"I'm sorry, but it's not really the best time for us to be making any capital investments."

How many of us have heard this from our customers during the last few years? How many have heard a similar refrain from our peers? The frequency with which we have heard this phrase, or some variation, is not surprising, considering that we remain in one of the worst industrial recessions in decades. It begs the question, however: when, exactly, is the best time for a company to invest in itself?

The history of business in the United States is accurately described as "cyclical," but growth is the dominant trend. Relative to periods of growth, recessions tend to be short lived and their eventual end is certain.

Most successful companies, just like successful long-term stock investors, don't merely try to time their investments to any particular external event or market condition. Instead, they invest continuously, guided by a clearly defined mission, well-executed strategies, and confidence in a future that is well supported by his-tory. These same elements, clearly, honestly and regularly communicated to lenders, will help to assure a ready supply of capital available to invest in your company.

As industrial distributors, we are facing enormous challenges to the nature and structure of our businesses. Modern information and logistics technologies have made the traditional "buy, hold, sell" business model outdated and unprofitable, especially for smaller companies and commodity suppliers. Pundits and advisors touting "Fee for Service" business models are as likely to be wrong on that call, as they were five years ago, that we would all be the victims of "disintermediation."

What to do? For starters, we need to know that customers need us, but only to the extent that we are willing and able to provide greater value. Because that's what their customers demand from them. The only way we can provide greater value, in perpetuity, is with continuous investment.

Today, as Ohio Transmission and Pump Co. celebrates its 40th anniversary, the second-generation management and 250 associate owners are as certain of our future opportunities as were our founders and their six employees, 40 years ago. We are equally certain of the need to invest in order to seize those opportunities.

Over the past three years, despite the economic conditions, we have invested more than 6 percent of our revenues in modern and efficient facilities, expanded geographic and market coverage, associate training and development programs, state-of-the-art information technology and data-processing capabilities, and a first-in-class wireless, Internet-based, field service automation system for our 50+ service technicians and support staff.

When is the best time to invest in the future of your company? As long as the company is guided by a clear and consistent vision, an understandable and achievable mission, and well-executed strategies, the answer to this question is the same regardless of when it is asked: Now is the time!