Worcester Business Journal

18 Worcester Business Journal | February 19, 2024 | wbjournal.com By Tim Glispin Tim Glispin is president of Sunshine Sign Co. in North Grafton. Reach him at timg@ sunshinesign.com. First and foremost, I don't consider myself an expert in business. However, I have dis- covered some methods that have made my transition from my previous career to the position I am in now (president of Sunshine Sign Co.) easier. If just one person finds only one of these items helpful, I would consider that a win. 1) Understand how the work gets done. In any position of leadership, it is impera- tive to know what it takes to add value for a customer. Jumping in and doing the work yourself, alongside the people that do it, is a great educational experience (as well as a fantastic opportunity to integrate with the team). Report to the front line, get your hands dirty, and struggle. The people doing the work have the best assessment of what needs to happen next to improve. 2) Adapt tools from other industries. If you are like me and have extensive experience in another industry, then you have probably been exposed to tools + techniques not utilized where you are now. Ask yourself if those tools + techniques can be adapted to where you are now for greater effect. A small company can benefit from scaled down/streamlined versions of big company processes. A big company can benefit from small company intuition and creative thinking. For example, lean manufacturing principles (founded by Toyo- ta) can be found everywhere. 3) Pay attention to what has historically made the company successful. If you are walking into an established company, take note of the core competencies that made the organization successful before your time. Try to maintain and enhance those. The largest animals in the forest got to that point for a reason. 4) Pay attention to what has historically held the company back. If you can use a fresh perspective to identify and clear limiting factors, you can make some quick progress. 5) Form a strong team. Last year, I took up rowing on Lake Quinsigamond in the mornings. Several insights entered my mind over those months, and one of them was: "It's not about what you're doing or how fast you're doing it, but who's in the boat with you and how you're all collectively operat- ing." If you assemble and contribute to a strong team, life gets much easier. How government contractors can capitalize on the opportunities ahead BY EMILY MICUCCI Special to WBJ R ebranding can be painful, as company leaders who have under- taken the challenge of renaming a business and redesigning messaging and logos understand. Name recognition drops off, and reaching existing custom- ers while finding new ones is a tricky balance. So why is rebranding becoming more popular? According to Hanover Research, 75% of companies have under- gone the task since 2020, perhaps driven by a desire for a fresh start following COVID-19 and the shiing social justice climate. e collective attention span of the American public, and the growing desire for novelty and finding the edge, may make rebranding more appealing. Given these drivers, it's more import- ant than ever to check your motiva- tions for undergoing this arduous and expensive project. Here are two reasons why you should rebrand, and one good reason not to. Your company is growing up. Brand- ing an early stage company is a little bit like driving blindfolded. Once you've le the startup phase, consider how your services and values as a company are reflected in your branding, writes Ross Kimbarovsky for Crowdspring. "Many businesses cut corners in building their initial brand identity and must rebrand to evolve and grow." You're turning over a new leaf. Com- panies can suffer from image problems that may be beyond their control, or there's a major shi in value or strategic direction. Any time you want to signal a new day for your business, a rebranding is certainly a fair approach, and it may be crucial. "Maybe you recently under- went a major crisis, had a glaring error, or (were) the subject of bad news in the local newspaper – you may want to help people forget about your past," says Con- stant Contact blogger Suzanne Wentley. You don't intend to change. It may be the marketing department's forte to think about a fresh face for the compa- ny, but it can't be a marketing initiative alone, says Nick Liddel of Brandingmag. com. Rebranding must be a felt need across departments, with all the key players sharing the belief it is necessary for the vitality of the organization, not just a hollow desire to make the compa- ny appear edgy. W H E N A N D W H E N N O T T O R E B R A N D BY EDWARD SPENCELEY & ED SHEA G overnment contractors in Massachusetts may find themselves walking a tightrope of volatility, un- certainty, and change due to a confluence of factors, including the effects of the COVID pandemic, supply chain challenges, inflation, and new rules on cybersecurity. At the same time, a push for advanced defense systems, infrastructure, and green products and services offers opportunities for growth to create long-term success. Here are four strategies government contractors should consider. 1. Update cybersecurity compliance. As cyberattacks become more sophis- ticated, businesses must build their defenses against them. Highly sensitive government data can be an appealing target for bad actors, so defense contrac- tors must carefully safeguard informa- tion by adhering to the U.S. Department of Defense's Cybersecurity Maturity Model Certification program. In November 2021, the DoD an- nounced CMMC 2.0, which introduced consolidated levels meant to simplify compliance. Once rules go into effect, level one defense contractors must comply with 17 best practices, such as requiring multi-factor authentication. 2. Address ongoing supply chain hurdles. ough inflation rates are down from their 2021 and 2022 highs, the financial impacts of the past few years are echoing across supply chains. Inflated costs associated with shipping, energy, labor, and materials impacted government contractors, many of whom were stuck in firm-fixed-price contracts no longer mirroring reality. In early 2022, the General Ser- vices Administration, which provides purchasing options for federal agen- cies, temporarily removed restrictions on economic price adjustments in contracts, and earlier this year, GSA extended that policy through the end of September. ere's no guarantee this moratorium will be extended again, so contractors must work with agency partners to fortify their supply chains. 3. Carefully weigh M&A deals. For government contractors, mergers and acquisitions have long been a critical growth strategy. In 2022 alone, 140 M&As occurred in the government mar- ket, and while that number was down from the 190 deals in 2021, it was higher than the annual average (100). Buyers interested in acquisitions should consider a higher volume of deals can drive up prices. When considering a deal, buyers need to look at targets' past performance to assess whether their capabilities are well-aligned and what expansion oppor- tunities exist. 4. Seize new opportunities. Over the past three years, three pieces of legisla- tion were signed into law to help catalyze the U.S. industrial sector. e Bipartisan Infrastructure Law, the CHIPS & Science Act, and the Inflation Reduction Act will collectively inject $2 trillion in federal spending. e scale of this spending may encour- age companies which haven't previously worked as government contractors to throw their hats in the ring. Companies that are a good fit for the job should submit bids, but they need to understand key differences between the public and private sectors. Some private sector prac- tices – such as passing along increased costs – may be prohibited when dealing with government agencies. Additionally, government work comes with crucial compliance requirements. An evolving landscape may sound like an exciting challenge. By employing these four strategies, businesses can real- ize new ways to build for the future. 5 Things I know about … ... Strategies for navigating a new environment W W W Edward Spenceley (left) is Bank of America's national government contracting executive, and Ed Shea is president of Bank of America Central Massachusetts.

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