So for this blog I am going to paraphrase something that I read recently. Sorry for the lack of originality, but in my view it is just that good. Recessions are times of creative destruction. From them rise new ways of doing things faster, better and cheaper. And during these times, those resistant to change drift off into obsolescence.

That could be why I find myself so optimistic, even after a 2008 that most would call less than enjoyable. From my vantage point in helping shape the direction and vision of The Receivables Exchange, I see change actively happening that will make the world of business a better place. The last receivable that was listed and traded on our Exchange sold in less than two hours. If you had asked me 10 years ago when I was a small business operator, whether a mechanism - other than a credit card or a line of credit - would exist for driving capital in less than two hours into your business, I would've said no way. The problem is, as those of us who have operated a business know, often times, if not most times, and particularly during these times, credit cards and lines are not a viable option, and if they are, they are rarely large enough to suffice as the complete working capital management tool that all business operators need.

How many times have you heard of a company succeeding their way out of business? I've heard it countless times. And why does that happen? Because, in my opinion, of resistance to change in the credit and capital markets. Companies only succeed their way out of business when they cannot access capital fast enough to maintain their growth. Working Capital, like blood for the body, like fuel for the engine - is what enables growth.

Today's New York Times said that his recession will not end until the credit crisis ends. We couldn't agree more. But we would add that change is needed unless we want to see a return of tight capital markets as the result of what is clearly a fragile capital market. Working capital will need to be accessed via mechanisms that are faster, better and cheaper.

So here we are, in the midst of creative destruction. The good news as I see it is that during all of this upheaval, you as the small and medium business owner get to watch tired and outdated mechanisms for accessing working capital drift into obsolescence. So for those of you using the Exchange, I leave you with this prediction for 2009: You will spend less time looking for working capital and more time growing and managing your business.

Happy New Year and see you in 2009.