Keep Calm and Carry On: Lessons from 118 Years in Business
Election Day is upon us. Whether the results bring excitement, disappointment or more questions than answers, one thing is certain, business owners will still have businesses to run tomorrow.
Of course, elections aren't the only source of uncertainty for business owners at the moment. Economic shifts, global conflicts, changing regulations and emerging technologies are giving business owners plenty to think about. What will change? What will it mean for my business? Should I be doing something differently?
We don't have a crystal ball. But after 118 years in business, we do have some experience in the unexpected.
We've Seen a Thing or Two
When Nellie Mason first opened Calhoun Companies in 1908, Henry Ford had just introduced the Model T. Women couldn't yet vote nationwide. The internet, social media and artificial intelligence weren't even imaginable. Since then, we've seen two world wars, the Great Depression, countless economic swings, major political and social changes, civil unrest, and multiple pandemics. We've also watched industries disappear, entirely new ones emerge and businesses reinvent themselves in ways nobody could have predicted.
Think about how much business has changed in just the past few decades. The internet transformed how companies reach customers. Smartphones put the world in our pockets. Social media changed marketing. And now AI is creating another wave of both opportunities and challenges. Through it all, business continued and people kept finding new ways to solve problems.
That's worth remembering when today's headlines start to feel overwhelming.
Some Things Never Change
The world of business looks dramatically different than it did in 1908. But some fundamentals haven't changed.
- People rely on good businesses. Whether it's a neighborhood restaurant, a manufacturing company, a healthcare provider or a local shop, customers still need products, services and solutions.
- Profitable businesses will always attract buyers. Economic conditions can influence valuations, financing and how quickly deals come together. But businesses with healthy financials, reliable customers and solid operations continue to have value.
- Business owners will always find ways to adapt. New technologies, changing customer expectations and shifting markets create challenges. But they also create opportunities for the next generation of entrepreneurs.
The businesses that succeed aren't necessarily the ones that predict every change correctly. They're the ones that stay focused on what they do well and ignore the noise.
Don't Let the Headlines Run Your Business
Years ago, in our article Survival By Doing, we encouraged business owners to stop getting so caught up in managing uncertainty that they forget to actually run their businesses.
That advice is just as relevant today. Regardless of the election results, there will be changes ahead. Some may affect your industry or your bottom line. Others may turn out to have little impact on your day-to-day operations. The only thing you can control is how you respond. Take care of your customers. Support your employees. Keep your financials organized. Look for ways to improve efficiency. And, stay open to new opportunities.
And when changes do affect your business, trust the experts who can help you understand your options. Your accountant, attorney, financial advisor and business broker can help you make informed decisions based on what's actually happening.
Keep Calm. Keep Doing Business.
After 118 years, we've learned that uncertainty comes and goes. There will always be another election, another economic challenge, another technology changing how we work.
So, regardless of what happens, here's our advice. Stay informed, plan for what you can and don't let the noise distract you from running your business.
And if buying or selling a business is part of your next chapter, lean on people who know how to help you navigate it no matter what the world brings.