Lacking formal college training in business, I attended numerous AIDC seminars and SBA workshops to learn and grow. At one such seminar, the speaker made a statement that has stuck with me ever since: “If your business isn’t changing every 10 years, expect to be out of business in another 10.”
Truer words have rarely been spoken about the times we live in. Without realizing it, I had already been following this principle. When I founded Arkansas Flag & Banner, Inc. in 1975, my business model revolved around Yellow Page ads and going door-to-door, selling flags to businesses with flagpoles. By the time I attended that seminar, I was likely in the second or third phase of my business, transitioning door-to-door sales to catalog sales or telemarketing.
At another workshop in 1995, I heard about a newfangled concept called the internet and decided to jump right in. As an early adopter—what some call the “bleeding edge”—I nearly bankrupted our small company with technology expenses, all while facing hesitant customers unwilling to enter their credit card information online.
Everything changed in 2001, when the tragic bombing of the Twin Towers in New York brought patriotism to an all-time high. Demand for American flags skyrocketed, leading to inventory shortages and a surge in consumer confidence to shop online. Suddenly, my website, flagandbanner.com, was perfectly positioned for the modern marketplace.
Modern Sales
During that 2001 wave of patriotic fervor, demand extended beyond flags to include all things red, white, and blue. Customers sought clothing, knickknacks, furnishings, and more. To meet this demand, we expanded our showroom in our historic downtown Little Rock building and went to the Dallas market, where we found an abundance of patriotic items to stock our new retail space. That was over 20 years ago.
Fast forward to today, and I realize I’ve been slow to adapt the retail store to modern times. Not only are brick-and-mortar sales becoming passé but finding employees willing to work in retail has become like searching for a needle in a haystack.
This week, at my daughter’s suggestion, we made the decision to reduce our showroom inventory and space. Change is hard, but I believe this adjustment is long overdue.
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