Follow Up: Never Too Old to Grow and Prosper

Steele Rubber Products, a Denver, NC-based manufacturer and retailer of rubber parts to fit classic cars, trucks, and hot rods, has been in business since 1958. For almost 60 years, this mid-size company (60+ employees) is still delivering hard to find rubber parts that fit a wide range of American makes and models of restoration vehicles.

In the fall of 2014, Steele Rubber Products engaged SBTDC’s Strategy and Growth Services to assist in the development of a strategic plan to boost the company’s performance. Seeing some early and promising results for the strategic planning process, Steele Rubber Products reengaged with the SBTDC in the summer of 2015 to conduct a marketing assessment and make recommendations.

Reflecting on both engagements with the SBTDC’s Strategy and Growth Services, Matt Agosta, CEO of Steele Rubber Products, says:

When we engaged the SBTDC for our strategic planning meeting, we were looking for a facilitator with a fresh approach. We weren’t disappointed. The SBTDC was able to bring a wealth of resources to help us better understand our market size, our competitors, and our customers. They brought experts to establish out financial fitness, and were able to help us benchmark against similar hobby industries. They helped us face reality of our mature business cycle and weigh the pros and cons of stay the course or making the decision to grow and build a strategy around that.

Earlier this year we had a sudden loss of our Marketing VP. From our positive experience with the SBTDC we decided to ask their help by doing a marketing and sales assessment/audit. Their help was invaluable in giving direction to the new manager and department personnel. With their help, we were able to see what worked, what didn’t, and where we should focus our energy and resources. We estimate that the marketing budget can be cut by 33% to be more in line with industry benchmarks by using funds in a much more effective manner.

If you are looking for a first-person referral, give me a call at (704) 483-9343. I am always happy to recommend Kevin McConnaghy, State Program Director, SBTDC’s Strategy and Growth Services.

For more information about Steele Rubber Products, visit www.steelerubber.com.

 

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