I have spent a great deal of time with suppliers and retailers over the past few months. National Floorcovering Alliance. Mohawk Floorscapes. Carpet One. Flooring America. The common denominator is that many have seen signs of emergence from the recession. It may not be steady, it may not be consistent, but it’s enough cause for optimism.

So it’s back to business. Of course, the business we’re getting back to is dramatically different than the one we left more than two years ago. There are fewer retailers around, and some manufacturers have gone the way of the Oldsmobile. So what did we learn?

1. You can borrow your way into debt, but you can’t borrow your way out of debt. Businesses did it. Homeowners did it. Anyone with a piece of plastic in their wallet did it. There’s a difference between borrowing against your assets for expansion and borrowing because someone lets you. Easy money became thedrug of choice, and it’s not fair to just blame the dealer.

2. As we cut employees, did we get smarter about the ones that remained? Unemployment hit double digits. Flooring manufacturers closed plants and job losses mounted. How did your business change in the last two-plus years? Did you get leaner? Are you more energy efficient? Did you take the slowdown as an opportunity not to just cut costs, but improve operational effectiveness? The better manufacturers did all of the above. They cut jobs, but they also got better at the things they can control inside their four walls.

3. We can stock what we want, but consumers will buy what they want. And consumers want value, more so today than ever before. They want to feel like they are getting a deal. They are looking for performance without sacrificing aesthetics. Unlike at the conclusion of past recessions, consumers with their pent-up demand returned to the high end. Not this time. The banks are still tighter than a new pair of shoes on a rainy day and many people’s home equity is still in the red. That’s why value is the name of the game.

4. What is the plan moving forward? Are you diversifying into new areas—product, segment, etc.? What about the way you sell them? Shop-at home, Internet, etc. What about how you get leads? The retail groups, in particular, are cornering the market in delivering qualified leads to its members.

5. How do we keep this from happening again? One word: innovation. Manufacturers every day are seeking ways to innovate, not only in terms of product and operations but in the way they go to market. Armstrong’s new direct relationship is a perfect example.

The good news is the recession seems to be over. We now return you to your regularly scheduled economy.