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Remove the Emotions and Plan With Confidence

Feb 1, 2022 by ITR Economics 0 Comments




Remove the emotions and plan with confidence-1

One of the most critical values that ITR Economics provides is removing the emotion from your business planning. Every business leader faces ever-daunting questions, such as “is this the right decision?” or “is this the right time?” or “how can I be sure?”

To help with the psychological aspects of managing a business, ITR has created a roadmap based on the Business Cycle. They’ve divided the Business Cycle into four phases and have designated specific business practices for each phase.

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Here’s a small taste:

Phase A: Recovery

 Phase A

  • Conduct a SWOT review and know where you need to put your money
  • Model positive leadership (culture turns to behavior)
  • Perform due diligence on customers and extend credit

Phase B: Accelerating Growth

Phase B

  • Ensure quality control keeps pace with the increasing volume
  • Expand credit to customers
  • Ensure you have the right price escalator; space out price increases

Phase C: Slowing Growth

Phase C

  • Know if your markets are headed for a soft landing or a hard landing
  • Cash is king; beware of linear budgets and ensure you are not in denial
  • Avoid committing yourself to long-term expenses at the top of the price cycle, but lock in revenue

Phase D: Recession

Phase D

  • Implement cost-cutting measures
  • Offer alternative products with a lower cost basis
  • Reduce advertising as consumers become more price-conscious

ITR counsels clients to plan at least one half Business Cycle ahead.

So why are we telling you all of this?

Because a change is about to happen! The overall economy has been in Phase B, Accelerating Growth, but the leading indicators show us a change is about to occur in 2022! Slowing Growth is ahead, and you need to be planning for it.

What Phase C strategies would apply to your business?

With a long list of standard business practices tied to Phase C of the Business Cycle, identifying which will work best for your company can seem daunting.

At The Great Game of Business®, our goal is also to help you navigate the economy's volatility. By looking ahead, you can plan for the changes headed your way. Our Certified Coaches can work with you to incorporate ITR’s research into your company’s forward-thinking planning cycle and help your business thrive regardless of which phase the economy is in.

“There is no bad Business Cycle Phase,” says Kimberly Clark, Vice President of Sales and Marketing at ITR Economics. “Each holds opportunity when you know it is coming. It’s knowing and acting accordingly that gives your business the advantage and creates success regardless of economic growth or decline.”

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Topics: Financial Literacy, Leadership, High-Involvement Planning™, Strategic Planning, Economics

ITR Economics
Written by ITR Economics

Since 1948, we have provided business leaders with economic information, insight, analysis, and strategy. ITR Economics is the oldest privately held, continuously operating economic research and consulting firm in the US. With a knowledge base that spans six decades, we have an uncommon understanding of long-term economic trends as well as best practices ahead of changing market conditions. Our reputation is built on accurate, independent, and objective analysis.

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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.