Several years ago, executives at The CBE Group Inc. changed the firm’s business plan. Even with a handful of expansions in the previous 12 years, they desired more.
They shifted their focus. CBE opted out of the credit reporting business and moved its attention to accounts receivable management. The company targeted clients in the health care, credit card and student loan industries.
Following the transformation, President Tom Penaluna set an initiative to grow CBE three times over in five years. That was 18 months ago and the Waterloo, IA firm is already poised to double in size by this summer.
“I feel if you’re not growing, you’re really falling behind,” said Penaluna, who joined the company in 1979 and became sole owner in 1986. “Even if you stay the same, you’re falling behind.”
The 72-year-old company found success in new markets as it brought in one big account after another. And existing clients increased their volume of business with the firm. As a result, by August, CBE easily will employ more than 800. Penaluna predicts he will have more than 1,000 employees in three to four years. Five years ago, CBE employed 200-plus workers.
For this complete story, please visit The Effect of Change at the CBE Group.
