Son, you aren’t powerful enough to control the global economy

Ihave been a business owner four times in my life, and I can tell you I didn’t learn much from the successes. The instrumental and lasting lessons came from tough times and struggles. Of which there have been many!

As many of us are at home right now maintaining the necessary “Social Distancing,” I recalled one of the great lessons I learned about dealing with a significant economic slowdown. Here is that story….

I became the president of a $20M vertically integrated manufacturing company at a very young age, certainly before I was fully prepared. I had to learn on the job how to lead 120 employees in a 40,000 square foot factory with a big payroll, significant lease, bank lines, and covenants, and venture investors with high expectations. It was going pretty well, I thought. Until it wasn’t…… It was the late 1990’s and the lead up to the Dot-com bubble burst. I, however, was an optimist with significant confidence in my ability to control our company’s destiny. And so, one Friday morning, I presented the next year’s business plan to my Board of Directors. I outlined an impressive growth trajectory, the exciting new people we would hire, the expanded development programs with key customers, and some excellent new products we would release - all with resultant higher sales and earnings. My Board listened attentively, asking only a few questions, and I was nailing it! And then one Director, a very successful and seasoned entrepreneur, asked to speak with me privately. Here is what he said:

”Son, that was fun to listen to. I did enjoy that. Unfortunately, you are NOT more powerful than a global economy, and what you have laid out is NOT going to happen. At least not right now…. So I’d like to give you some advice on what you DO have control over - everything inside these walls. I want you to think of all the things in the past you have said you would like to do but are just too busy to get to. Training. Facility maintenance. Machine upgrades. Staff upgrades. Improved marketing materials and documentation. Painting. R&D on new products. Quality improvements. Personal skills development for all of your people.” And then, as I listened like the attentive schoolboy, he said the following: “I can promise you that right now nearly all of your competitors are cloistered in conference rooms perseverating over how bad things are and trying to figure out what they can do to change their external environment. The truth is, they can’t. However, if you focus ALL of your energy on development inside this building, you will emerge from this impending recession leaner, stronger, and much better prepared when things turn around. And they always turnaround.”

Well, things did turnaround, of course, and we were ready. I have tried to follow that guidance whenever things have gotten tough: The aftermath of 9-11, the financial crisis of 2008, and other significant external events. And so today, for those of us hunkered down, what can we do besides watch the news and perseverate over things we cannot control? The lessons do not merely apply to our professional lives by the way but carry over to our personal and family roles. We can set up video conferences with our friends and colleagues; we can learn a new computer program, read an inspiring and educational book, write music, work on exercise and personal fitness, rearrange the furniture, take on that home repair project we keep putting off and get our employees set up for online training and development courses.

We can also use this time to assess where we are in our career and life development paths and if/how we would like to change the trajectory. We are in control of everything inside our walls – and you can take advantage of this opportunity. And so here is how it might begin: Make a list, right now, of at least three exciting things you can do personally and professionally that you want to explore but don’t usually have the time and opportunity to consider:

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And now… There are thousands of people NOT hunkered down in their homes: Healthcare workers, first responders, military personnel, those working in grocery stores, utility companies, pharmacies, and employees in factories working overtime to produce the mission-critical goods and services to confront the coronavirus. Let us all do whatever we can do to support them, help them stay safe, and let them know we truly appreciate their efforts. “Thank you for your service” is just as meaningful to these dedicated individuals as to those in uniform.

And finally, a personal editorial: Like many of you, I am disappointed and frustrated by the profound partisanship that divides much of our country. It benefits no one. COVID-19, for all its potential for sickness and disruption to our daily lives, does offer us an opportunity. We have the opportunity to simply say “no” to the harsh rhetoric of division. We have the opportunity to come together, work together, and seek common purpose as a member of a global community. That is something that we can ALL practice while hunkered down.

Stay safe.

David Isett is a veteran of more than 20 years in the specialty coffee industry, having served as the president and CEO of Concordia Beverage Systems. Today he is Managing Director of First Hill Partners, a Mergers and Acquisitions advisory firm, as well as an industry consultant, speaker, and author. david@firsthillpartners.com