Stand There!
Maria Weiskott, Editor-in-Chief -- Gifts & Decorative Accessories, 5/1/2008
I heard a great piece of advice the other day while watching one of those 'talking head' shows on TV. You know the kind of show I mean. The program has a host, and a panel of guests who are experts in something or other. The format of the show is to have the experts take turns interrupting each other and shouting over the host who is trying to maintain some semblance of order.
But I digress…
We were talking about good advice, which these programs sometimes actually do manage to convey.
Here's the kernel of wisdom: “Don't just do something, stand there!” The advice came from a financial guru who was analyzing the tumultuous climate on Wall Street. He was talking about the difference between people who were sincerely invested in the stock market for the long term — the real players — and those who merely dabbled in buying and selling stock, or were in it to 'make a killing.'
At first, his words sounded incredibly comical because they reversed a phrase we are so used to hearing in an emergency — as in, “Don't just stand there, do something!” But as he explained, his advice began to sound incredibly… well, sound.
The guru was advising those who were truly invested in the stock market to stand firm and remain grounded while the market itself gyrated, fluctuated and corrected itself. He encouraged those investors not to make rash judgments in the current financial climate; but, to instead stay on track with commitment, while keeping an eye out for genuine turning points that determine permanent change.
In thinking about it, this particular pundit's advice is truly applicable to many situations and to many business niches as well. It's not just about investing in the stock market. The advice speaks to retailers and to the current retail environment, which is transitioning through some of the same fluctuations as Wall Street; many of them catastrophic in nature.
It's highly doubtful that any independent or specialty retailer got into the business to make a killing. (Talk about a comical thought!) So it must be that the reasons involve serious investment and commitment; which means the guru was talking to you, too.
Don't just do something, stand there!
