Hartford Business Journal

HARTFORDBUSINESS.COM | MARCH 18, 2024 13 SS pringfield Spring Corporation is a manufacturer of preci- sion-engineered springs, wire forms, and stampings. We make small components," explains Norman Rodriques, President and CFI at Springfield Spring & Stamp- ing. "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 part- ner, Tina, and their management team. They invest in new technolo- gy, product development, and also their employees. That combination makes them unique," states David Ference, First Vice President, Com- mercial Banking at PeoplesBank. One of the strategies behind the company's success is what we call 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 open book management. In short, Springfield Spring & Stamping man- agement shares its financials with its employees so they understand the drivers of the business and feel a part of the process. They under- stand 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 con- tinues. "Increasing business literacy has really engaged our employees. We explain the company'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 company's financials. Sharing is car- ing. 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 of transparency, trust, collaboration, and accountabil- ity at Springfield Spring & Stamping. It empowers employees to take own- ership 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 wanted 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 employees 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 emphatically that the reason that we overcame them was because our management and employees are teammates — true teammates — and the foundation for that is transparency." "You can feel it when you visit. This strategy of open book management has created a strong culture of transparency, trust, collaboration, 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. Determine what you are willing to share. 2 1 Member FDIC 877.888.1388 bankatpeoples.com/businessteam Seven Energy The latest national chain looking to establish itself in Connecticut is 7 Brew, a strictly drive-thru coffee shop. According to Manraj Parmar and Rohan Kapoor, managing partners of Drive Thru Brew LLC, which own the franchising rights for a location in Wallingford, 7 Brew started in Fayetteville, Arkansas, in 2018. It has since grown dramatically, adding its 100th coffee "stand" in June 2023. The company's annual revenue is estimated at more than $160 million, according to Growjo.com, which tracks the performance of fast-growing private companies and startups. Parmar said he grew up in Connecticut, attended UConn and served in the state Army National Guard. After pursuing a corporate career out of state, he has returned to work with his brother-in-law, Kapoor, to establish 7 Brew's first New England location. "Wallingford is really this vibrant center of Connecticut," Parmar said. "And, its town motto is 'choose kind- ness,' while (7 Brew's) is 'cultivate kindness.' Once we saw that, we're like, 'Let's go here.'" If approved, Drive Thru Brew will first demolish the existing building at 905 North Colony Road — currently home to Captain Seas restaurant, whose lease ends in March and is looking to relocate — and then truck in a new one. According to Parmar, the coffee stand is just 510 square feet and is built off-site. It is then delivered in four pieces, assembled and hooked up to utilities. The so-called building drop is targeted for this summer. He said he expects to employ 50 "brewistas," with the majority part-timers. Parmar stressed that 7 Brew is unlike any other coffee shop in Connecticut. "The drive-thru is actually different," he said. "There's no menu board like you would go to at any other coffee drive-thru. It's just face to face. The people that work for us, they come out and greet you. Even your coffee is hand-delivered as well. It's not a 'drive-thru' window. People are walking up to you. It's very different than anything Connecticut is used to." While the numeral in 7 Brew refers to the seven original coffee blends sold, the stand also sells tea, smoothies, shakes and energy drinks, including the self-branded Seven Energy. "We're able to customize our drinks 20,000 different ways, which I don't think any of our competitors can say," Parmar said. It's for that reason, combined with the unique business model, that Parmar is certain there is a place for 7 Brew in the market. "We feel very positive about being in this space," he said. Story and Soil Coffee in Hartford recently reopened after renovations that included expanded seating. PHOTO | CONTRIBUTED

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