Issue link: https://nebusinessmedia.uberflip.com/i/1509493
38 HARTFORDBUSINESS.COM | OCTOBER 16, 2023 SS pringfield Spring Corpo- ration is a manufacturer of precision-engineered springs, wire forms, and stamp- ings. We make small compo- nents," 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 components. 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 manage - ment team. They invest in new How Open Book Management Leads to Increased Profits P E O P L E S B A N K B U S I N E S S S U C C E S S S E R I E S 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 Member FDIC/Member DIF 877.888.1388 bankatpeoples.com/businessteam "Sharing is caring. The employ- ees want to know: Why do we come here every day? What impact do we have on these industries we serve? It's really a great engagement tool." Norman Rodriques, President & CFI, Springfield Spring & Stamping 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 of trans- parency, 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, if we want- ed to overcome the recession, we have to really look at things within our company. We all did it together. And because we're open book managed, our em- ployees understand the good, bad, and ugly." Building a True Team Open book management has also been key to the company's success, Mr. Rodriques notes: "Throughout the different challenges, I can say emphat - ically that the reason that we overcame them was because our management and employees are teammates — true teammates — and the foundation for that is transparency." technology, product develop- ment, and also their employees. That combination 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 management. In short, Springfield Spring & Stamping management shares its financials with its employees continues. "Increasing business literacy has really engaged our employees. We explain the com- pany's financial position, 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 compa - ny's financials. Sharing is caring. The employees want to know: Why do we come here every day? "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 " Business Success Tips: Open Book Management Increase financial literacy before sharing financial data. Take time to meet regularly. Determine what you are willing to share. Let your employees know the good, but also the bad, and even the ugly. 2 4 1 3 Business Success Tips: Open Book Management Increase financial literacy before sharing financial data. Take time to meet regularly. Determine what you are willing to share. Let your employees know the good, but also the bad, and even the ugly. 2 4 1 3 Business Success Tips: Open Book Management Engage your employ- ees by sharing your company's financial position. Let your employees know the good, but also the bad, and even the ugly. Take time to meet reg - ularly to evaluate the company's financials with employees. Employees will understand the drivers of the business and feel a part of the pro- cess. They will understand how their day to day helps the business thrive. 2 4 1 3