Doug Lonnstrom, professor of statistics and finance at Siena College and SRI founding director, said. “Democrats are now far more bullish about economic conditions as their index soared by nearly 12 points overall and by almost 15 points on the future score. Republicans whose index last quarter was 17 points higher than Democrats, now are pointed in the pessimistic direction, falling 14 points and trailing Democrats by nearly 9 points. Despite COVID, Democrats are now only down 3 points from last winter, while Republicans are down 32 points.”

In the fourth quarter of 2020, buying plans were up 1.2 percentage points since the third quarter to 20.7 percent for cars and trucks; edged up 3 points to 49.6 percent consumer electronics; rose 2.1 points to 29.7 percent for furniture; were up 0.8 points to 13.4 percent for homes; and increased 1 point to 27.5 percent for major home improvements, per the SRI data.

Gas and food prices

In SRI’s quarterly analysis of gas and food prices, 29 percent of upstate New York respondents said the price of gas was having a serious impact on their monthly budgets, down from 31 percent in the third quarter and up from 19 percent in the second quarter.

In addition, 34 percent of statewide survey takers said the price of gas was having a serious impact on their monthly spending plans, up from 30 percent in the third quarter and 25 percent in the second quarter.

When asked about food prices, 58 percent of upstate respondents indicated the price of groceries was having a serious impact on their finances, up from 57 percent in the third quarter and 54 percent in the second quarter.

At the same time, 57 percent of statewide consumers indicated the price of food was having a serious impact on their monthly finances, down from 59 percent in the third quarter and 58 percent in the second quarter.

SRI conducted its survey of consumer sentiment between Dec. 10 and Dec. 16 by random telephone calls to 404 New York adults via landline and cell phone. The survey has an overall margin of error of plus or minus 3.9 percentage points, according to SRI.

New York soybean production soared 47 percent in 2020

Subscriber Only

New York farms produced more than 15.9 million bushels of soybeans in 2020, up 47 percent from 10.8 million bushels in 2019, according to a USDA National Agricultural Statistics Service 2020 crop-production summary report issued on Jan. 12. The Empire State production amount for 2020 was substantially above prior USDA forecasts released in recent months. New York

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ICS expands footprint into New England with acquisition of Massachusetts IT firm

Small Business, Subscriber Only, Technology

ENDICOTT, N.Y. — An Endicott–based information-technology company has expanded its footprint into the New England region with a recent acquisition. ICS on Jan. 7 announced it has acquired AKUITY Technologies, a provider of information technology (IT) managed services in the greater New England area. ICS — a provider of IT managed services and cybersecurity products

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Crews finish project addressing high-water damage at Port of Oswego dock

Construction, Design & Real Estate, Subscriber Only

OSWEGO, N.Y. — A project at the Port of Oswego that addressed high-water damage to the north end of the Port Authority’s east operating dock is now complete. It was part of Gov. Andrew Cuomo’s Resiliency and Economic Development Initiative (REDI). That dock is located directly on Lake Ontario and “highly susceptible” to wave action

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OSWEGO, N.Y. — A project at the Port of Oswego that addressed high-water damage to the north end of the Port Authority’s east operating dock is now complete.

It was part of Gov. Andrew Cuomo’s Resiliency and Economic Development Initiative (REDI).

That dock is located directly on Lake Ontario and “highly susceptible” to wave action and flooding, the New York State Department of Transportation (DOT) announced Jan. 15.

During high-water events, the existing stone retaining wall failed to break waves, resulting in a breach of the wall and direct undercutting of the main dock.

It’s the third of five projects awarded to the Port Authority of Oswego.

The REDI Commission awarded $300,000 for the project focused on the east operating dock. In total, the Port Authority of Oswego has been awarded $2,310,000 for five resiliency projects, DOT said.

“The completion of work on the East Operating Dock will ensure the safety of our employees and ensure that the vital work that we do here continues without interruption,” Bill Scriber, director of the Port of Oswego Authority, said.

Mitigation measures for the east operating dock project included installing a cellular steel sheeting wall to break high-water wave action in the impacted area, protecting the north end of the dock.

The Port of Oswego is an international port, which supports nearly 120 vessels, allowing more than 1 million tons of cargo to pass through the port each year. The preservation of the east operating dock is key to the economic vitality of the Port of Oswego Authority, the DOT said.

The project will “protect the integrity” of the dock, ensuring continued operation and maintaining public safety. Additional REDI funded projects at the Port Authority are anticipated to continue this year, per the department.

About REDI

In response to the “extended pattern” of flooding along the shores of Lake Ontario and the St. Lawrence River, Cuomo created REDI to increase the resilience of shoreline communities and “bolster” economic development in the region.

Five REDI regional-planning committees, comprised of representatives from eight counties (Niagara, Orleans, Monroe, Wayne, Cayuga, Oswego, Jefferson, and St. Lawrence) were established to identify local priorities, at-risk infrastructure and other assets, and public-safety concerns. The committees include representatives from those eight counties.

Stewart’s Shops begins 2021 by acquiring Red-Kap’s assets

Regional News, Small Business, Subscriber Only

SARATOGA SPRINGS — Stewart’s Shops opened 2021 by announcing that the company is expanding with the acquisition of the assets of Schenectady–based energy company Red-Kap. The acquired assets include eight convenience stores, four car washes (one is currently under construction), and fuel distribution to more than 75 dealers, “which is the heart of the deal,”

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SARATOGA SPRINGS — Stewart’s Shops opened 2021 by announcing that the company is expanding with the acquisition of the assets of Schenectady–based energy company Red-Kap.

The acquired assets include eight convenience stores, four car washes (one is currently under construction), and fuel distribution to more than 75 dealers, “which is the heart of the deal,” per a Jan. 12 news release on the Stewart’s Shops website.

The convenience stores include a location in Baldwinsville, per the Red-Kap website. The announcement didn’t include any details of financial terms of the acquisition deal.

Based in Saratoga Springs, Stewart’s Shops operates convenience stores throughout upstate New York.

Stewart’s Shops will maintain the branding of the Mobil, Citgo, and Sunoco stations and will convert two of the Red-Kap locations into traditional Stewart’s Shops. The remaining six locations will become ‘Stewart’s Express’ shops.

These smaller shops will have limited product offerings, less seating, and fewer food-to-go options. They also won’t serve hand-scooped ice cream. The Stewart’s Express locations will offer some ice- cream flavors in pre-packaged pints and half gallons.

“Due to our long-standing business history and the level of trust between us, we were able to complete this deal in a relatively short amount of time,” Gary Dake, president of Stewart’s Shops, said in the release. “Stewart’s Shops has always respected and admired the integrity of the family-owned Red-Kap organization. This is primarily a fuel-distribution transaction, and we look forward to extending our support to the distributor and dealer network.”

Selling a family business is a “complex and emotional undertaking,” Jon Kaplan, principal of Red-Kap, said.

“Throughout this process, I have come to realize how fortunate we were to be acquired by Stewart’s. The integrity and compassion that they have shown throughout the transaction is a testament to the Dake family and the organization they have built,” said Kaplan.

Besides Baldwinsville, the eight convenience stores include Albany, Berne, Hudson, Rensselaer, Saratoga Springs, Castleton, and Loudonville. They’re already undergoing conversions into Stewart’s Shops and ‘Stewart’s Express’ locations and will be completed during this year.

VIEWPOINT: How Younger Workers Can Mentor Older Ones & Move Companies Forward

Business Mentors, Subscriber Only

Mentoring usually refers to a manager, executive, or expert ienced employee guiding a younger person in the workplace, helping them acquire knowledge and new skills that foster professional growth. But with the expanding role of technology in today’s rapidly evolving business climate, a role reversal sometimes takes place — reverse mentorship. That is, older employees are paired with

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Mentoring usually refers to a manager, executive, or expert ienced employee guiding a younger person in the workplace, helping them acquire knowledge and new skills that foster professional growth.

But with the expanding role of technology in today’s rapidly evolving business climate, a role reversal sometimes takes place — reverse mentorship. That is, older employees are paired with younger ones who teach them about technology — a strong suit for millennials and Gen Z workers, generations who grew up with technology.

Reverse mentoring can be a plus for businesses in bridging generation gaps and knowledge gaps, and also a lifeline for older workers who otherwise might get phased out.

The older people better pay attention to these young people and find a mentor so they can teach them about technology. Recent studies have shown that the COVID-19 pandemic has greatly accelerated the shift to e-commerce and e-learning.

The people who don’t climb aboard the tech train will be left behind in the post-pandemic shakeout. A lack of tech knowledge is an excuse for organizations to cut the more expensive, older people and bring in the younger talent. These young tech execs should latch onto a floundering management exec and lead them to the new world order before they become obsolete. In return, the young people get access to years of wisdom, and companies can become more cohesive and efficient in the whole reverse-mentorship process.

Here are some tips on how to implement reverse mentoring successfully:

• Focus on a business need. What is the mentee learning the technology for? Reverse mentorships are more successful when they focus on a broader business need. For example, a tech-savvy employee could mentor on how to use social media to generate more sales leads. The company doesn’t benefit unless the mentee learns how to develop and use new skills in concert with business strategy.

• Find partners who are a sensible fit. An ideal mentor has knowledge or skills that you need and is willing to build a relationship with you. But can that person teach it in a way that’s fairly easy to understand? Do they listen or talk over you? You need substantive engagement and a lot of question-and-answer time without added tension.

• Be open-minded and respectful. Reverse mentoring empowers young leaders, but at the same time they can learn from and value the older group’s decades of experience. Without mutual respect and openness it won’t work. The mentee has to be willing to go outside his/her comfort zone. And the mentor should respect that. Both should be tactful and patient.

• Set clear goals and expectations. Discuss expectations upfront. Make sure you’re both committed to the process and goals are aligned. Neither of you should be too busy to meet at least once weekly. Otherwise a real teaching-learning relationship isn’t formed and too much falls through the cracks.

• Track progress. Organizations should formalize these reverse-mentorship relationships and make them quantifiable. A mentorship relationship falls short if progress isn’t tangibly measured in different stages. If progress isn’t where it needs to be, discuss new ways to achieve goals. Both the mentor and the mentee can determine where the gaps are and how to close them.

Technology has blown the roof off the traditional corporate thinking of top-down learning. Reverse mentoring removes barriers in today’s multi-generational workforce, enhances careers, and in some cases of the oldest workers, it can extend them.

Rod Robertson (www.briggscapital.com) is an international entrepreneur and author of “Winning at Entrepreneurship: Insider’s Tips on Buying, Building, and Selling Your Own Business.” Robertson is the owner of Briggs Capital, a boutique international investment bank.

VIEWPOINT: How Health Care Can Embrace a Digital Transformation

Business Mentors, Health Care, Subscriber Only

It desperately needs one The health-care industry would be better equipped to meet its many challenges if it were more willing to embrace a digital transformation it so desperately needs. Health-care systems can no longer afford to allow their operational components to be only “good enough” or to be constrained by the mindsets and habits of the past.

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It desperately needs one

The health-care industry would be better equipped to meet its many challenges if it were more willing to embrace a digital transformation it so desperately needs.

Health-care systems can no longer afford to allow their operational components to be only “good enough” or to be constrained by the mindsets and habits of the past.

Improved and more-efficient use of equipment and personnel is critical for health-care organizations that want to thrive in their current markets and capture new market share going forward.

The way to achieve that is through a well-executed digital transformation in which new and better digital technology is used to change how health systems operate and deliver patient care.

Health care has lagged behind as other asset-intensive businesses — such as transportation, retail, airlines, hospitality, and food services — have made dramatic progress over the last decade with digital transformations of their own.

What’s held health care back? At least in part it’s because of some long-held — and in our view, incorrect — beliefs. A few of those beliefs, and our responses to them, include:

• Health care is not like other businesses. Some people argue that the rules that apply to other businesses don’t apply to health care. Or they say that their particular health system is different from others. Operationally speaking, health care is fundamentally no different from any other asset-intensive business that has substantial demand and supply stochasticity. And while health systems may indeed have unique characteristics relative to one another, they share far more in common.

• Electronic health records (EHR) systems should accomplish these objectives. Indeed, EHRs have been a vital addition to health-care operations, serving as a repository for enormous amounts of data. But your EHR is not going to perform high-level predictive analytics for you. You need technology that places the right analytics, insights, and recommendations in front of the right users — such as surgeons, schedulers, nurses, and executive teams — at the right time.

• IT should take the lead on digital transformation. The health-care industry tends to rely on IT departments more than perhaps it should for digital innovation, which is somewhat understandable. Health-care professionals want to focus on providing good clinical care, not on software and technology. In the rest of the business world, however, IT’s role is understood to be providing infrastructure, security, and policies to implement business-transformation tools. IT’s role is not to solve complex operational problems. IT cannot possibly know the details of every part of the health system’s business well enough to take the lead on digital transformation.

Health care needs to rid itself of these and other incorrect beliefs so that it can change its inefficient ways. Making more efficient use of personnel and equipment that already exist — and delivering better and more timely patient care in the process — could be the true game changer.

Sanjeev Agrawal and Mohan Giridharadas, co-authors of “Better Healthcare Through Math,” are senior executives at LeanTaaS (www.leantaas.com), a software company that focuses on improving health-care operations. Over the past six to seven years, LeanTaaS has conducted thousands of conversations with physicians, nurses, administrators, and health-care executives to understand the issues they face.

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