Nine local leaders convened at a recent 425 Business-hosted CEO roundtable to discuss the current market and their organizations’ strategies for navigating uncertainty. The event, held at Ascend Prime Steak & Sushi in Bellevue on October 8, was presented by Heritage Bank. Publisher Josh Dunn led the discussion, which centered on the question: “What is the mind of the market, and what has your organization changed this year to keep up?”
A consistent theme among the Eastside leaders was the belief that margins are tight, confidence is shaky, and Washington’s business climate is under strain. Many expressed a feeling of uncertainty rather than crisis. Stuart Butler of Butler Transportation and the Northwest Event Show described his businesses as still budgeting their way out of pandemic-related disruptions and actively seeking profit. He also voiced concern about the future job market for new college graduates.
Amanda Mayo of Fit HR noted the strain on small and mid-size businesses, with many clients struggling and owners worried about the local marketplace. They are exploring ways to protect margins and find growth opportunities, both within Washington and in other states. Justin Andrews of The Hall Group highlighted an economic period that is squeezing both margins and affordability, with consumer confidence a growing worry.
James Hua of Opal Advisors posed the question of whether the current unease signals a “calm before the storm.” His firm’s strategy involves focusing on ideal client segments, optimizing operations, and maintaining a cash-preservation mindset. Hua’s approach is to “Finish fast and finish first.”
Human Capital as a Competitive Edge
The conversation revealed a strong consensus that people are the forward-looking strategy for businesses. Butler is prioritizing the human experience in his event and transportation businesses by fostering high-value connections and bringing people together. Andrews is emphasizing human intelligence and experiences to navigate the current economic cycle. The Hall Group is deliberately limiting its reliance on AI to ensure that automation does not overshadow genuine client engagement.
Hua described his firm’s focus as a blend of human empathy and technical expertise. Al Moscatel of Urban Interiors and 13 Coins emphasized fundamental principles like listening, learning, and practicing basic courtesies. The leaders agreed that while technology is valuable, its application should support, rather than replace, human interaction.
Strategic Use of Technology
The roundtable acknowledged the role of technology, with a focus on its appropriate deployment. Jeff Rogers of OneAccord, Park Place, and Aston Martin reported significant gains from AI in streamlining back-office operations, allowing teams to focus on delivering high-value services aligned with core values. Kerin Patel of Heritage Bank echoed this sentiment, stating the bank is using technology to enhance back-office support, enabling its staff to concentrate on building long-term relationships.
Navigating Washington’s Business Climate
A significant portion of the discussion addressed Washington’s business climate and Seattle’s image. Rogers suggested that perceptions might be more negative than the reality, but acknowledged that reputation significantly impacts businesses in the region. He urged business owners to remain in the state, advocate for free enterprise, and engage locally.
Levi Davenport of C3 Business Group expressed concern over taxes, policy, and the state’s direction, noting that many owners are nearing a breaking point. C3 is organizing a strategic event focused on the choice to “Escape or Engage,” aiming to develop a clear vision for business growth and retention in the state. Kevin Wallace of Wallace Properties advocated for active involvement with economic development groups and chambers of commerce to voice business concerns to state leaders.
“We must lead us out of here,” Wallace stated, calling for a pro-business stance and a renewed emphasis on customer service. His rallying cry was, “Let’s go, Washington!”
Leaders from legacy businesses, such as Heritage Bank, which is celebrating its 100th anniversary, are focusing on long-term value and relationship building, supported by technology that allows staff more time for client interaction. Moscatel is guiding legacy businesses through market volatility by increasing focus rather than retreating. At Urban Interiors, this involves adapting staging strategies to meet demand.
Mayo’s advice for clients emphasizes controlling what is within their power, expressing hope for the resilience of Washington’s business community. The roundtable concluded with leaders needing to define their successes, communicate effectively, and increase engagement with employees, customers, and policymakers. This engagement, or human capital, was identified as the unifying thread of the discussion.
