3 min read December 2022 — The Greater Jersey region is in active growth mode and can realize its full potential if it rises to the occasion and solves its most pressing challenges, said Gene Waddy, CEO of Alpha Business Solutions. In an interview with Invest:, Waddy paints a picture of what it is like doing business in the area with a lasting positive impact being top of mind.
What were Alpha Business Solutions top highlights of the past year?
It has been a good year for ALPHA. Most of our key clients experienced growth, which was reflected in their increased activity with us. Geographically, our customers in the Tri-State Region (New Jersey, New York and Pennsylvania) have been particularly busy. From an industry perspective, we’re experiencing significant growth in the learning and education sector, which, post-COVID, is encouraging to see. The universities and school districts with which we work have been particularly impacted by COVID and monkeypox. In conjunction with local and state government they have engaged in numerous awareness, education, and outreach programs, which have spurred activity and we’ve been right there with them. I believe Central and Northern New Jersey are well-positioned for growth and that the worst of the pandemic is behind us.
How have rising interest rates and persistent inflation impacted your business and its operations?
High inflation and interest rates have certainly affected our clients, especially those that are mission-driven. Need for their services is going up again, driven by food insecurity and healthcare disparities. To a great extent, these are some of the systemic problems highlighted by catastrophic events like Hurricane Katrina, Superstorm Sandy and others, but have not yet been adequately resolved in the years since. This demand on our mission-driven customers is also cyclical, and as we enter the winter months, our customers who work with food banks, community outreach, and programs addressing homelessness and poverty are highly active. When the economy stalls, those folks who need help the most- they feel it right away. Our clients in financial services are also seeing more activity right now, particularly banks. When interest rates go up, it has all sorts of impacts downstream when it comes to business lending. Folks with adjustable-rate mortgages are having a hard time now. It hasn’t been an issue for 15 years but now, suddenly, it affects them greatly.
We’ve been lucky. The interest rate increases impacting others have been less of an issue for ALPHA because the terms for our financial vehicles and relationships were negotiated a year ago, when rates were lower, and we are still within the agreement period. While our financial outlook is great, we do pay close attention to costs and opportunities for increasing operational efficiencies. We are thinking more about the effectiveness of our business investments than we have in the past. But we believe that you can’t cut yourself to growth. We are in growth mode, so we are looking to invest in the business, in our client relationships, and in additional delivery capacity. When there is upheaval in the market, that’s when we get really active — change is good for our business. While these are exciting times for us, we’re keeping our eyes open. We’re watching our bottom line, paying attention to what is going on in the economy, to what is happening in the community and how all these things are impacting each other.
What key challenges come to mind for the region and for your business?
A key challenge lately is the rise in crime — it touches all of us. When there is a spike in crime, it hurts the whole region. Crime is at the top of my mind all the time and it has impacted my thinking around business development. If a consumer or a community do not feel safe, then neither is ever going to reach its full potential. To mitigate rising crime rates, we need to deal with the lack of economic opportunity plus the need for education and immigration reform. All these things are tied together, and their underlying issues need to be addressed. A lot of the COVID-related government’s spending in the form of benefits and programs have expired, so there is a negative impact on income as well. This puts increased financial pressure on people, making them desperate and causing some to resort to making bad choices.
Is there any work regarding certain charities or community partners that stand out to you going into 2023?
I recently joined the Board of Fulfill, a food bank in Monmouth County, right in Neptune Township where I grew up. I have been spending a lot of time since COVID hit thinking about what ALPHA and I personally can do to uplift the most vulnerable members of our community. Supporting a food bank aligns perfectly with ALPHA’s mission: to be of service to our customers, our employees, and our community. These are the three pillars of the business, and you have to lead from the front. I am also working with my internal marketing team to further expand our community outreach as a business, meaning that if you are an ALPHA employee, part of your job will be to be involved with your local community, through community service or volunteering. Participation is what makes our system work. Getting involved with mission-driven organizations is more than just business; it is part of our corporate identity. It is about making positive changes that will outlast us but will have a beneficial effect downstream.
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