"Keep Calm and Carry On"

This was a propaganda poster slogan from the British government in 1939 just before the outbreak of war with Germany. This hopefully managed to convey a special attitude of the mind during a most difficult time.

In the past 36 years in the collection business, I remember there have been ups and downs, economy-wise. The 1970’s were difficult resulting in runaway inflation. Remember President Ford’s WIN button?, “Whip Inflation Now.” In the 1980’s we had inflation that resulted in 15% interest rates. The 90’s were a roller coaster culminating with the dot-com bubble. Now the first decade of the otherwise rocky 2000’s is drawing to a close.

There are always optimists, those seeing the glass half-full, as well as the pessimists, where the sky is about to fall at any moment. Somewhere a medium must be found to accept the vagaries of all this business tumult.

Judging the past, where both Abraham Lincoln and Henry Ford had to file bankruptcy and in foreign countries where Galileo filed bankruptcy as well, people usually land on their feet as businesspeople if they don’t let discouragement cloud our thinking. The terrain may not always look the same, but we will figure out a way to turn find the opening to sell or provide a product or service that others need—if we believe in that product or service.

The businesses that survive in the coming years must accept the fact that the nostalgia that always feels so pleasant and reminds us of the past, may not be worth dwelling on for any length of time. Nostalgia may be great for your family life, but most business doesn’t tolerate it well (even antiques shops have computers for inventory or online sales.) Think how your business has changed in the last few years, and then think about how it will change again in the next few. I don’t believe the folks at Google think about yesterday much.

Change can be against the businessperson’s grain, but change is what will make the new generation (not chronologically, mind you) look to your product or service. They’ll see signs of innovation, or al least a person willing to change, with new ideas, to meet the times.

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It’s a real nuisance to pinch pennies or watch your dimes when times are good. When times are bad, and make no mistake, they are now--you must stay very lean, business-wise. Watch your overhead, cut out what was a luxury in good times but now may not be needed to perform your business well, but be ready to change, it can be fun to see tomorrow will bring from the seeds you’ve sown today.