As any business leader can tell you, plans can change at a moment’s notice. Sometimes you do not even have control over what is changing, and the resulting impact on you and your business can be a tough pill to swallow.   Over the last few months, there have been some big changes happening in the US economy. Your company’s plans might be set, but businesses need to be willing to shift along with the various shifts in the economy.   Of course, this is easier said than done. So where can you turn? The Great Game of Business can help revise and refocus your business strategy with the help of our proven processes.  

  Creating your business strategy is no easy task. So much of your time, effort, and resources go into it, and you don’t want to waste any of that by doing it the wrong way. In fact, strategic planning without accurate data behind it is pointless. But accurate data is where the experts at ITR Economics come in, helping you make your strategy the best it can be. Let’s take a look at how ITR Economics’ unique methodology can provide your company with the best business strategy.

  Paint an objective picture of your business by bringing the marketplace to your people One of the overlooked strengths of any company is its ability to look ahead. It’s not enough to see how it’s performing now or even what it has accomplished in the past. You need to constantly look to the future.

  Talent is scarce and it’s going to get scarcer in the future. The value of companies will soon be tied to the value of their people. The ones with the best talent strategies will dominate their markets in the coming decade.

Zig Ziglar said “If you aim at nothing, you will hit it every time.” How many of you have no plan and no goals? How many of you have objectives and goals but no plan on how to achieve them? One more question and this is the most important. How many of you have objectives and a plan, but do not measure the results and actively share them? This is no different than the two teams that finally make it to the Superbowl only to find out there is no scoreboard, no timeclock, no down marker, nothing to measure how each team is doing and who is winning. Don’t underestimate the importance of Objectives, Goals, Strategies, and Measures. They drive results. They provide a roadmap for the organization. They also provide clarity to every single employee.

  Tom DeSimone, Director at Prairie Capital Advisors, Inc, joins to share the shifts his team witnessed during the pandemic, and how focusing on 2021 and not 2020 to ensure stability in your company.

Employee-owned businesses have experienced significantly fewer issues with employee retention than their non-employee-owned counterparts. I can’t remember a time in my career when employee retention was talked about more often than it is now. Even personally, I’m one of those Great Resignation statistics. In late 2021, I resigned from my position in local government to take on the role of Executive Director of Missouri Center for Employee Ownership, Inc. (MOCEO). Like many members of the American workforce, the pandemic pushed me to reevaluate my personal and professional priorities. So, when I joined MOCEO, I was very interested to learn what effect employee ownership had on employee retention. So, as soon as my second week of work, I began asking every executive of an employee-owned business I met, how their business model impacted retention. With very few exceptions, the general response was that retention wasn’t a significant issue.

In this recording of the coaches' corner, hosted on our online membership platform, 3 of our coaches discuss issues currently facing the construction and remodeling industry. They cover challenges their clients are facing today and how The Great Game of Business can be used to help mitigate some of those issues.

    Most companies spend countless hours working on strategy, sales and growth plans, financial plans, and 5-year forecasts, also known as HIP (High-Involvement Planning™). They have numerous spreadsheets, presentations, and market data to support their plan. They bring in macro and micro-financial gurus to validate their information. The board approves the plan, and everything is ready to go.     Wait a minute. The company forgot to answer the most important question. Who will be responsible/accountable for making sure this gets accomplished? Do we have enough capable and available leaders to grow the top and bottom line 10%? Who is going to open and manage the new locations or the acquisition? Who is going to lead the new product launch? Good question/s. 

We asked the President of The Great Game of Business, Darin Bridges if he thinks business owners should be raising their prices right now. His response, "hell, yes."   Protecting Margins Now, So You Can Fund Growth Tomorrow We've always had a saying at SRC. When the economy goes down — it's not the time to be asking for price increases. You've got to do it while the economy is going up. Everybody knows costs are going up right now — they're creeping up everywhere. We've heard the horror stories of the price of lumber, and surcharges keep emerging. It can be a scary thing, but within an inflationary environment, price increases are regular, and they're a crucial part of protecting margins. So how do you protect margins? This is where the whole idea of engaging your employees in the business and the finances comes together. Educating employees on how they make an impact and getting them to take ownership in what they do is so important. When they're aware of inflation and how that impacts the company, they're able to monitor expenses in their area of the business to help stay on top of costs. One man, one owner, one business leader can't do it all. You have to get your people to constantly and proactively find ways to reduce costs. Getting your costs under control and then going for the price increase will help maintain margins. You've got to be able to protect your margins to continue to fund growth, fund your people, fund the retention, and all the things necessary to see success for your business.