What Business Leaders Should Know Going Into 2024 Another year is in the books. As we set our sights on 2024, many businesses are starting to feel the effects of the slowing economy. To help you and your team find success through this time, ITR Economics and The Great Game of Business are teaming up to provide you with insight into some essential information all business leaders should know going into 2024.

Economists are predicting a mild recession in 2024. That means small to medium-sized businesses will have to work a little harder to stay profitable and successful. Luckily, we're breaking down three things businesses can do in 2024 to maximize opportunity and set their businesses up for 5-6 years of consecutive growth.

Why Use Leading Indicators to Plan Ahead? Using accurate forecasts to inform your business strategy is a fantastic way to eliminate unnecessary risks to your company and make the most of future opportunities. But, as a business leader, you have options as to who you work with and where you get your forecasts from.

Every business goes through its highs and lows. But what if I told you that your highs could be even higher and that you could avoid some of your lows altogether? Whether you are just starting your company or have been leading your team for decades, your business can benefit from having accurate economic foresight in its planning. With the right data and tools at your disposal, you can take your business to much greater heights than you thought possible!

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.

1. Know how your business will be impacted In 2021, industrial sectors experienced Accelerating Growth, creating crunches on capacity, exacerbating concerns surrounding the labor market, prompting a willingness to purchase raw materials at higher costs than perhaps would have otherwise been desired.

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.

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.