Just like you, I turned on the news today, and the stock market was taking another tumble. The correspondents struggled to explain it, but their last comment was, “It was more politics than economics”.
I think back to the Wizard of Oz: “Pay no attention to the man behind the curtain”. It’s still good advice today when it comes to the intersection of Wall street and Main street.
So what does it mean for small business? While I realize that the stock market tumbling has a direct bearing on your 401(k) plan, it shouldn’t change the way you make your plans for business. Ironically, the best financial advice I can give you regarding the nation’s economics and the stock market is to ignore the news!
A good friend and business associate recently told me the following: “I ignore the news concerning the stock market. I just go about doing what I feel is right concerning managing business and creating growth. If I listened to the market news and planned according to the economic reports, it would be a death wish for my business.” Warren Buffet has a similar philosopy and it has served him quite well.
Back in 2009 when we were all reeling from the first round of serious recession, Nashville Wraps made a conscious decision to move forward and continue to create more great new products and designs. We did so for all of 2009 (and every year since). It turned out that 2009 was a really good year for us, and it hasn’t stopped. We could have held back and played it safe as many did, but that would have been a mistake.
People are people; customers are customers; we all want new ideas and products when we want them. A sure way to kill a sale or kill a business is to fail to provide what your customer is willing to buy. Yes, there is risk involved, but those businesses who have survived the last few years know what their customers want and are able to deliver it to them. We feel that if you do likewise, your business will experience growth, even in uncertain times.
Director of Marketing