Hartford Business Journal

HARTFORDBUSINESS.COM | JUNE 2, 2025 5 DE AL WATCH 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 open book How Open Book Management Helps Businesses Thrive 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 management. In short, Springfield Spring & Stamping management shares its financials with its employ- ees 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 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 Learn More Member FDIC 877.888.1388 | bankatpeoples.com/PBbusiness lords, Godek said, and the company's suburban locations picked up many of the workers fleeing city centers "Southern Connecticut experienced a rapid growth because many of the people who lived in that area no longer commuted to Manhattan," Godek said. "A lot of people left Manhattan and moved to Connecticut and wanted to stay in those homes." New model Historically, IWG has signed long- term leases with building owners and set up operations. Over the past three years, however, the company has adopted a "partnership" model relying on profit-sharing arrangements with building owners. That's been the driver of rapid growth in Connecticut, Godek said. Owners offer up space and pay for fit-out consistent with IWG brands, while IWG markets and manages the site. This includes providing on-site staffing and support to clients, as well as off-site marketing and management staff. "If we have partners that have a piece of inventory and they can't get anybody to lease it, with our concept coming in, we will be able to market it for them, bring all the revenues in, and now they are going to get a profit share in favor of them," Godek said. "So, something is better than nothing for them." IWG's locations usually occupy a portion of a building, ranging from 5,000 to 30,000 square feet, Godek said. Profit-sharing deals vary from property to property, but they are "much more in favor of the landlord," Godek said. IWG has also begun partnering with smaller coworking competitors, taking over management of their spaces and cutting them in on a share of the profits, Godek said. In late April, IWG opened a new Regus location in a 1966-vintage, 6,440-square-foot office in East Hart- ford. It's a no-frills office that provides the basics — clean spaces, a front-desk staffer, free parking, a business lounge, internet access and a printer. Within three weeks of opening, five of nine offices had been claimed. Godek predicted the East Hartford location, which operates under a part- nership model, will be a winner because prospective clients had long wanted an option east of the Connecticut River, to avoid bottleneck traffic through Hartford. In West Hartford, IWG's two-floor "Spaces" location at Blue Back Square has a much more modern vibe. It opened in 2019, in a space that previ- ously hosted outdoor merchandise retailer REI. On the first floor, the West Hartford location has booths and tables in a café-style setting. Light, upbeat music plays constantly at a low volume. For the past six months, Samantha Johns and Veronica Niedmann have occupied a booth most Tuesdays and Thursdays. Johns is global head of operations for London-based consulting firm eatbigfish. After a decade working from a home office in Manchester, she signed up for an IWG member- ship after hiring Niedmann as a project coordinator. Johns explored a couple other coworking operations and opted for the West Hartford Spaces because of its "really nice vibe." She also appreci- ates the flexibility offered by IWG. Her plan allows her to visit five days a month, but she can move up to eight days, 10 days or unlimited, and back down again, as needed. Her plan also allows her to access business lounges in other IWG locations globally, or rent meeting space for larger gatherings. "It's really important culturally to have a space with other people and not just invite Veronica to my home office — to feel inspired and moti- vated," Johns said. "That's what I think this space gives us." IWG's two-floor "Spaces" location at Blue Back Square in West Hartford has a modern vibe. HBJ PHOTO | MICHAEL PUFFER

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