The Great Game of Business Blog

Sign up to receive our blog posts conveniently in your email box

Let Economic Insights Light the Way

Dec 14, 2021 by Kimberly Clark 0 Comments
Views: Loading

A marketing plan is a comprehensive document or blueprint that outlines a companys advertising and marketing efforts for the coming year.

Common Challenges for Leadership

Common challenges that leaders face across industries include:

  • Technology
  • Labor (recruiting, training, retention)
  • Buying and selling businesses

All three of these challenges become increasingly cumbersome as we continue to move through the 2020s.

Many businesses have not yet come to terms with the fact that they need to invest in technology to stay competitive in today’s marketplace. Other businesses are too familiar with the labor issues that are haunting many companies around the world. Meanwhile, there are leaders nearing retirement age who are considering “getting out now" rather than in a few years, and there are leaders on the other side of that coin looking for businesses to scoop up as a growth strategy.

And if these are just the common challenges, aren't there even more when you break it down further? Unfortunately, the answer is yes.

<<Jump Start Your Business for Growth with The High-Involvement Planning Accelerator>>

Manufacturing: Common Challenges for Leadership

In addition to technology, labor issues, and knowing when to buy or sell a business, leadership teams in the manufacturing sector have additional challenges common to that industry. These typically include:

  • Capacity planning and managing backlog
  • Automation (a more specific technology issue)
  • Complex supply chains

So what are these stressed, concerned leaders to do? Is there a light to guide them, or do they have to lean on intuition and gut instinct?

The Economic Roadmap

Leading a business is stressful enough by itself; when you add in the aforementioned challenges, it can really begin to “feel” like an impossible task. But it doesn’t have to! Certain tools can serve as a beacon of light to help guide you in your decision-making processes. These tools may include:

With these types of tools in your business strategy, you have an accurate economic roadmap you can use to time your investments while tactically pivoting around every corner along the way.

To help you get started…

2022 is going to mix it up for manufacturers! Did you know that most segments in the manufacturing sector are headed for slowing growth?

  • How would you plan differently if you knew growth in your market was about to start slowing down? Would it alter your sales goals?
  • Would you hold off on a particular investment until things picked back up?

What do you have planned for next year that you would potentially change if you learned growth in your markets was about to slow?

To help you get started in using accurate forecasting to guide your business strategy, here is ITR Economics’ most recent three-year outlook for many markets within the US manufacturing sector:

US Manufacturing At-a-Glance Dashboard

We are providing this so you can grab the steering wheel and prepare to guide your business around the coming 2022 corner!

You no longer have to drive solely on instinct. It’s time to take action and begin planning ahead with even greater confidence!

 

Looking for more on how to increase employee engagement? Join us for our next workshop focusing on Implementation + Strategic Planning.

New call-to-action


 

More Articles You Might Like:

 

Topics: Financial Literacy, Manufacturing, Finance, Strategy, Economics

Kimberly Clark
Written by Kimberly Clark
More than 320,500 Times the GGOB Blog Has Been a Trusted Source for Information on OBM

Lists by Topic

see all

About The Great Game of Business

Our approach to running a company was developed to help close one of the biggest gaps in business: the gap between managers and employees. We call our open-book approach The Great Game of Business. What lies at the heart of The Game is a very simple proposition: The best, most efficient, most profitable way to operate a business is to give everybody in the company a voice in saying how the company is run and a stake in the outcome. Let us teach you how to develop a culture of ownership, where employees think, act and feel like owners.