Parallel Technologies’ President & CEO, Dale Klein, recently sat down with John P. Palen from Minnesota Business Magazine, to talk about the transformation his company has undergone since Klein took the helm in 2005. (photo courtesy of MN Business Magazine)
Dale Klein – The Vision
Parallel Technologies was a struggling cabling company which had been in business since 1983. Klein had a vision to develop this company into one that could bring both facilities management and technology information together under one, unified technology infrastructure.
Parallel Technologies – The Early Years
For about three years, Parallel continued as a cabling company. Behind the scenes, Klein focused on making changes that would soon allow his vision to emerge and grow. He needed to reduce the current workforce in order to hire talent outside of cabling installs, which included building a sales team. Cash flow was improved by diligently acting to collect outstanding receivables, some more than a year old. The business began to run more efficiently due to internal processes and controls Klein put in place.
Time for Change
In 2008, the recession hit. “We were priced for quality and expertise. Our new projects dried up,” Klein said. Now was the right time to turn the focus to infrastructure solutions and data center consulting. The groundwork Klein cultivated in those early cabling years was in place; the hiring of IT engineering personnel and the efficient business model was ready to take new solutions to market.
Parallel Technologies is now one of the fastest growing private companies in the Twin Cities and has received two “Fast 50” awards, given by the Minneapolis/St. Paul Business Journal. Klein says, “I grossly underestimated how long it would take to reach this stage, but we are now there.”
What’s Next?
Still, there is at least one more chapter to be written in this success story. Klein has the final element of his original vision to implement and reveal; helping clients to use the data they’ve gathered to further improve business decisions. In order to show what this means to customers, Parallel’s new corporate headquarters is a functioning demonstration that can be toured, containing all the “smart” technologies and infrastructure solutions Parallel can provide.
Tips from Dale Klein
- Identify unmet customer needs that you can deliver better than competitors.
- Set your vision, prove the sales model, and hire the talent you’ll need to deliver it well.
- Keep your bread-and-butter work as you transition to new products or services.
- Bankroll your transition with good cash flow and efficient processes.
- Retain customers by educating and up-selling on your vision to match their goals.
Resource: Minnesota Business Magazine