International Women’s Day
I’m proud that the Virginia Council of CEOs and the Robins School of Business at the University of Richmond team up annually to recognize women in business. This year’s event is on March 9. It is free and intended for women and men who are leaders in business. I invite you to participate. Sign up here.
Recognizing and supporting women business leaders is important for several reasons:
- Promoting Gender Equality: Supporting women in business helps to bridge the gender gap and promote equality in the workplace.
- Diversifying Perspectives: Women bring unique perspectives and experiences to leadership positions, leading to a more diverse and innovative work environment.
- Driving Economic Growth: Research has shown that companies with gender-diverse leadership teams tend to outperform their peers, leading to stronger economic growth.
- Encouraging Women’s Empowerment: By recognizing and supporting women in business, we encourage more women to pursue leadership roles and empower them to succeed in male-dominated industries.
- Setting a Positive Example: By shining a light on successful women business leaders, we can inspire future generations of women to pursue their dreams and achieve their goals.
At the March 9 event, we will hear from RIR president Lori Waran, and I will lead a panel discussion on the topic of “Embracing Equity.” We know that lifting up women and growing more leaders makes us all more successful. Join us!
Scot McRoberts Executive Director Virginia Council of CEOs
VACEOs Announces 2023 Board of Directors
The VACEOs 2023 Board of Directors convened for a board retreat in Williamsburg to connect with each other and work on the future of the Council. Here is your board, and what they had to say about what VACEOs means to them.
Arlene Lee, Lee Construction Group, Inc.
“If you ask better questions, you get better answers.”
Ron Carey, Tilt Creative + Production
“I am a better CEO as a result of my forum group; I feel as though we’ve built a special connection.”
Corey Divine, Candidate Source
“I joined VACEOs to invest in myself and become a more well-rounded CEO. VACEOs has delivered and I have made life long friendships in the process.”
Matt Holland, Super Radiator Coils
“VACEOs is a place where I can access the collective experience of other business leaders to help me and my business grow.”
Jennifer Boyden, Heart Havens
“You can’t grow your business without growing yourself.”
Chris Leone, WebStrategies Inc.
“The future of VACEOs is bright! As a board member, I have visibility to all the ways VACEOs is looking to evolve with the changing business landscape. I couldn’t be more excited for its future.”
B. Scott Crawford, Virginia811
“It’s lonely at the top–unless you are a member of VACEOs, where a whole community emerges and the loneliness fades.”
Kelly O’Keefe, Brand Federation
“VACEOs has helped me become more confident in my leadership and more successful in my work.”
Virginia CEOs’ Economic Outlook Dims Slightly
Ninety-Six percent of CEOs identified either labor availability or inflation to be negatively impacting their business at this time with supply chain issues a distant third area of concern. That’s the latest from the quarterly CEO Economic Outlook Survey conducted by the University of Richmond’s Robins School of Business and the Virginia Council of CEOs.
Fifty-three percent of CEOs expect sales to increase, with 25% expecting at least a 10% increase, while 41% expect employment to increase over the next six months.
The survey found expectations over the next six months for sales and employment were both somewhat positive although expectations were generally down compared with each of the last three quarters. Expectations with regard to capital spending remained primarily flat.
More than half (53%) of CEOs indicated that they expect sales to increase over the next six months.
- 6% expected sales to be “significantly higher.”
- 47% expected sales to be “higher.”
- 25% expected sales to be “lower.”
- 22% indicated they expected no change.
Twenty-nine percent of CEOs expect capital spending to increase over the next six months (up slightly from last quarter), while 24% expect capital spending to decrease. More than 47% expect capital spending to remain flat.
Forty-One percent of respondent CEOs expect employment to increase over the next six months. Additionally, 49% expect employment to remain flat while only 11% expect employment to fall.
Taken as a whole, the results pertaining to sales, capital spending, and employment are less positive than the prior three quarters with the overall Economic Outlook Index decreasing somewhat (71.6 versus 73.4) relative to the results from the end of Q3 2022.
Additionally, CEOs were asked to rank order the degree to which labor availability, supply chain issues and inflation have negatively impacted their business. They reported the following:
- Labor availability had the most negative impact: 49%
- Inflation had the most negative impact: 47%
- Supply chain issues had the most negative impact: 4%
“The survey results suggest that CEOs see a bit of a leveling out of expectations in terms of growth over the next six months as well as ongoing concerns with regard to labor and inflation” said Rich Boulger, associate dean at the Robins School, who administers the survey and collects the responses. “The overall index is down slightly (71.6 versus 73.4 at the end of Q3 2022 and 93.7 a year ago).”
“Workforce challenges on top of inflation are keeping optimism down among our CEOs. That said, most of the business owners I talk with don’t foresee a hard recession, but a short, shallow slowdown forced by Fed policy” said Scot McRoberts, executive director of VACEOs.
Projected six-month sales, capital spending, and employment
The Robins School and VACEOs jointly conduct the quarterly survey, which regularly asks about expectations for sales, capital spending, and employment, plus other relevant issues, helping Virginia companies anticipate business conditions and plan for growth. The Robins School adapted the survey from the Business Roundtable, an association of CEOs of American companies that conducts a similar survey nationally. Rich Boulger, associate dean at the Robins School, administers the survey and collects the responses. The quarterly survey has been administered since 2010.
Fifty-one CEOs responded to the survey, which was administered January 11 – 17. Multiple industries are represented in the sample although services and financial services represented the majority of the respondents. The average company whose CEO responded to this survey had about $12 million in revenue for the most recent 12-month period. The average employment was 44.
Meet Your VACEOs Board of Directors, Part 2
Name: Corey Divine
Company: The Candidate Source
Position on Board: Immediate Past Chair
Something you’ve learned as a member: Every day as a CEO is an adventure. My roundtable, and the greater VACEOs community, are a great resource. By hearing each other’s experiences, we can better navigate the situations we encounter.
Dreams for the future of VACEOs: Since its founding, VACEOs has changed lives. My dream is that we can work together to evolve the organization and serve the CEO of tomorrow. This evolution will allow us to continue changing lives for years to come.
Something more personal: I am married to my beautiful wife Jess. We have a fur-baby named Leo who is a 6-year old beagle that we adopted during COVID. In addition to spending time with family & friends, I spend my free time golfing, cooking, & dabbling in the stock market.
Name: Arlene Lee
Company: Lee Construction Group
Position on Board: 2023 Chair for VACEOs
Something you’ve learned as a member: One thing I learned as a member of VACEOs is the power of shifting from giving advice to sharing experiences. When you give advice, there is often an expectation by the giver that the receiver should follow it. There may be judgement when advice is not followed or resentment if the advice was detrimental. The receiver often feels minimized. However, when you share your experiences, you empower the receiver to make their own decisions and to own the results of those decisions. The result is building people up. As I brought this concept into my business, it was powerful to see the results with my teams feeling more confident not just in making decisions but in making better decisions.
Dreams for the future of VACEOs: In a world where there is so much division and chaos, I am grateful for the safe haven that the Council provides. The conversations there have ripples throughout our companies, communities, and greater world. As VACEOs expands so does the opportunity for healthy conversations. The ideas and best practices that come out of theses conversations will have an impact far greater than we can imagine. In short, my hope for the future of VACEOs is that we grow in footprint and meaning and support for CEOs. And, whether intentional or unintentional, we change the conversation in the greater world in a healthy, collaborative way.
Something more personal: As it turns out, I never outgrew the eight-year-old horse-crazy version of myself. If there is a horse involved, count me in. Currently, I breed Morgan Horses, ride dressage, and drive horses but I have done many other disciples over my lifetime including playing Polo for Cornell. I also enjoy drawing and painting (mostly horses). Outside of that, I am an avid knitter and have 6 books published on knitting designs.
Meet more directors in Part 1
Meet Your VACEOs 2023 Board of Directors, Part 1
Name: B. Scott Crawford
Company: Virginia 811
Position on Board: Director
Something you’ve learned as a member: Honestly, there has been so much I have learned through Roundtable meetings, VACEO workshops, and VACEO conferences it is hard to identify one thing! To name a few; I have learned new perspectives on a host of leadership topics, some interesting insights about changing dynamics in the workforce; and, through our Roundtable Retreat, an interesting perspective on mediocrity and the need to constantly challenge all team members to help them grow – that, in short, “A Players” are not what we really want as those individuals, if performing at the “top of their game” are not necessarily finding room for growth or new challenges. This can lead to burnout and even complacency. A players need to be moved into positions where they are C players in order to provide them with new challenges and room for additional, and continuous, growth. However, the overarching thing I have learned is just how truly important it is to be involved in a group like VACEO where I find opportunities to continue to learn and to be able to safely, in a confidential environment, discuss successes and concerns that I might not be able to discuss in other areas of my life.
Dreams for the future of VACEOs: Identifying ways to grow membership in SW Virginia and building on strategies to increase opportunities for learning and engagement within VACEO.
Something more personal: In my spare time, I enjoy pursuing my passion for history and art history through reading, research, and writing. I have also become an avid runner over the past 6 years (started late in life), and enjoy running with my daughter who runs cross country and track for Radford University.
Name: Chris Leone
Company: WebStrategies, Inc.
Position on Board: Board Member
Something you’ve learned as a member: I’ve learned that there’s nothing unique about the challenges I experience on a daily basis. Every CEO has similar struggles running their business and they’re happy to share them with someone who can relate. At the end of the day, we are just folks who like to build things, take care of our people, and enjoy the “sport” of business.
Dreams for the future of VACEOs: I’d like to see VACEOs become a safe haven and supportive community for the next generation of CEOs and entrepreneurs in Virginia.
Something more personal: The leader of a growing company is forced to evolve several times to keep pace with the needs of the business. This provides a wonderful opportunity to continue growing my skill sets. I’ve also gained a new-found respect for self-care so I can be the best version of myself for my team. I’ve discovered a love for cycling, I carve out more time with my kids, and I give myself permission to “switch off.” Several years ago, I would feel guilty for not always working. Today, I’ve found a better balance that makes me a better leader, husband, and father.
Meet more directors in Part 2
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