Latest news with #PeterCohan
Boston Globe
20-03-2025
- Business
- Boston Globe
New England's 50 Fastest-Growing Companies
The Boston Globe' s inaugural list of New England's Fastest-Growing Companies captures this madness, highlighting businesses that expanded their sales and revenues at a breathtaking pace during the bust-to-boom period of 2020 to 2023. The fastest-growing company on the list — which is ranked by compound annual growth rate — is the tour operator Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up The list was compiled for the Globe by Globe and invited to apply. To qualify, companies had to generate a minimum of $100,000 in revenue in 2020 and $1.5 million in 2023 and share their annual revenues from those years. Advertisement Although the list is not comprehensive, it is representative, capturing the strength and diversity of the New England economy. The 50 companies — small, large, and midsize — hail from sectors ranging from agriculture to technology, construction to financial services, manufacturing to health care. Most are privately held, but several publicly traded companies made the cut, including Overall, these companies were able to provide what customers wanted, when they wanted it. Some were in the right place at the right time. Others spent years building to the moment. Still others have done it again and again over decades. Advertisement Nearly all these companies have some things in common: They found ways to adapt to changing markets, create better products and services, and tap the talent of the region's workforce, universities, and research hospitals. And they did it at a time when success was far from guaranteed. As Michael Goodman, professor of public policy at the University of Massachusetts Dartmouth, puts it: 'The recipe for growth and prosperity has long been finding ways to extract value and opportunity, even in difficult times.' So how do you go about building a fast-growing company? It starts by solving a problem, says Peter Cohan, associate professor of management practice at Babson College. Long before the recent e-commerce boom, Walmart became Symbotic's biggest customer, and its growth exploded from 2020 to 2023. Symbotic's annual revenues soared nearly 1,200 percent to about $1.2 billion. Symbotic in Wilmington makes robotic hardware and software for use by Walmart and other retailers. Symbotic During that period, 'We are helping community banks and credit unions get their edge back,' says CEO Charlie Kroll. And with those institutions as customers, Digital Onboarding's revenues nearly quadrupled from 2020 to 2023. Advertisement Others had to win over customers in very different sectors. The Devens-based company Little Leaf grows lettuce in high-tech greenhouses in Massachusetts and Pennsylvania that allow it to harvest, package, and deliver lettuce to stores within about 24 hours, says CEO Paul Sellew. That innovation, in turn, has delivered revenue growth of 50 percent a year, supported by the company's loyal following and strong marketing among grocers and restaurants. There's another factor that helps sales take off, Babson's Cohan says. Sales explode when customers recognize the value of a product and talk it up. In other words, it goes viral. Little Leaf Farms founder and CEO Paul Sellew at one of the company's greenhouses. Suzanne Kreiter/Globe Staff/File 2023 Ardent Fitness, which designs, builds, and installs home and commercial gyms, launched in 2020 and rode the health and fitness boom spawned by the pandemic. The Lenox company — the fastest-growing company in the 'under $5 million' revenue bracket — says word of its custom fitness centers spread quickly as it landed clients such as rapper Wiz Khalifa, The Country Club of Fairfax (Virginia), and an executive who wanted a high-end gym for his Caribbean island vacation home. 'We haven't relied heavily on marketing,' says Paul LeBlanc, CEO of Ardent's parent company. 'Most of our growth has come from referrals and repeat customers.' When customers are satisfied, word gets around. A company doesn't have to be a startup to grow quickly. Advertisement The Bedford company produces low-dose radioactive substances, known as radiopharmaceuticals, to diagnose and treat disease. One product, an imaging agent brought to market in 2021, pinpoints prostate cancer. The product has generated about $2 billion in sales since its launch, says Paul Blanchfield, Lantheus's president. The company's overall revenues nearly quadrupled from 2020 to 2023 to about $1.3 billion annually, and Blanchfield expects more growth as the company prepares to introduce a new product to pinpoint Alzheimer's disease markers in the brain. For Tom Casey, founder of Old Sod Travel, 2020 didn't seem like the right time for his business at all. He had just acquired another tour company in 2019 to expand European offerings when the pandemic shut down travel worldwide, forcing him to postpone more than 250 trips and obtain a Paycheck Protection Program loan to stay afloat. Advertisement But when restrictions began to lift in 2021, he says, travel came back with a vengeance. His customers, many of them well-off retirees with limited years to travel, were determined to make up for lost time, booking trips at an average cost of about $20,000. With money like that at stake, Old Sod Travel works to stay laser-focused on delivering an unforgettable experience. 'For a lot of people,' Casey says, 'these trips are a very big deal.' Meanwhile, revenues at Also benefiting from the stay-at-home trend was Feast & Fettle, an East Providence-based meal delivery service. Feast & Fettle In general, businesses prospered from 2020 to 2023, aided by massive pandemic relief spending and rock-bottom interest rates, says Mark Zandi, chief economist at New England, meanwhile, faces its own set of challenges, including an aging population, a tight labor force, and sky-high housing and energy costs. The question is whether the Trump administration policies that economists say could raise costs, worsen labor shortages, and shrink funding to universities and research hospitals will add to these challenges, and what local governments can do about it. Area businesses are optimistic, if unsettled, says Christopher Geehern, executive vice president of public affairs and communications at But for all the uncertainty of this new era, New England can — as the fastest-growing companies show — still count on what Geehern calls this region's greatest strength: 'Intelligent people coming up with new ways of making products and providing services.' Related : Methodology New England's Fastest-Growing Companies is a list of Application Phase: The project was advertised online and in print, allowing all eligible companies to apply between October 2024 and January 2025. In addition, through research in company databases and other public sources Statista identified more than 2,000 companies in New England as potential candidates and invited them to participate in the competition by email. The submitted revenue figures had to be certified by the company's CFO, CEO, or a member of the Executive Committee. Criteria for inclusion in the list: To be considered, a company had to meet the following criteria: Revenue of at least $100,000 generated in 2020 Revenue of at least $1.5 million generated in 2023 Independent company (not a subsidiary or branch). Headquartered in New England Revenue growth between 2020 and 2023 was primarily organic (i.e. not through acquisitions). Calculation of growth rates: The calculation of growth rates is based on the revenue figures submitted and certified by the companies. The compound annual growth rate (CAGR) was calculated as follows: ((revenue2022 / revenue2019)^(1/3)) - 1 = CAGR Evaluation and quality assurance: All data reported by the companies was processed and checked by Statista. Missing data (such as employee numbers) were researched in detail. The minimum compound annual growth rate required to be included in the ranking this year was 8.4 percent. Rob Gavin can be reached at
CBS News
26-02-2025
- Business
- CBS News
Starbucks is changing its drink menu. Here's a list of what's being removed and why.
Coffee giant Starbucks is shaking up its drinks menu, removing 13 "less popular" beverages from the list of offerings to help streamline operations and move customers through stores more quickly, according to the company. The move comes as the company also plans to cut 1,100 workers as part of a turnaround plan CEO Brian Niccol hopes will help revive the brand which has suffered from a series of quarterly sales declines. Which drinks is Starbucks getting rid of? Here is a complete list of the 13 drinks Starbucks is cutting form its menu. Iced Matcha Lemonade Espresso Frappuccino Caffè Vanilla Frappuccino Java Chip Frappuccino White Chocolate Mocha Frappuccino Chai Crème Frappuccino Caramel Ribbon Crunch Crème Frappuccino Double Chocolaty Chip Crème Frappuccino Chocolate Cookie Crumble Crème Frappuccino White Chocolate Crème Frappuccino White Hot Chocolate Royal English Breakfast Latte Honey Almondmilk Flat White Why is Starbucks removing drinks from its menu? The less commonly purchased drinks were complex to make and were too similar to other more popular offerings, creating menu redundancies, a Starbucks spokesperson told CBS MoneyWatch. The drink cuts, along with some food changes, reflect about a 30% reduction of menu items, according to Starbucks. The brand said it's responding to customer trends and preferences in making the changes. "As part of our plan to get back to Starbucks, we're simplifying our menu to focus on fewer, more popular items, executed with excellence," a company spokesperson said in a statement to CBS MoneyWatch. "This will make way for innovation, help reduce wait times, improve quality and consistency, and align with our core identity as a coffee company. " When will the Starbucks drink menu change? The Starbucks menu changes will go into effect on March 4. The company offers recommendations for fans of the soon-to-be eliminated drinks to try instead. For example, a spokesperson encouraged Iced Matcha Lemonade fans to try the Green Tea Lemonade, which will remain on the menu. For fans of the Royal English Breakfast Latte, the London Fog Latte shares similar sweet floral notes, a spokesperson said. Peter Cohan, associate professor of management practice at Babson College, lauded the coming menu changes as a step in the right direction for the coffee company, but said this move alone won't be enough to turn the brand around. "I think about Starbucks and the amount of frustration people have when they're ordering and want to pick something up and it's not ready; there's a lot of confusion," he said. "And Brian Niccol is good at figuring out how to uncomplicate things and speed up operations by getting rid of things that are not working." As far as the menu changes go, while a small share of customers might miss the beverages that are being eliminated, Starbucks probably "did the math and figured the cost of keeping them on the menu was greater than the benefits," Cohan said. "The dissatisfaction of those few customers is a small price to pay and hopefully they will get better service and other products those customers want to buy instead," he added.
CBS News
25-02-2025
- Business
- CBS News
Starbucks' drink menu is changing. Here's a list of what it's removing and why.
Coffee giant Starbucks is shaking up its drinks menu, removing 13 "less popular" beverages from the list of offerings to help streamline operations and move customers through stores more quickly, according to the company. The move comes as the company also plans to cut 1,100 workers as part of a turnaround plan CEO Brian Niccol hopes will help revive the brand which has suffered from a series of quarterly sales declines. Which drinks is Starbucks getting rid of? Here is a complete list of the 13 drinks Starbucks is cutting form its menu. Iced Matcha Lemonade Espresso Frappuccino Caffè Vanilla Frappuccino Java Chip Frappuccino White Chocolate Mocha Frappuccino Chai Crème Frappuccino Caramel Ribbon Crunch Crème Frappuccino Double Chocolaty Chip Crème Frappuccino Chocolate Cookie Crumble Crème Frappuccino White Chocolate Crème Frappuccino White Hot Chocolate Royal English Breakfast Latte Honey Almondmilk Flat White Why is Starbucks removing drinks from its menu? The less commonly purchased drinks were complex to make and were too similar to other more popular offerings, creating menu redundancies, a Starbucks spokesperson told CBS MoneyWatch. The drink cuts, along with some food changes, reflect about a 30% reduction of menu items, according to Starbucks. The brand said it's responding to customer trends and preferences in making the changes. "As part of our plan to get back to Starbucks, we're simplifying our menu to focus on fewer, more popular items, executed with excellence," a company spokesperson said in a statement to CBS MoneyWatch. "This will make way for innovation, help reduce wait times, improve quality and consistency, and align with our core identity as a coffee company. " When will the Starbucks drink menu change? The Starbucks menu changes will go into effect on March 4. The company offers recommendations for fans of the soon-to-be eliminated drinks to try instead. For example, a spokesperson encouraged Iced Matcha Lemonade fans to try the Green Tea Lemonade, which will remain on the menu. For fans of the Royal English Breakfast Latte, the London Fog Latte shares similar sweet floral notes, a spokesperson said. Peter Cohan, associate professor of management practice at Babson College, lauded the coming menu changes as a step in the right direction for the coffee company, but said this move alone won't be enough to turn the brand around. "I think about Starbucks and the amount of frustration people have when they're ordering and want to pick something up and it's not ready; there's a lot of confusion," he said. "And Brian Niccol is good at figuring out how to uncomplicate things and speed up operations by getting rid of things that are not working." As far as the menu changes go, while a small share of customers might miss the beverages that are being eliminated, Starbucks probably "did the math and figured the cost of keeping them on the menu was greater than the benefits," Cohan said. "The dissatisfaction of those few customers is a small price to pay and hopefully they will get better service and other products those customers want to buy instead," he added.
