Page 7 - BusinessWest January 6, 2025

Snapshots of a Region
The Local Business Community Offers Perspectives on 2025
Beyond the big-picture context provided by region- al business leaders in the lead story on page 4, how do individual business owners and execu-
tives in Western Mass. see their own enterprises far- ing in 2025?
BusinessWest asked 27 of them to offer thoughts on that question, and about the trends, challenges, and opportunities they see arising in the coming year. Here’s what they told us.
James Birge, President, Massachusetts College of Liberal Arts
An education grounded in the study of the humanities provides the skills, insights, and wisdom to deepen our understanding of the human condition and to examine social phenomena through a variety of lenses. As a result, we can better respond to some of society’s most
pressing and thorny issues. So it puzzles me that there exists an increasing lack of appreciation for the liberal arts and humanities.
MCLA graduates excel in their careers because
of an education centered on courses that all stu- dents take in history, language, philosophy, literature,
and more. This core distribution of courses that are integrated throughout the academic majors means nursing students are able to help patients hurdle the obstacles of cultural or economic barriers; music pro- duction students can curate music in such a way that it is accessible to people using a spectrum of tech- nology platforms; history students research land-use laws that marginalize people and draft legislation to change the laws.
These, along with many other examples, amplify not just the application of a humanities-based educa- tion, but the real need for an educated citizenry that can respond to the needs and demands of our society.
Carlo Bonavita, Owner, Springfield Wine Exchange
My prediction is, based on the trending I see and feel now, that 2025 will be like a fine wine and will need to be decanted before you can really get the full experience.
Translation: the trends
I am seeing and conversa- tions I am having suggest a good business year ahead,
but a slow start. In terms of anything to be excited about, that will come later in the year — I’m focusing on August through December. Using the language of
wine again, the first half of the year will be like Char- donnay — dry but buttery notes, meaning not unpleas- ant at all, just not remarkable, either. But the second half of the year is going to be more exciting — like an awe-inspiring French Bordeaux.
By the way, for those who need to know, the wine of the year will be Pinot noir, and, yes, it’s back.
Emily Carlson, Owner, We Do Travel Right
The ‘take the trip’ mindset is going to cause the biggest travel trend since 2022’s revenge travel. Experiencing the inability to see loved ones on demand due to a pandem- ic can really reset life’s priori- ties. Most people keep that scary limitation in the back of their minds and, in turn, have
spent more time with family. But a lot of life can hap- pen in five years. In addition to great joys, the past few years may have also delivered immense loss. Most of us learned from navigating tragedies. We know how precious the Rolodex of life’s moments can be.
2025 Snapshots
Continued on page 9
>>
PEOPLESBANK BUSINESS SUCCESS SERIES
ow Open Book Management Leads to Increased Profits
“HS
agement. In short, Springfield Spring & Stamping management shares its financials with its employees so they understand the drivers of the business and feel a part of the process. They understand how their day to day helps the business thrive.
Meeting Regularly
“Our employees understand the mechanics of how the company makes a profit,” Mr. Rodriques continues. “Increasing business literacy has really engaged our employees. We explain the company’s financial posi- tion, from forecasting to the balance sheet. Every month we sit, turn off the phones, lock the doors, and have a one-hour, all- hands meeting where we all evaluate the company’s financials. Sharing is caring. The employees want to know: Why do we come here every day? What impact do we have on the industries we serve?”
“You can feel it when you visit,” says Mr. Ference. “This strategy of open book management has created a strong culture
pringfield Spring Corporation is
S
a manufacturer of precision-engi-
“You can feel it when you visit. This strategy of open book management has created a strong culture of transparency, trust, collab- oration, and accountability at Springfield Spring & Stamping.”
David Ference, First Vice President, Commercial Banking at PeoplesBank
we’re open book managed, our employees understand the good, bad, and ugly.”
Building a True Team
neered springs, wire forms, and stampings. We make small components,” explains Norman Rodriques, President and CFI at Springfield Spring & Stamping. “The glove box in your car has a spring in it. When you push a button on an elevator, it works because there is a spring in it. One of our largest applications now is medical compo- nents. Springs are among those things you never see, but they’re all around us.”
Investing in People
“Springfield Spring & Stamping’s success starts with Norm, his partner, Tina, and their management team. They invest in new technology, product development, and also their employees. That combina- tion makes them unique,” states David Ference, First Vice President, Commercial Banking at PeoplesBank.
One of the strategies behind the company’s success is what we call open book man-
of transparency, trust, collaboration, and accountability at Springfield Spring & Stamping. It empowers employees to take ownership of the company’s success.”
Mr. Rodriques states: “I’ve lived through, I
think, four recessions. Going through those
recessions was not easy. Each time, the
catalyst behind our recovery was all of us
hunkering down and understanding that,
Open book management has also been key to the company’s success, Mr. Rodriques notes: “Throughout the different challenges, I can say emphatically that the reason that we overcame them was because our man- agement and employees are teammates —
Business Success Tips:
if we wanted to overcome the recession, we true teammates — and the foundation
Open Book Management
have to really look at things within our com-
pany. We all did it together. And because
for that is transparency.”
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JANUARY 6, 2025 7