Enterprise Column: Upper Valley businesses look ahead to 2025

Tracy Hutchins is the executive director of the Upper Valley Business Alliance. (Courtesy photograph)

Tracy Hutchins is the executive director of the Upper Valley Business Alliance. (Courtesy photograph)

By TRACY HUTCHINS

For the Valley News

Published: 01-23-2025 10:55 AM

I stopped making New Year’s resolutions many years ago. Often, I found that my resolutions lasted all of a day or two before the rush of daily life swept my good intentions away. Instead, I try to reflect on my previous year and set a few goals for the coming year. My goals are both personal and professional, including that I hope to read more books, try a new activity or learn something — and not stress over my job as much.

Area businesses and nonprofit organizations are also taking stock of 2024 and eyeing new challenges in 2025. The year 2024 was in many ways a return to normalcy after the COVID years. Even as late as 2023, many businesses were still grappling with the ramifications of the pandemic, including staffing shortages, customers being wary of in-person shopping or dining and a host of other challenges. However, in 2024, while some of those difficulties still existed, many businesses saw the pattern of normal, by pre-pandemic standards, return.

Although normalcy in how businesses operate was a welcome relief, there remains much uncertainty in how 2025 will unfold. Nationally, there is a new president and potential new policies on the federal level that will affect businesses, even locally. In New Hampshire, there’s a new governor as well. In the Upper Valley, the issues that have persisted over the last few years such as a lack of affordable housing and child care are still the limiting factors for many businesses looking for employees.

I asked people at a few Upper Valley businesses and nonprofits how they are feeling about 2025. They are represent various sectors and locations throughout the region. Although some expressed concerns, all were also hopeful that 2025 will be a good year.

Finding employees continues to be a top challenge. April Preston, owner of Bear Ridge Speedway in Bradford, Vt., said that both staffing and rising costs continue to pose problems.

“Finding someone who wants to work one night a week on a Saturday for 21 weeks is challenging,” Preston said. “Also the cost of outside required services and supplies continue to rise, making it harder to be good, inexpensive family entertainment.”

Kathleen Vasconcelos, executive director of the Lebanon-based Grafton County Senior Citizens Council agreed.

“One of the top challenges for the Grafton County Senior Citizens Council in 2025 is the ongoing staffing shortage,” she said. “Fifteen percent of our jobs are vacant and that affects all our locations throughout the county.”

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Kate Gilbert, owner of Kate & Co. Real Estate in Woodstock, is excited to expand in 2025 by hiring more employees.

“We are growing. I hope to add two more team members to Kate & Co at the minimum, so 2025 will be another opportunity to help many families in the Upper Valley,” she said.

Gilbert noted that in real estate, change is constant.

“As a real estate professional, our industry is constantly shifting, pivoting, and changing,” Gilbert said. “Whether interest rates, low inventory, higher cost of living, or tax implications are in the hot seat, we have to stay ahead of the curve. Our hardest task is keeping current on all of the important topics.”

Uncertainty on the political landscape is something that Karen Shapiro, a wealth adviser at Green Future Wealth Management in Lebanon, said is top of mind for many families.

“This year, we anticipate client questions arising from the changing political landscape,” Shapiro said. “Cuts to Medicare and Social Security, if enacted, may increase out-of-pocket costs for medical care and affect retirement planning. Recent changes to Social Security may increase benefits for clients who have spent a portion of their careers in state and local government.”

Preston noted that sometimes uncertainty can affect people negatively.

“People in general just seem to be not as nice as they used to be, Preston said. “And with this (Bear Ridge Speedway) being a people-oriented business, it frankly is getting more difficult to stay enthusiastic. But, we have our sights set on 60 years of business — which is just three seasons away — and (that) keeps us pushing forward.”

Despite navigating uncertainty, the employers I spoke with are optimistic for 2025.

“I am feeling positive about GCSCC and the year ahead,” Vasconcelos said. “While there are many challenges — staffing and funding top the list — GCSCC is resilient. We are focused on our mission, and we can’t be anything but positive as we know that by fulfilling our mission we are doing important work that makes a difference in the lives of our community members.”

Gilbert, too, feels positive and mission-driven.

“Business is promising, and my team takes a big bite out of the number of sales here in the Upper Valley,” she said. “At Kate & Co, we plan to utilize consistency — our word of the year for 2025 — to shine brighter than ever.”

Banishing a scarcity mindset is central to the work that Shapiro does for her clients at Green Future Wealth Management.

“Heading into the 2025 tax season in January, client discussions will likely focus on anticipated tax code changes and whether retirement planning strategies such as Roth conversions are smart planning decisions” Shapiro said. “The fate of tax credits that spurred recent homeowner investments in clean energy is uncertain, so timing of these purchases may be at the forefront.”

Tracy Hutchins is executive director of the Upper Valley Business Alliance. She lives in Orange.