Strategic Investment in Uncertain Times: How Springfield Leaders Balance Costs and Growth (Sponsored Content)

Shane Cowger, Executive Vice President, Arvest Bank

As economic indicators send mixed signals, from strong GDP growth to fluctuating job numbers and unprecedented tariff levels, Springfield business leaders are discovering that the most critical investment decisions aren’t about equipment or inventory. They’re about people and the strategic choices that determine whether uncertainty becomes opportunity or obstacle.

A successful Drury University graduate leading an organization in hospitality and a university partner leading a financial services institution offer insights into how thoughtful leaders navigate cost pressures while maintaining their commitment to workforce investment.

Dale Replogle, CEO of Elliott Lodging and 1999 Drury graduate, faces pressures many regional businesses recognize. “Right now our fastest rising cost would be labor for sure,” Replogle explains. “Really, since 2019, we’ve seen labor go up 35 to 50%. And though we have seen revenues rise, labor seems to be outpacing those gains.”

Beyond labor, other costs compound the challenge. “We have seen a huge rise in property insurance and property taxes,” Replogle notes.

Rather than simply cutting costs, successful leaders make strategic choices about where to invest. Replogle’s approach focuses on efficiency through technology. “We have fewer employees working to do the same job than we did five years ago. So, we’re trying to use technology, have better communication, better processes and the right staff members in order to compensate.”

The key is identifying costs that drive future value. “One thing I guess we haven’t really cut back on is technology. We’re always looking to have better technology because you hope that gains the efficiencies that will lead to cost savings in the future.”

Shane Cowger, Executive Vice President at Arvest Bank, sees these same cost challenges from both a lending perspective and an internal leadership prospective. “Sometimes when there is a void created by an open position, there is temptation to get in a hurry. We just want a body, and so a hire is made without spending enough time with the interview process.

The solution requires investment in hiring processes. “It really is taking your time during that process and have multiple interviews,” Cowger explains. “And just being honest with people.”

Both leaders understand that employee decisions carry hidden costs extending far beyond salary. “I think that there are certain employees who gain skills and knowledge that it takes several years to replace,” Replogle observes. “I think it takes a few years typically before you get someone who you can have faith in that they can self-motivate and make the right decisions without a lot of supervision.”

Despite cost pressures, both leaders continue investing in development. Replogle describes his commitment: “We always tried to send our employees to district meetings or conferences to let them train and get the skills they need to be successful.”

Cowger emphasizes getting hiring decisions right initially. “Personnel is really important, and so not only identifying people, but investing in them. You’ve got to invest in your people. But I would say identifying the right people in the beginning is critically important.”

Both leaders also expressed common ground in their approach to uncertainty, placing high value on collegial relationships and collaboration. “Rather than reacting to the markets, most are being proactive. They are talking to their existing suppliers and they are talking to their industry peers,” Cowger explains. “We strongly encourage business owners to also think about an advisory board. That old saying iron sharpens iron holds true. If an owner can safely talk to that other business owner and just share ideas, that really can help that entrepreneur feel like they’re on the right path.”

Cowger observes increased business collaboration during uncertain times. “We do see more businesses having that dialogue with one another. It’s not necessarily an exchange of trade secrets, but it’s more about practices than anything.”

As Springfield businesses continue navigating economic uncertainty, these leaders demonstrate that successful cost management isn’t about cutting investments in people and processes, but about making strategic choices that position organizations for long-term success. The hidden costs of poor hiring decisions and short-term thinking often exceed the visible costs of maintaining strategic investments in uncertain times.

This content is paid advertising by Drury University.