I wrote this article during the last recession. Give it a read
The Economy goes up and down
Last November I was asked by a trade journal my opinion of the economy. I explained that I was very nervous. The stock market was down and we still hadn’t chosen a President (of America).I explained that I was scaling back projections for growth. The writer printed my words and I have had some colleagues grumble at my less than optimistic view.
So far this year, our business is up significantly. Despite the fact that the stock market continues to decline and companies have made layoffs, our business has grown. The year is not over yet.
The tragedy that took place on September 11, 2001, is unlike anything that has happened in our history. I can only say how sad and sorry it all is. No other words can explain what happened that day.
I started Nolan Painting in 1979, while still in college. Within a year interest rates were at 21% and Iran was humiliating our country. I had nothing to lose and everything to gain, so I stuck it out. The economy improved and we grew.
In 1990, our country fell into a recession. Real estate prices dropped and we went to war with Iraq. Business suffered Terribly. During the Gulf War, we didn’t get one painting job. I, as a business owner, was unprepared. My experience had been the free-wheeling 80’s and there had appeared to be no end in sight. Three years later I had learned the realities of a tough economic climate. Some businesses went bankrupt. Nolan Painting was lucky to survive.
From these experiences, I have learned depression-style lessons. They say it’s a recession when your neighbor loses his job and a depression when you lose yours.
Here are some of the lessons I have learned. Recessions come and go, so stick to your core values. Don’t spend every cent you can get your hands on. Stay out of debt. Surround yourself with great people, and they will stick with you. Treat your customers great, and they will stick with you. Market so your customers don’t forget who you are. Provide great customer service. Produce high value.
I don’t know if we are going into a recession. We have stable political and economic systems. Our country is great and resilient. I hope that all these events don’t affect you. I hope that you remember Nolan Painting and know that we are a company that has its’ core values: “protecting surfaces and relationships.”
The relationship we have with you, our customer, is our strength. I sure can’t predict the future, but I know the road ahead will have it’s challenges. The people at Nolan Painting are dedicated to being the best. I don’t gamble, but I will take that to the bank.
Kevin J. Nolan
GOD BLESS AMERICA