Five years after opening her business, Cynthia Scott lost half of her clients. Thirty years later, that same business is thriving.
What happened between those years is how Cynthia Scott became an inspiring CNY business leader. Through perseverance, innovation and a little help, Cynthia has lead OMC Financial Services to continued growth, even through major ups and downs in the economy.
Establishing a Business in a Male Dominated Industry
“With daughter in tow and some money in the bank, I moved to Syracuse and founded OMC Financial Services,” said Cynthia, in her “Our Story” section of her firm’s website.
In 1982, Cynthia founded OMC Financial Services in a predominately male industry. Even today, the financial investments industry is 77% male employees, according to 2016 data from the U.S. Department of Labor’s Bureau of Labor Statistics.
Cynthia describes herself as an “early entrant in to a women owned investment company.” “I just was persistent. I just kept working hard,” Cynthia said.
Weathering the Storm: The 1987 Black Monday Crash
Timeline of the Oct. 19, 1987 Black Monday Crash. Source: Federal Reserve
Five years after Cynthia founded OMC Financial Services, the 1987 Black Monday Crash happened. The 1987 Black Monday Crash was a stock market crash where the Dow Jones Industrial Average dropped 508 points, a 22.6% decline. This made the 1987 Black Monday Crash the largest ever single-day percentage decline of the Dow, according to the New York Times.
Cynthia singles out this market crash as one of the challenges she’s had to overcome in her career. “The stock market crash in 1987 made me reevaluate my business model,” Cynthia said. ” I went from a commission based business to a fee based one. And it has been very successful.”
This bold decision made Cynthia a leader in her industry.
“All of my peers discouraged me and let it be known that they thought it was a recipe for disaster,” Cynthia said in her “Our Story” section of her firm’s website.
In the long term, switching to a fee based system has been an important part of OMC Financial Services’ success. Three decades later, a fee based structure is now the norm in the financial services industry, and OMC Financial Services continues to grow.
Inspiring Women in Business
Today, Cynthia’s success and the success of OMC Financial Services has become an inspiration for others. Syracuse Woman Magazine featured Cynthia on their cover for the April 2014 monthly edition. On May 6, 2015, Women Igniting the Spirit of Entrepreneurship (WISE) Center invited Cynthia to give a public speech on her entrepreneurial success.
“Don’t be afraid to fail. Don’t be afraid to change your business model if it isn’t working,” Cynthia said.
Cynthia has also emphasized the importance of a supportive team to her success. “Build a great team for support. Include them in helping see your business through a different set of eyes,” she said, “I respect my team and their ideas, and they help me in my business.”
While Cynthia has been an inspirational women in her own right, she mentions Katharine Hepburn and Margaret Thatcher as two women role models who have inspired her. “They haven’t had a direct inspiration, but I’m inspired by them as women,” Cynthia said. “Their careers did not dictate who they were, they dictated how their career would unfold. They were outstanding women; independent, strong, women that created their own destiny.”
Throughout her success, Cynthia has made a point to give back to her community. She is a member of the Board of Directors for the Museum of Science & Technology Foundation (the MOST). Cynthia was inspired to get involved with the MOST after visiting China.
“I went to China in 1995 and I saw how ahead the children were in science and technology and how very far behind we are. So it is a cause dear to my heart to help educate kids in that area, and to make it fun,” Cynthia said.
Celebrating 35 Years in Business
2017 marks the 35th year since OMC Financial Services’ founding. Cynthia’s decades of entrepreneurial success continues. From the successful transition to a fee based system to Cynthia inspiring other women entrepreneurs, Cynthia continues to find success in many of the same ways that she did in the early years of her company’s founding.
“I just was persistent. I just kept working hard.”
This profile is part of an ongoing series that recognizes successful business women. For the month of March 2017, in recognition of Women’s History Month, ACS Web Design & SEO will be publishing a series of posts about inspiring CNY women business leaders.