Hartford Business Journal

30 Hartford Business Journal | January 11, 2021 | HartfordBusiness.com EDITOR'S TAKE BIZ BOOKS A needless attack on Hartford Business leaders must adopt 'what's-next' thinking A new year is supposed to bring new optimism — even in the age of COVID-19. So it was disheartening to wake up Jan. 2 to an op-ed written in the Wall Street Journal that needlessly slammed the city of Hartford. Even more disturbing is that it was penned by someone who has ambitions to lead the state — former Republican gubernatorial candidate Bob Stefanowski, who ran for Connecticut's highest offi ce in 2018 on a pro-business platform. His recent op- ed, headlined "What Isn't the Matter With Hartford?" was actually anti- business — a disservice to all those who invest in our Capital City, from small business owners to large real estate developers and corporations. Let's be clear, many of the problems Stefanowski outlined in his column are real. I agree and have even opined on many of them. Hartford's property taxes and violent crime and poverty rates are too high; its education system is not up to snuff; and it has fallen victim to past fi scal mismanagement. But these issues aren't new. My qualms with Stefanowski were the timing of the article and the fact that most of it involved nasty attacks on the city with few, if any, problem- solving ideas. Stefanowski is obviously gearing up to run for governor again in 2022, but that Election Day is still two years away. And his op-ed didn't really respond to specifi c policy proposals currently being considered by the city or state legislature. Maybe he was trying to get his views heard before the start of an important 2021 legislative session, but the way he did it didn't add to the public discourse. It only created another black eye for the city. Sure, he suggested cutting taxes and regulations, which I agree with, but Hartford's problems are complex and won't be solved by a simple GOP campaign slogan. For example, Stefanowski mentions that Hartford is plagued with a high percentage of tax- exempt property. So what's his fi x? Is he prepared to send more state funding to the city to make up for that? How would that reduce T he biggest threat to a successful company can be its success. Why? When success leads to complacency (i.e. self- satisfaction often accompanied by unawareness of actual dangers or defi ciencies), leaders resist change because it upsets the status quo. They forget the stages of product life cycle and believe that stage two growth will continue by doing what they've been doing. They forget that "old" as in same-old-same-old means they're not doing anything new. Bova believes that only "what's- government spending and help the state lower taxes? Does he want to eliminate the tax-exempt status of our hospitals, colleges and nonprofi ts? Hartford, like most U.S. cities, is in rough shape amid the pandemic, which has disproportionately hurt the city's low-income population, and turned downtown Hartford into a ghost town as many white-collar professionals continue to work from their homes in the suburbs. Small businesses, ranging from restaurants to small merchants are trying desperately to remain open. There was no need for Stefanowski to kick an injured dog while it was already down. Making it worse, the column ran in a nationally respected business publication. At a time when Connecticut is trying to showcase itself to New York City residents and businesses wary of living and working in a densely populated city, Stefanowski proclaimed the state's Capital City was "falling apart." It's easy to fi nd fault with Connecticut and the city of Hartford, which have struggled economically and fi scally for more than a decade. I do believe one-party rule has been detrimental to the state's business climate and economy. I've also penned opposition to many legislative proposals I felt would hurt Connecticut's competitiveness. But blindly criticizing the state and Hartford in the national press without providing a coherent strategy on how to fi x things shows a lack of leadership. Stefanowski was trying to score cheap political points (targeting potential future political foes Mayor Luke Bronin and Gov. Ned Lamont), not caring about the harm it may do to those in the private sector trying to recruit new workers and companies and make the city a better place to live, work and play. He also failed to note any positives about Hartford, including the more than 1,500 new downtown apartments that have been built and occupied in the last few years — a sign that people do in fact want to be here. If the GOP wants to gain any semblance of power in this state, which we desperately need in my opinion, it must go beyond a party that simply criticizes the state, to offering a positive vision for the future and a realistic plan on how to get there. Opinion & Commentary Greg Bordonaro next" thinking ensures continuing success. She identifi es 10 growth strategies any company can employ; some are standalone while others are interrelated. Here's a look at two of the interrelated that maximize the value of existing products: "Customer Base Penetration" -- Sell more existing products to current customers. Building within your customer base costs less than acquiring new customers. McDonald's introduced "value menus" and "breakfast anytime" to its product offerings. These broadened the appeal to its customers. Similarly, Red Bull began offering different fl avors to its customers. You don't have to be big: A friend owns a 7 a.m. to 3 p.m. restaurant that's always very crowded at lunch with people from nearby commercial and industrial businesses. Knowing that these customers had limited time for lunch and couldn't wait in line, he added delivery through Grubhub and a call-ahead, carry-out option. Deliveries grew and evolved into a catering business, which led to "market acceleration" (i.e. expand into new markets with existing products). Bova explains how Under Armour, The Honest Company and Mattel accelerated into new markets. On a smaller scale, a friend owns a residential carpet-cleaning franchise. He accelerated by working with high-end residential painters and home remodelers to package his service, so their customers' homes have "new rooms." He also works with Realtors who are preparing their clients' homes for sale. The Bottom Line: Growth requires doing different things and doing things differently. By Jim Pawlak "Growth IQ – Get Smarter About the Choices that Will Make or Break Your Business" by Tiff ani Bova (Portfolio/Penguin, $28). success. She identifi es 10 growth current customers. Building within your customer base costs less to its product offerings. These broadened the appeal to its customers. Similarly, Red Bull began offering different fl avors to its customers. You don't have to be big: A friend owns a 7 a.m. to 3 p.m. restaurant that's always very crowded at lunch with people from nearby commercial and industrial businesses. Knowing that these customers had limited time for lunch and couldn't wait in line, he added delivery through Grubhub and a call-ahead, carry-out option. Greg Bordonaro, Editor "Blindly criticizing the state and Hartford in the national press without providing a coherent strategy on how to fi x things shows a lack of leadership."

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