Stay the Course

Published

16 years ago

November 3, 2008

The current economic troubles are nothing more than a speed bump on the path to growth.

Scary times out there. The sound bite most of us are hearing is “the worst financial crisis since the Great Depression.” And many people focus on the words “Great Depression,” and the visions are apocalyptic.

Shuttered businesses. Bread lines. “Yes, we have no bananas.” Everything gone. Apocalypse.

Not gonna happen. Instead, focus on the word “since.”

In the worst years of The Great Depression, between 1929 and 1933, the country’s gross domestic product was cut roughly in half. Since 1940, the country’s GDP has gone down on an annual basis only once (in 1946), and then only slightly. More than a big difference — it’s the difference between Mount Everest and your local sledding hill.

How did your business do in the 1973 “stagflation” oil crisis? Or the recession of 1980 to 1982? Not in the business yet? OK, how about the recession of 1990 to 1991 or the dot-com implosion of 2001 to 2003?

Chances are, they didn’t affect your business overwhelmingly. They were just speed bumps on the path to growth. There’s no doubt that many of us are in for some pain. But if someone told you that your business would remain flat, or even contract a little, for a year or even two years — what would you do?

Of course, you wouldn’t be happy. That’s a lot of dreams dashed right there. But you wouldn’t drastically change what you do. You’d stay calm. You’d avoid over-extending yourself. You’d buy smarter and work harder. You’d try to do a little bit more with a little bit less.

Do that, and you should be all right.

Wishing you the very best business …
David Squires
Associate Publisher
dsquires@instoremag.com

Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success

After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone. Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently. The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.