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"Best Ideas & Key Philosophies" from 2023 Business Leaders of the Year Worcester Business Journal Hall of Fame Peter Alden, President & CEO, Bay State Savings Bank The following key philosophies are strategies that Bay State Savings Bank is proud to operate under and could be universally applied at any company or organization to foster better outcomes: Build a strong team and company culture. The team we've built at Bay State Savings Bank is truly the best of the best, and I look forward to seeing where we'll all be, together as we move forward into the future. Have a strong mission. Bay State's mission is to exceed the expectations of our customers, community, and stakeholders while helping them achieve their financial goals through outstanding personalized service. Reaffirm values through action and decision making. Bay State Savings Bank's has six core values that help guide us to achieving our mission to be the Community Bank of C.H.O.I.C.E; We are Committed, Honest, Open, Innovative, Collaborative, and Effective. Exceed expectations by having a clear vision. Bay State aims to advance towards our vision by consistently providing exceptional products, services, and customer interactions aligned with innovation and economic efficiency. Aim to be sustainable. Bay State defines "sustainable" as the ability to continually meet the needs of current customers and future generations, without sacrificing either by continuously identifying, developing, and strengthening the skills, abilities, processes, and resources necessary to thrive and compete in our industry. Preserve customer satisfaction above all, even while scaling. Bay State Savings Bank's strategy is to grow, organically while continuously delivering superior value to our customers, communities, and stakeholders. Identify and anticipate challenges. It is important for Bay State Savings Bank to continuously look at both bank-specific and industry-wide obstacles and critical challenges to confront them in an effective strategic manner. Develop a diverse workforce. At Bay State we seek to foster an inclusive and representative culture that creates a sense of belonging and empowerment for our entire workforce. Unwaveringly support the communities you do business in. Bay State is proud to maintain a long history of community support in the form of donations, volunteering, and service on community Boards and Committees. Our values have consistently remained focused on our unwavering commitment to support our communities and a show of goodwill for our fellow neighbors. Maintain prudent risk identification, measurement, and management processes. Companies that avoid all risks tend to remain stagnant and cannot adequately service the needs of their customers, while those that take excessive risks tend to run into significant difficulties. Bay State Savings Bank views risk management generally as the tools, techniques, and processes required to optimize short-term business needs and long-term success. Worcester Business Journal Hall of Fame Chizoma Nosike, President and owner, Acclaim Home Health Care, Inc. CERTAIN PRINCIPLES/ PHILOSOPHIES HAVE GUIDED ME Have good Mentors: As a business owner, surrounding myself with knowledgeable people from the beginning. My mentor, Jay Herlihy gave me an advice to form a great Board of Directors and they have stood by me for 17 years guiding and encouraging me along the way Trust and Integrity: I built a relationship with my staff based on trust. They know I count on them to succeed and they in turn count on my integrity. Rely on your Network: As a minority female entrepreneur, break through initially was difficult, but I called on a network of people I worked with in other jobs to help me break through the market. Know your Business: I educated myself early on about every job in my organization, so that I am always a resource to every one of my employees. Good Product: I never put profit above quality care especially as a trained Physical Therapist. Community: I align myself to the right people in the community who build me up and not drag me down including Banking relationships. Perseverance: Being able to stick to it has got me through rough business patches. The COVID pandemic was a true test of my commitment to healthcare provision in the Community. Family is Important: Staying engaged as a wife, mother, daughter/in-law has been my sanity as a business owner. Take Time off: Almost every year I step away on vacation no matter how short to recharge and see things from a new perspective. My life has a Purpose: Lastly my faith has carried me through many trying times as a business owner, with belief that what I do is a calling and there's a purpose for my life. Worcester Business Journal Hall of Fame Terry Shepherd Managing partner, S&G LLP LEADERSHIP – VALUES – EMPLOYEE INVOLVEMENT – COMMUNICATION Over the last 20 years, the business process I helped develop in the Business Exit and Value Growth Planning space, has been very consistent. No jumping from one method to another in search of a silver bullet. To successfully build and manage a sustainable enterprise (or a division) for the long-term, it starts with leadership. Leader should be team first. Taking responsibility for missed team goals and giving credit to the team for fulfilling them. Leaders need to succinctly describe the why. What's the purpose of the organization? What's the mission the team can wholeheartedly embrace and align themselves with. Does it need to be tweaked? Changed? Is it communicated enough? Is it a rallying point? I've had many, many businesses who state they have a mission statement and some even have it posted on walls. Almost no one could state what it was. What are the company's core values? This shouldn't be the Ten Commandments. For a privately held company, values are usually closely aligned to those things that are important to the founder(s). Values that are not just nice to have if you could get them. But values that are a fireable offense if broken. Values help give the team direction in times of uncertainty to ensure the right decision is made. Next, with key management, lay out a 3 to 5 year Strategic Vision Plan and then work backwards, year by year to year one. Identify what's needed to achieve the goal. The strategy and the specific action steps. Again, you need team alignment and involvement to execute the plan via a company/ organization roll out. Make sure they know 'what's in it for me' (WIIFM). You can't execute anything without a team that all works together, all headed in the same direction. To ensure the mission, values and strategic plan stays front and center, you need to communicate, communicate, communicate and when you think you've communicated enough, communicate some more. If you get the team environment right, you develop a strong positive culture. And as the great business guru Peter Drucker stated, 'culture eats strategy for breakfast'. Business Leader of the Year (Small business) Jennifer Hylton, Executive director, Counseling & Assessment, Clinic of Worcester, LLC Leadership: True leaders nurture like-minded individuals to become leaders too. Leadership is about identifying and developing individuals who share our passion and vision, empowering them to carry our legacy forward to the next generation. By sharing knowledge and wisdom, we ensure that the flame of our efforts will continue to inspire and never fade away. Wellbeing: Success isn't the only thing that matters in life; it's also about creating lasting memories that bring us happiness and contentment. By prioritizing our inner happiness, we lay the foundation upon which we can build our success. Strive to cultivate your inner happiness and let it guide you towards a fulfilling life. Listen: Wisdom comes from listening to the ideas and perspectives of others. Let us remain humble, acknowledging that we do not know everything. The universe speaks to us in many