As we look back to size the state of our business, our industry, and this year, maybe our world, it seems far to easy to pile on to 2020 like every other analyst has done and is doing.
Yes, OK, there was a pandemic. Yes the worldwide economy slowed down, and there has been some turmoil in global markets. Many of us have suffered, and continue to suffer through uncertainty, doubt, loss and financial hardship. Existential threats to our businesses and our growth came out of nowhere. The best laid plans of mice and men have been derailed by a reality no one saw coming.
Back when the challenge of the pandemic first became clear however, CPI was lucky to recognize that accepting it and getting in front of it was our primary job and that no amount of disbelief or complaining would add anything to our bottom line. It was our deliberate intention to reject the panic and fear going on in some markets and proceed with cool heads, stubbornly refusing to overreact to news and pronouncements, choosing to believe that only a real belief in our collective future, would get us to that collective future.
As such, our team powered through, personally, professionally, and economically. In every challenge is an opportunity. We found our pandemic opportunities in the development of new markets and new applications for our products. We initiated significant redesign efforts that cost reduced our products while retaining their quality. We invested in new tools and machines that made manufacturing cheaper and more flexible, while retaining our “Made in USA” business philosophy. We kept our factory humming, our workers safe and informed, and we stayed open. We reassured our customers that we weren’t going anywhere, delivered on our commitments, and generally kept our heads while others were clearly losing theirs.
We’re not out of this thing yet. But we’re going to be, soon enough. The economy hasn’t collapsed, the market is soaring, a vaccine is making its way around the world and there is pent up demand sitting out there like the world hasn’t seen in our lifetimes. It’s our intention to get in front of that too.
Here at CPI we’re glad to say goodbye to 2020 like everyone else. But it made us rediscover who we are as a company and what we are capable of when we all choose to believe our future.
A very Happy New Year to you and Your Familiy from the team at CPI.