everyone who is concerned that the world economy is
going to fall apart due to what is taking place in
the U.S., I say,
True, it will be the survival of the fittest, but for those willing to tough
it out, the rewards will be great.
True, we are going to have CONSOLIDATION, which allows for a less
True, the big will most likely get BIGGER.
True, we will be in a more controlled and regulated atmosphere.
True, huge salaries taken by top management will not be as prevalent.
True, the false values put on different commodities will be looked at
True, PROTECTIONIST attitudes will appear in all political speeches and
True, risks will be spread to other institutions to offset business
True, credit will be more costly and given with high qualification
True, all markets will slow down.
True, growth will not be the foremost quality rating of a business.
True, the main measure of a world market in trade will become stronger with
following article was written during a past crisis. It proved correct then,
and I believe it will be correct now.
I guess I could use half
this column just listing every catastrophic event that became part of our
lives last year.
It is said that you can
bury your head in the sand like an ostrich. (No one has ever actually seen
this being done by an ostrich, but this is an accepted analogy). I hear
people discussing various events that are global in nature, and most will
This does not affect me or my business.
There is a lot of
history similar to these current catastrophic events, which would indicate
that this is really not new, and that everything will eventually fall back
When we look back only
as far as our great grandparents, grandparents or parents, who lived their
lives at the turn of the century, just think about what was new then. The
pace of new events has really been mind-boggling. Yet we, as a society,
easily lose interest, show little concern, and quickly forget some of the
most spectacular news media coverage about the highest profile catastrophes.
After any one of these
catastrophes, Chicken Little would have yelled excitedly, The sky is
falling, the sky is falling!
In my humble opinion,
the key to maintaining our pillars of strength is TRUST. When we lose
trust, the proverbial pin will pop the proverbial balloon, and then maybe
the sky WILL fall.
The infrastructure of
our whole business world is based on the understanding that what is
contracted for will be fulfilled. The word trust has many meanings, and
each one is applicable to all of these events.
We are moving too fast
to rely on inexperienced management teams in positions of CEO, COO, or CFO,
while they are learning our industry! This applies to both the private
sector and public corporations.
How you use trust in
doing business must be thought out very carefully. In today's marketplace,
you must enact new safeguards to protect these trusts.
Your people, your
institutions, your professional service providers, your vendors, your
customers, and all that you hold sacred must be reviewed, and each level
should be tested for the safety of your company's future.
Benchmarks that were
used in the past must be scrutinized as to their current validity -- are
they realistic in this volatile market?
The correct answers do
not come easily, and it is a never-ending process.
Use your common sense,
and for things you do not know, hire or outsource the people that DO know.
Trust allows for
confidence in change, and there is nothing so permanent as change.
Detect your problems,
correct the problems, and then prevent them from happening again.
The sky is always
falling, but not all at once! You must build the proper shelters so that
you will not be hit on the head, and you must be able to move quickly if
The path to building a
business that can survive the ever-falling skies is one that knows how to
In one of the religious
books, it says and too, this shall come to pass; however, you must
consistently take knowledgeable steps in order to survive a drizzle of
problems, or a sustained hailstorm.
Good luck and good
By: Bruce S. Berton
Here are a few of the
other recent articles written by Bruce:
Product Branding and Licensing in the Apparel Industry
S. Berton , October 2008
In the Apparel Industry Speaking the Same Language Does Not Mean You are
S. Berton , September 2008
Is the Glass Half Full or Half Empty?
S. Berton , July 2008
FASHION IS NOT THE ONLY ANSWER
Beauty Is in the Eye of the Beholder
S. Berton , July 2008
Will It Be June Gloom Or Summer Spectacular?
June 4, 2008 by Bruce