WashingtonExec Series: Want To Be GovCon Executive Of The Year?
WashingtonExec, in partnership with the Fairfax Chambers of Commerce, kicked off a new series profiling government contractors nominated for the 9th Annual Greater Washington Government Contracting Awards. Interviewed nominees include small, mid-size and large “Executive of the Year” as well as “Contractor of the Year” finalists. The winners will be announced on November 1st at the Ritz Carlton in Tysons Corner.
This quick bi-weekly series asks nominees direct questions as to how they achieved success and notoriety in the GovCon community.
Today we will hear from Carol Koffinke, President and CEO of Beacon Associates. Beacon Associates is nominated as “Contractor of the Year” in the less than $25 million division.
WashingtonExec: How has the tightening of the lending market impacted you?
Carol Koffinke: Although we have been in a hyper‐growth mode since our inception in 2001, we have maintained excellent financial health. We have strong cash flow, zero debt, and a substantial line of credit that is untouched. Our track record of financial success will support us in our growth strategy of mergers and acquisitions. Should our needs change, we are well positioned for the future.
WashingtonExec: Obtaining top talent in the private sector is fierce. How does your company not only draw top talent, but maintain it?
Carol Koffinke: It is all about culture. When people interview with Beacon, they become very excited about our story, leadership, values, and the culture of the company. We are collaborative and fun, and we strongly believe in work/home balance. Many view Beacon as a place to make a difference and an opportunity to grow and develop into a leader. And they are right: Beacon is a company of leaders.
We retain our employees by providing an environment where they can be challenged and can express their best selves. But we also have to walk the talk. If a company sells personnel something that it’s not, the honeymoon is short and the investment is lost. We fiercely protect our culture with a low tolerance for those who diminish it, and our structured interview process has an excellent track record of picking the right people.
WashingtonExec: In your opinion, how does a company stay nimble when it is in a period of large growth and expansion?
Carol Koffinke: At Beacon, we believe in empowering people. Our message to our employees is that each of them is a leader. They take initiative to see what needs to be done and to make a positive difference, whether it’s with our customers or within our company. We allow them to make the decisions within well‐defined boundaries so they can experience their authority and autonomy. Of course, this only works with a supportive structure, having the right people, and having an expectation of accountability. It’s okay to make mistakes, own them, learn from them, and then go make a different one—just not the same one. In addition to this culture of empowerment, one of Beacon’s core capabilities as a company is human performance improvement. Not only do we deliver this service to clients, we also apply the approach internally to help us streamline processes and enhance productivity. This allows us to quickly adapt to rapid growth and the new situations that occur along with it.
WashingtonExec: People always talk about corporate culture, but what is something that your company purposely focuses on to create the emulate the ideal company culture?
Carol Koffinke: As you may be able to tell, our culture is a priority focus for us. One thing we strongly believe in is the importance of alignment. We work to keep our employees aligned with our strategic goals and our values. We make sure each individual knows exactly how they contribute to the company’s overall success. There are two specific ways we support this focus: our performance management system and our annual engagement survey. Performance management is built around outcomes and ensuring our employees understand how their individual contributions help us reach our company goals. We also conduct an annual engagement survey to measure how our people are feeling about Beacon’s leadership, values, work/home balance, and other core values we strive to embody as a company. I also communicate monthly with all Beacon employees about our values, exploring these values in depth and challenging everyone to champion them every day. Also, our unofficial tagline is “we hug a lot.” My Director of Business Development often tells people he has never shaken his CEO’s hand…then quickly follows up with, “because she always hugs me.” It’s just who we are!