The ramifications of the global financial crisis are being felt everywhere. It’s no different in the advertising business, where media outlets are worried about their clients ability to make payment and hard-hit industries are wondering when conditions will turn for the better.

Those of us old enough to remember the end of the Vietnam War, Secretariat, the Battle of the Sexes and the beginning of the Watergate scandal remember a time that could easily be compared to the struggles we face today. From November 1973 to March 1975, the nation was in a deep recession, fueled by an energy crisis and leadership turmoil in Washington DC. Unemployment reached 9%, inflation surged to 11% and the stock market crashed 48%.

What’s different between 1973 and 2008 is the influence of the global economy, more aggressive monetary intervention and a much improved inflationary outlook. One could argue that there’s even better cooperation and leadership in our nation’s capitol. Then there is the hope of the entrepreneurial spirit that drives innovation even in the toughest times. Ad Age senior staff member Bradley Johnson highlights just some of these examples in his article, “Ten Things You Can Learn From ‘70s Recession.”

Among notable innovations of the time where the introduction of discount commissions by Charles Schwab in 1975 and the launch of the Vanguard Group in the same year to promote index funds. Interest-bearing checking accounts made their debut and pioneering supermarkets began accepting credit cards. Beyond financial services, People Magazine, FedEx and Microsoft were all launched during the 1970s recession – proving that the time is always right for a great idea.

Right now is a great time to capitalize on the confusion and lack of confidence in the financial system. Money hasn’t gone away, and neither has the need for sound ways to borrow and save and invest for the future. With a little innovation and a great way to communicate with your customers and prospects, down times can be the upside your company is looking for in difficult market conditions. As noted computer scientist Alan Kay said, ‘The best way to predict the future is to invent it.’ Step away from fear and focus on the future. You’ll be glad you did.