In one of my previous electronics-engineering editing lives in a state 3000 miles away from where I am now, I had the honor of being the editor-in-chief of what was then a rather significant (and hefty) publication called ECN (Electronic Component News). As part of that role, I created an Editorial Advisory Board comprised of members of the EE supplier community representing the various components, systems, and technology we covered. Their participation included writing an Editor-at-Large column with their personal and professional perspective on numerous topics in the industry.
Last week, I had a blast from the past when one of those members, Harry Pizutelli (then with Olflex Wire & Cable, now a LAPP company), sent me a note on LinkedIn with an image of an Editor-at-Large column he wrote immediately following the 9/11 attacks. The timing was obvious as the current COVID-19 pandemic and its economic impact are frequently compared to the fallout from 9/11.
While the pandemic’s long-term repercussions will most likely be far greater than 9/11, I felt the basic tenet of “Stay the Course” for the electronics engineering community as Harry presents here, is just as timely in this strange, new world and worth a re-run — and a reminder.
There can be no one-to-one comparison in the wake of something as unprecedented as the COVID-19 pandemic. Much of our personal and professional lives have and will change forever, and how electronics manufacturing will come out of this is still an unknown. Still, I believe Harry’s advice holds now, as it did then, in many ways.
We did pretty much stay the course after 9/11 and, perhaps in this context, there is some comfort in knowing that history can repeat itself.
(note: EEWorldonline’s parent company, WTWH Media, bought the ECN assets, along with other Advantage Busines Media’s titles, last summer).
ECN Magazine, 2001
The changes that have occurred since September were not all as a result of the 9/11 attacks. The economy was obviously suffering prior to that horrible day. But as every economist has stated since then, those events certainly delayed any recovery that may have been imminent. We now face many challenges both as a nation, but also as an industry.
R&D must continue to develop new technologies to keep the US economy moving, and to make it strong once again. It is imperative that the business leaders in Electronics/Electrical manufacturing also “stay the course”. The recent economic conditions that have so adversely affected our industry cannot become an excuse for businesses to cut, slash, or otherwise stop developing new technologies, programs, and/or people.
Many financial management personnel face some of the most difficult challenges in a long time. Maintaining the bottom line, while looking for creative ways to reduce expenses, and keep the business strong and vibrant. What is all too often looked at in expense cutting has been to cut, reduce, or stop advertising, travel, and entertainment, and unfortunately, jobs.
It comes as no surprise to non- “bean-counters” that these important components in any business are often the first to be cut. However, many companies have found creative ways to continue operating (and even prosper) and stay profitable in a down economy.
There are numerous studies available detailing the profound affects that continuing to advertise during a recession have had. These are the times when we must be smart and diligent with our businesses. We must put more detail in every aspect of our business. Work harder and smarter. Advertising, for example, can give current customers and potential customers the ability to work smarter, as well. Knowledge of which companies are still viable during a down economy is power for a buyer. The age-old adage of “out of sight, out of mind” was never more accurate. We must show that the strongest of the industry will still be around for the long haul.
Stay the course.
Being smarter also applies to travel and entertainment, as well. Salespeople must be in a position to assist their customers and be there when needed. The “out of sight” adage is also applicable here. It is not advisable to be wasteful, but once again, smart.
Travel is another important component in any business. Stay the course.
Engineering departments also need to be as aggressive as ever in designing new and better technologies and “widgets”. The most obvious answer is sometimes the most difficult to uncover. Ideas do not stop during a recession. Only we can limit our potential.
Not the economy. Not budgets. Especially not terrorists. Stay the course.
By working to improve and grow our industry, we can be the example to others. Improving processes and making intelligent choices in difficult times is a great start. Internal and external processes can be, and should be, reviewed for effectiveness. Stay the course.
History and heart tell us that this recession, like those in the past, will not last forever.
They also tell us that our national resolve WILL last. It is hoped that the patriotic fervor that has grabbed our collective hearts and made us a more unified nation, will also last. It is all in our best interest to make sure it does.
Stay the course.
