Bill Surbaugh remembers when getting a personal loan was as easy as a note and a handshake.  Now owner of Surbaugh & Son, a real estate company that opened in Anderson in 1910, he grew up watching his father and grandfather conduct business. 

“They had this pad of notes,” he says.  “If they needed a loan, they just wrote themselves a note for however much money they needed and handed it to the teller.”  Simple as that.  No credit checks, down payments, or paperwork. 

Today’s economy is much different.  Within the last few years, businesses have faced a growing number of challenges, including health-care costs, increased demand for productivity, and decreased operating budgets. 

But this environment isn’t only about the recession.  Today’s business climate is also about emerging technologies that have made marketing and communication easier, allowed for the development of new products, and opened a global marketplace full of opportunity.  It’s about change, and whether local businesses will ride the wave of change or be left in its wake. 

 “The environment of doing business, especially in our region of the country, has really evolved over the past couple of decades,” says Jay Julian, president/CEO of the Muncie-Delaware County Chamber of commerce and chief economic development officer.  “It’s evolving now, and it’s evolving quicker.  The companies that are strong and survive are the ones that can make those adaptations in their business processes.”

 This certainly has proved true for Surbaugh & Son, which survived the Great Depression by helping struggling families finance their homes on contract.  Since taking ownership of the company in 1986, Bill Surbaugh has had to adapt his own business strategies as industry standards have changed, competing Realtors have moved into the area, and the latest recession has scared away many potential buyers. 

 In response, Surbaugh has adapted his marketing strategy and taken a more practical approach in working with customers. 

 “Before I list a property for a seller, we have a discussion about reality,” he says.  “This is not a popularity contest.  They need to hear the truth from me before we start.  We talk about what it means to be committed.  We talk about the price.  We talk about repairs that need to be made…”

 “I’ve had to adjust how I market properties to try to give people confidence that they are making the right home decision and financial decision.”

 Certainly there’s something to be said for integrity and persistence – two qualities of pride for Surbaugh.  But as companies look to the future, the successful ones are likely to be those that capitalize on their strengths with an openness to new possibilities.  Michael Goldsby, a professor of entrepreneurship at Ball State University, explains that the world is moving from an industrial economy to a creative economy in which businesses will rely more heavily on the talent and innovative ideas of their workers. 

 “And you also need to be open to placing small bets,” he says, “meaning that you can experiment with new offerings on a small scale to see if it gains interest.”

 ECO Lighting Solutions in Fishers is a prime example.  The small company has capitalized on the growing trend toward green energy and has experienced explosive growth in its first four years, with sales this year expected to quadruple last year’s.  Founding partners Jeff Pinyot, Steve Little, and Dave Packard began by adapting a Chinese lighting technology product that they could manufacture domestically and marketing their energy-efficient parking lights to business owners and lighting distributors. 

 “Our niche is that we have become one of the most recognizable names in the parking garage lighting market nationally by focusing on this client base,” Pinyot says.  “Our direct-to-market approach has allowed us to bring the industry’s top product at a price that competes with low-end imports.”

 Their recent project with Texas A&M saved the campus 50 percent in energy consumption for its five parking garages.  Similarly, Indianapolis International Airport recently contracted ECO to relight its 2.5 million-square-foot parking garage, saving the airport at least 50 percent on energy. 

 The company has started to expand beyond parking garages to outdoor area lighting, including a patent-pending kit to make retrofits for existing fixtures.  This is a “small bet” that has had a big reward.  SunTrust Banks Inc. recently contracted ECO Lighting Solutions to install retrofits at 2,200 branch locations across the East Coast.

 “We are currently seeking capital to expand that business immensely now that we have proven its technology and marketability,” Pinyot says.

 The company is also developing energy-efficient alternatives for HVAC system and fan horsepower and works with solar power, wind turbines, and electric hybrid bikes. 

 Though Pinyot anticipates challenges with rising shipping costs and the constant demand to provide the best technology on the market, he is optimistic about the future. 

 “I wake up in the morning expecting great things and am rarely let down.”

 With the right business model and adaptations, such great expectations are not inconsistent with the realities for the marketplace.  As long-standing businesses look for new ways to stay competitive and emerging companies seek to find their own niche in a diverse, global economy, one certainty remains clear: Change is imminent, and it will be a positive force for those who embrace it. 

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