What did people talk about in 1955? That’s 53 years ago! My brother sent me an email list of topics. Perhaps you’ve received one too.  In 1955, I was fresh out of military service, lived in a New York City suburb and had started my first job with Y&R.
     Two topics sounded familiar: “When I first started driving, who would’ve thought gas would someday cost 29 cents a gallon.” “I'll tell you one thing, if things keep going the way they are, it's going to be impossible to buy a week's groceries for $20.00.”
     Snopes.com labels this list as “False.” They warn “these lists either express the nostalgic idea that things were better yesterday, that progress has considerably improved our life or that we’ve always struggled with the same type of problems that vex us today.”
     Maybe they’re right about nostalgia and vexing problems. But hasn’t progress, change and innovation, improved our life?
     So let’s put 1955 in perspective: Since that year, more change and innovation has occurred than previously recorded in our history.
As a result there are more of us, we live better and we last longer.
     Since 1955, U.S. population has almost doubled: Year-end is projected at 306 million, an increase of 140 million. Average life expectancy has increased by almost 10 years. More people now own their own homes. Living in poverty has been halved.
     Today, the average weekly grocery cost for a family of 4 (2 adults, 2 children) runs about $120/$150. The key to keeping costs low revolves around the consumer. They’re choosy, margins are low and competition is fierce. Many homemakers mention Wal-Mart, Sam’s Club, Costco or BJ’s as their source for lower prices.
     The first Wal-Mart store opened in Rogers, Arkansas, in 1962. Wal-Mart is now the largest grocery retailer in the United States, with an estimated 20% of retail grocery and consumables business. At the heart of Wal-Mart's growth is the unique culture built by Sam Walton – “Mr. Sam.” His core values were based upon the simple idea of making the customer Nº 1. Walton believed that by serving the customer's needs first, his business would also serve its associates, shareholders, communities and other stakeholders.
Wal-Mart’s creation and mastery of a Just-In-Time (JIT) supply chain network is just one innovation but it’s crucial to keeping their consumer prices low. JIT is an inventory strategy designed to improve a company’s return on investment by reducing inventory and its related carrying costs.
     Remember the Apollo program? JFK’s challenge? The moon landing: July 20, 1969? It was NASA that spurred advances in areas of technology including major contributions in the fields of avionics, telecommunications, and computers.
     Today, it’s hard to find a company, large or small, that doesn’t practice JIT. To be successful, a JIT network must have input signals from the entire process. That’s where computers and telecommunications related change and innovation play a leading role.
Believe it or not, 1955 computers used vacuum tubes and punch cards. Smaller, faster, cheaper transistors followed; then, integrated circuit technology plus microprocessors further decreased size and cost while increasing speed and reliability. By the ‘80s, faster personal computers evolved. Then, with the development of the Internet during the ‘90’s, business communications were fundamentally changed; personal computers and cell phones became as common as household television.
     My perspective: Developing a successful business – 1955 or 2008 - demands time, sound core values, innovation, patience and determination. Economic “bumps” in the road (up or down) provide a valuable opportunity to assess both strategy and tactics.

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Jack G Hardy