At a recent conference, an executive told me that she used to be a general manager of a Walmart store. She related that the training she received was from former members of the inner circle of founder Sam Walton. She then had a dreamy look and said, “Those were great days! Oh, the way things used to be…”

Tradition is essential to many businesses and organizations. It can be a source of strength, providing a sense of stability in an ever-changing world.

• However, tradition can also be a source of stagnation, causing businesses to cling to old ways of doing things even when they’re no longer effective.

Steve Jobs famously told Tim Cook that Apple should never adopt the mantra of “What would Steve do?” He felt Disney had suffered and stagnated by always asking, “What would Walt do?” during times and situations that their founder had never encountered.

Innovation is essential for any business or organization that wants to stay relevant and competitive. But it’s not always easy to strike the right balance between tradition and innovation. Too much innovation can cause chaos and confusion, while too little can leave you stuck in the past.

It seems to me that the key is to find a way to respect and value tradition — while also embracing innovation. After all, the best way to serve your customers is to constantly look for new ways to exceed their expectations.

Here are four ways we demonstrate a respect for tradition:

1. We keep things fresh by constantly looking for new ways to do things, but we also recognize that some things are best left unchanged. It’s the oldest example around, but did we really need “New Coke”? I think not. However, recent innovations — like an energy drink that combines Coke and coffee — keep an established brand fresh. This approach can work for a small business just as effectively.

2. We strive to provide the best possible customer service, but we also know that sometimes the old-fashioned way is still the best way. In today’s world, it seems we want to throw out anything perceived as “old.” Yet, just because it has been around for a while doesn’t necessarily mean it is out of date. As a bourbon lover, I’d be the first to tell you that there’s a reason the “Old Fashioned” has not gone out of style. Don’t change something just to make a change.

3. We embrace change when necessary, but we also hold on to some things just because they’re a part of who we are. In other words, core values have always been critical — and you don’t need to change those. You can improve and tweak approaches, but “throwing the baby out with the bathwater” is seldom a profound strategy.

4. We value the experience and expertise of our elders, but we also recognize that they may not always be aware of the latest advances. It’s sad but true. You haven’t earned the right to comment or advise on an issue or situation you aren’t aware of. That means that if an experienced executive or entrepreneur believes she can make decisions about technology which she doesn’t know much about, she is deluding herself. No one knows everything. This is why I don’t listen to a Hollywood star’s political opinion. Playing an exemplary Hamlet doesn’t ensure that you know what you’re talking about regarding climate change. Respect people in the areas where they have earned respect.

• As we strive to provide the best possible customer experience, we must also realize that sometimes (perhaps often), “the way it used to be” really is the best way.

When I asked the woman at the event why the previous training was so superior to current efforts, she replied, “Because all of those involved with Sam Walton had a laser-focused approach on the customer. Today it has become too much about inventory management and getting required reports done and submitted to Bentonville.”

Let’s face it — she is right!

• Sometimes the way it used to be — is the right way…when executed congruently with today’s marketplace demands.