Written by Mike Register, Chief Operating Officer, Quiet Professionals, LLC
In October of 1929, Wall Street experienced a stock market crash. The crash not only caused the loss of billions of dollars to investors but also began what was to become known as the Great Depression. The causes of the stock market crash were many, with unmanaged expansion, over-valued stocks, and a lagging agricultural industry being the main culprits.
By the mid ’30s, almost 50% of American Banks went under. The population of the United States at that time was approximately 127 million, with about 30% of the country’s workforce being unemployed. The Great Depression would last from 1929 until 1939.
Fortune magazine, Hewlett-Packard, and Revlon are all well-known American companies and have been very successful. Fortune magazine was founded on the premise that it would cater to the world’s influential business leaders and clientele, while Hewlett-Packard (HP) would become a global computer giant.
Revlon was founded in New York City by two brothers and a chemist and began as a company that sold a single nail enamel. Revlon would grow and become a publicly-traded company with sales of over $2 billion in 2019. Each one on these companies are unique and very different, but they all have one thing in common; they were all founded during the Great Depression. Obviously, the individuals who created these business giants didn’t let the economic plight that America faced at that time dissuade them from creating something great.
The year 2020 will always be remembered for the issues that businesses have had to face across the globe. The COVID-19 pandemic has impacted many facets of our personal and professional lives. Organizations have had to find new ways to lead, operate, and maintain market viability while adapting to a “new norm”. Quiet Professionals is no different than any other business. It has to constantly assess and adapt to what may be happening within its market space currently, while strategically charting a path forward that will prepare it to successfully navigate emerging and evolving influencers both internal and external.
Fortune, HP and Revlon didn’t let the business issues of the Great Depression stop them from creating success and proving that with vision, tenacity, and a great product businesses can survive and thrive in the worst of times. During the COVID-19 pandemic, Quiet Professionals continued to adapt its business model and internal processes to address what was happening and was able to maintain its workforce and client support. This demonstrated the fortitude and innovation of its leadership and personnel. I guess it’s true; with vision, tenacity, and a great product, businesses can survive in difficult times!