Follow the Leaders
5 Questions Every CEO Should Ask their Banker
As business leaders, it is imperative to have an inner circle of advisors you trust. In addition to a CFO, you often seek advice from attorneys, CPAs, and insurance agents to name a few. Adding a local banker to your list who lives and works in your market is smart and strategic.
Of course, a banker will discuss your business finances and help you gain access to capital. A trusted banker also has vast knowledge of the market, is up to date on the latest business deals and happenings and can share a wide network of contacts to help your business grow. With a community bank, decisions are made locally and often, much quicker, than at larger national financial institutions.
I would encourage any business leader to ask these questions of their current or prospective banker.
1. Is now a good time to expand my business?
Your banker should walk through different scenarios with you. What is the current demand for your products or services? Are customers requesting a new product line? Do you have customer support to grow? Are you growing so fast that you can hardly manage current business? Do you see an unprecedented opportunity that is exciting and difficult to pass up? Is your overall industry growing and is the opportunity ripe?
2. What precautions should I put in place to help my business with the concern of inflation and a potential recession?
Your banker understands that the effect of inflation on small to medium-sized businesses may seem somewhat insignificant in the short term; however, it can quickly have an impact on your bottom line. Reduced purchasing power means that businesses will sell less and potentially lower profits. Lower profits mean a decreased ability to grow or invest in the business itself. Credit control can help offset inflation. Your banker may direct you to increase savings and reduce unnecessary expenditures.
3. Can you offer my business options outside of traditional banking?
A community banker should detail any new technology and additional services they offer. Such services can help you cut costs and be more efficient. There are multiple treasury management solutions that can efficiently help you manage your business budget, improve cash flow, protect against fraud, and reduce processing delays. Definitely inquire about remote and mobile deposit, ACH and wire management systems that will save you time and money.
4. Can you help me with supply chain issues?
Your local banker can tell you about certain lending tools it can recommend to offset this rising challenge. Supply chain financing can support the trade relationships of middle market companies as a way to help stabilize supply chains and improve working capital.
5. How can you support my growth plans?
A trusted banker should understand your business and industry. He or she can assist in reviewing financial forecasting and projections. Ask about cash flow analysis and tips to gain financial efficiencies. Moreover, your banker should be a good sounding board and offer advice.
I believe if you focus on building a positive relationship with an experienced community banker, your business will succeed and grow.
Too many leaders navigate the financial arena with little personalized support. Sadly, 20% of companies fail within the first two years, according to Forbes. While opening a new business can be exciting and is more popular than ever, getting sound banking advice at the start, or even years after launch, can propel your business forward and help you serve your customers far into the future. I believe if you focus on building a positive relationship with an experienced community banker, your business will succeed and grow.
About the Author & Blue Ridge Bank
Chris Layne, market president at Blue Ridge Bank is a professional who primarily works with closely-held and non-profit organizations in and throughout the Richmond Metro region. If you have any questions for Chris. please feel free to reach out to him at 804-518-2625 or chris.layne@mybrb.bank.
Blue Ridge Bank is a Virginia bank with a national reputation, Blue Ridge Bank is all about business. Our team exudes an enterprising spirit in each local market so we can best serve our business clients. We provide a wide range of financial services including retail and commercial banking, private banking and wealth management, mortgage lending, and government-guaranteed lending.
About Virginia Council of CEOs (VACEOs)
Virginia Council of CEOs (VACEOs) is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, member benefits include placement in a peer roundtable group and access to a thought leader network, and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each member. To qualify for membership CEOs must run a business with $1M+ revenue and 5+FTEs. Learn more at www.vaceos.org.
Youngest Guy In The Room
Member Spotlight on Corey Divine, 2022 Board Chairman for VACEOs
Q: Where were you born and raised?
A: I was born in Miami, FL. My parents divorced when I was young, and I spent the early part of my life split between the Florida Keys and Miami. I moved to Charlottesville in middle school and spent the rest of my teenage years in the Commonwealth.
Q: Where did you go to school?
A: I went to Gardner-Webb University, in Boiling Springs, North Carolina, and graduated in 2012 with a Bachelor of Science in business administration.
Q: Who inspired you to become an entrepreneur?
A: My inspiration came from my father. He has owned different businesses my entire life. He demonstrated that if you work hard, you can achieve success while also being present for your family.
Q: Please tell us about your journey to become a CEO and how old you were when you got started.
A: The first company I founded was Rent The Help. I was 22 and still in college. I finished my last semester online so I could start the business when I did. Our original concept was providing residential labor to homeowners to assist with moving, yard work, and other general “muscle” projects. As the business evolved, we diversified by getting into event staffing and warehouse recruiting. In January of 2020 we broke the company into two separate companies – Rent The Help and Candidate Source.
Rent The Help provides high quality, short term labor for homeowners and Candidate Source provides staffing, recruiting, and direct hire services for a variety of industries.
Q: What excites you most about your role as CEO?
A: I enjoy developing people and solving problems. Every day is a new adventure and I welcome that.
Q: Who is Mr. Leo? Is it true he is the real top dog at Candidate Source?
A: My fiancé and I adopted Leo in the early months of COVID. He came to work with me every day during the pandemic and won over the hearts of our team. Every morning he runs around the office and gets his daily treat from his office friends.
Q: Are there any national/business authors that you follow? What is it about them or their message that resonates with you?
A: I cannot pinpoint one author or business leader that resonates with me. I will share that I am drawn to books about CEOs and leaders that have built something or navigated challenging situations. Over the last few months a few books I have enjoyed are Ride of a Lifetime by Bob Iger (former Disney CEO) and Hot Seat by Jeff Immelt (Former CEO of GE).
Q: During these last few uncertain/difficult years, how did you keep yourself upbeat and motivated?
A: I found the pandemic to be an expensive learning experience. As CEOs we are forced to make decisions that significantly impact our businesses, employees and family members. Unfortunately, for COVID, there was no roadmap to help guide us. But, because we survived the experience and learned from it, we are stronger today than prior to March of 2020.
“VACEOs has been a rewarding experience. Having a network of CEOs to share experiences with is a valuable resource and something that has helped me become a better leader and CEO.”
Corey Divine
Q: What have you learned from COVID?
A: Overall, COVID proved 2 things: 1) If your business has a strong balance sheet you have a head start and are setup to weather difficult storms when they happen. 2) Always be ready for the unexpected. Never get comfortable with your sales or your people. I forget the author, but I read a quote when I first started my business that has always resonated with me “Your sales numbers serve as a scoreboard for the past. Focus on tomorrow, not yesterday.”
Q: Please tell us about your VACEOs experience. How long have you been a member? Why did you originally join? What part of your membership has helped you grow the most as a leader?
A: I originally joined the Council to invest in myself. My early career was all about growing my business, and I rarely took the time to focus on becoming a better leader. When I made the decision to join, I knew I needed to spend more time working on my business rather than in my business. VACEOs provided this platform for me and has been more beneficial than I could have hoped.
VACEOs has been a rewarding experience. Having a network of CEOs to share experiences with is a invaluable resource and something that has helped me become a better leader and CEO.
About Rent The Help and Candidate Source
Rent The Help – Rent The Help’s sweet spot are labor projects in the 2-4 hour range. Our most popular service is moving labor, which we provide throughout the Richmond area. Whether you need help moving an entire home, or just moving a couch from one room to another, our team is here to help. In addition to our moving labor services, we also provide labor services for yard projects, small commercial jobs, & event setup services. Our lives are busy, and the reality is, sometimes you just need a little help.
Candidate Source – We partner with businesses to help them find their most valuable asset – their employees. Our primary focus is in the warehouse, distribution, and manufacturing industries but we also offer solutions for call centers and other entry level administrative positions. We provide these services through a variety of methods but primarily through traditional staffing and direct hire arrangements.
About VACEOs
Virginia Council of CEOs (VACEOs) is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, member benefits include placement in a peer roundtable group and access to a thought leader network, and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each member. To qualify for membership CEOs must run a business with $1M+ revenue and 5+FTEs. Learn more at www.vaceos.org.
Tips To Take Your Heart Health to the Next Level
How to Improve Your Heart Health
“What can I do to improve my heart health?”
It’s one of the questions we get asked most frequently at PartnerMD, and not just every February during American Heart Month. For good reason, heart health is (and should be) a year-round focus.
In a general sense, the answer isn’t all that difficult. Just about every habit – good or bad – can effect your cardiovascular health. The three main healthy habits you should focus on should not be a surprise.
Top Three Healthy Habits
Eat healthy foods. More than two-thirds of heart disease-related deaths worldwide can be linked to food choices, according to a recent study in the European Heart Journal.
Exercise regularly. Sedentary people have a 35% greater risk of developing high blood pressure than physically active people do, per the University of Maryland Medical Center. High blood pressure is a leading cause of heart disease.
Make an active effort to sleep better. A recent study published in the Journal of the American College of Cardiology found that people sleeping fewer than six hours per night had a 20% higher chance of a heart attack.
If you can make progress in those three core areas, you’re going to improve your heart health. But what if the question is slightly different?
“What can I do to really take my heart health to the next level?”
That’s quite a different question, because it’s really about supercharging how you eat, exercise, and sleep. That likely means investing in products that are on the cutting edge of those core health areas.
If you’re looking to take your heart health habits to the next level, here are four products that could help.
1. LMNT Electrolyte Supplements
Electrolytes help regulate your fluids, produce energy, and strengthen your bones. You lose electrolytes by removing processed foods from your diet (i.e. low carb/keto), because processed foods are often high in sodium (an electrolyte), and through things like sweat (i.e. exercising).
So, if you follow a low carb/keto diet or exercise intensely, you can become electrolyte deficient. You can be eating well and exercising regularly – both very beneficial heart health habits – but still feel off. You may even suffer from headache, muscle cramps, etc., which lead you to abandon those healthy habits.
Gatorade and Powerade are well-known for their electrolytes, but they also contain high amounts of sugar. Sugar leads to inflammation throughout the body, which can ultimately lead to heart disease. One study published by JAMA Internal Medicine found people who eat a high-sugar diet had a 38% higher risk of dying from heart disease.
LMNT electrolyte supplements are sugar-free and stevia-sweetened and “formulated to help anyone with their electrolyte needs.” They’ll help you maintain your electrolyte levels and operate at peak performance more often than not. A 12-pack starts at $20.
2. Red Light Therapy Device
Red light therapy uses low-wavelength red light to supply your cell mitochondria with extra energy to boost new cell growth.
It has been shown to have many positive health effects, such as improved collagen production, wound healing, and muscle recovery; reduced inflammation; decreased pain; and improved mental acuity.
In particular, recent studies have shown that red light therapy could assist exercise performance and recovery, two very helpful things for heart health.
A study in the American Journal of Physical Medicine and Rehabilitation found that “light therapy also promotes the growth of healthy muscle tissue, or muscle hypertrophy, naturally increasing muscle size and bulk—as well as strength.”
Red light therapy devices allow you to bring red light therapy to your home. They essentially replicate the light your body gets from natural sunlight without the heat or UV rays. JOOVV is one of the top brands in this space, but they are pricey at more than $500.
3. Calm or Headspace (Sleep and Meditation Apps)
With long hours and plenty of competition, it’s no secret that stress and sleep are among the biggest health concerns of CEOs. Stress is also a very common risk factor when it comes to heart disease. At the most basic level, stress triggers inflammation, which can ultimately lead to heart disease.
However, stress and sleep problems often affect the rest of your healthy habits. Your nutritious diet might go out the window with a little bit of stress eating and a lack of sleep. And we all know it’s next to impossible to find the will to exercise when we’re tired.
But like just about everything these days, there is an app for that. Calm and Headspace are two of the most popular ones. They both produce guided meditations to help you manage your stress and provide sleep soundtracks and breathing exercises to help you sleep better. Not sure which to choose? Here is an article comparing both options.
Both are free to download and offer limited free features but cost $69.99 per month for an annual subscription and access to their full complement of features. We all already spend enough time on our phones. With these apps, you can use some of that time to improve your health.
4. Oura ring
Let’s assume you’re doing all these things. You’re living a largely healthy lifestyle. Now you need someway to track your progress. Something that gives you the ability to know when you’re improving, when you’re sustaining, and when you might need to re-focus.
While an Apple Watch or Fitbit is a useful tool for fitness tracking worn on your wrist, an Oura ring is worn as a ring on one of your fingers.
It analyzes your sleep, your activity levels, and how ready you are to take on the day. It can also track your heart rate, your body’s recovery rate. It even gives you a “readiness score” every day and recommends an activity level based on your recent data. They start at around $300.
And one more tip: Find your partner in health.
We’d be remiss if we didn’t mention another thing that can help take your heart health to the next level – a high-quality, personal relationship with your healthcare team. That team includes your primary care doctor and maybe even a health coach.
As a concierge medicine practice, we provide both to our patients. You get personalized care for a physician who has the time to guide your healthy lifestyle and access to on-staff certified health coaches who can help formulate a plan and hold you accountable to it. In fact, all these products were recommended by one of our health coaches. Learn more about membership at PartnerMD here.
About Virginia Council of CEOs (VACEOs)
Virginia Council of CEOs (VACEOs) is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, member benefits include placement in a peer roundtable group and access to a thought leader network, and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each member. To qualify for membership CEOs must run a business with $1M+ revenue and 5+FTEs. Learn more at www.vaceos.org.
Attracting & Retaining Top Talent During The Great Resignation
The “Great Resignation” has received substantial media, policymaker and business attention. But what effect has it had on local businesses? Have the national record setting “quit” rates changed how local small to mid-sized companies are thriving?
The Study
The Virginia Council of CEOs (VACEOs) conducted a statewide survey of it’s members to gain perspective into talent and workforce issues at small and mid-sized businesses during these turbulent times. Seventy-four members participated and the results were analyzed by an independent firm.
Topline Results Are Positive
The topline results are positive regarding headcount and turnover.
- Nearly half (49%) of CEOs responding to a survey commissioned by the Virginia Council of CEOs (VACEOS) have increased headcount, while only 16% have fewer workers than they did two years ago.
- Turnover has not changed significantly, with 3 in 4 survey participants experiencing about the same or lower quit rates as they had prior to the pandemic.
Retention Biggest Challenge For Most
Although most Virginia companies have sustained or increased headcount, retaining employees has not been easy. Companies have adopted various strategies, with raises being the most common.
So, how are VA CEOs not only attracting the best employees – but keeping them?
Download our FREE report “How CEOs Are Attracting & Retaining Great Talent in a Transformed Labor Economy – Experiences, perspectives and insights from 70+ local CEOs” to find out!
About Virginia Council of CEOs
Virginia Council of CEOs (VACEOs) is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, member benefits include placement in a peer roundtable group and access to a thought leader network, and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each member. To qualify for membership CEOs must run a business with $1M+ revenue and 5+FTEs. Learn more at www.vaceos.org.
Five VACEOs Member Companies Make “Best Places to Work 2022” List
12th Annual “Best Places To Work” Rankings Announced
What does it take to be named one of the best places to work in Virginia? Would being celebrated in one of the top spots help you attract and retain the very best talent? Well, according to the business leaders we talked to, it sure couldn’t hurt. In fact, it could really help.
For the past twelve years, Virginia Business has compiled a list of Best Places to Work in Virginia in collaboration with Pennsylvania-based Best Companies Group. The much anticipated 2022 list was just published and we were excited to see five of our member’s companies recognized.
Please join us in congratulating VACEOs member Chris Leone of WebStrategies Inc., whose company ranked 28 on the annual list. Chris is not new to being honored. In fact, Chris has led his company to the “Best Places To Work” recognition five times before. Congratulations Chris!
Other winning Council members include Brian Forrester of Workshop Digital whose company is ranked 15, Justin Etheredge of Simple Thread whose company is ranked 31, Jon Newman of The Hodges Partnership whose company is ranked 55, and Lauren Sweeney of the Dotted Line Agency whose company is ranked 60. Congratulations to each one of these outstanding leaders. We salute you.
Are you curious to learn more? Would you like your company to be listed as a 2023 Best Places to Work in Virginia? While we can’t guarantee you will make the list, we can guarantee that by joining VACEOs you will have the opportunity to work with and learn from some of the greatest business leaders in Virginia. Don’t wait. Come check us out.
About Virginia Council of CEOs (VACEOs)
Virginia Council of CEOs (VACEOs) is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, member benefits include placement in a peer roundtable group and access to a thought leader network, and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each member. To qualify for membership CEOs must run a business with $1M+ revenue and 5+FTEs. Learn more at www.vaceos.org.
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