I was speaking to the original founder of a 40+ year business recently. It would be fair to say this Business has seen a lot, having survived and thrived quite a number of economic cycles and external shocks.
I asked him what he thought about the current environment. His wonderfully laconic response was that there are three types of businesses: the fly-by-nighters, the plodders and the performers.
He went on to explain the attribute that sets the performers apart is a calmer and more measured approach to decision making……both in the high and low points of economic cycles. They spend less on the way up and cut less on the way down. A really interesting reflection was that his biggest growth spurts over 40 years always followed economic downturns, when his measured expense management positioned him well against his more frantic competitors.
He is strongly encouraging his Executive team to breathe and compose themselves right now.
In these times of duress, pearls of wisdom from the grey hair in our society is worth its weight in gold.