Strategic Planning

3 Things You Cannot Forget When Building a Long-Term Business Strategy

By ITR Economics on March 23, 2023

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ITR Economics is the oldest, privately-held, continuously operating, economic research and consulting firm in the US.

Crafting a business strategy is no easy task, and building a sound strategy for the long term can be even more daunting. At ITR Economics, we are always looking toward the future. With so much time and effort that goes into building these plans, it is easy to forget or overlook necessary pieces that must be considered. To avoid putting well-intentioned but ultimately misguided plans in place, there are three key things you cannot forget when building a long-term business strategy.

You Must Be Agile

Economic conditions are always changing and moving in cycles. As businesses navigate through these ups and downs, it can feel as though things have changed in an instant.

A lot can happen in five years, and when the economy throws a wrench in your plans, you and your team must be willing and able to adapt to the changes and adjust your business strategy accordingly. That is where our solutions really support our clients.

We like to use the analogy of a sailing ship. Your business is the ship, and the economy is the wind. As the executive, you are in charge of adjusting your sails to successfully steer the ship in the direction you wish to go. When a storm arises, emotions can run high, further clouding the decision of how best to adjust your sails.

ITR Economics is the forecaster. We tell you when there are clear skies ahead, or if a storm is on the horizon. We point out the rocks and the reefs to be avoided. We highlight opportunities along your route to maximize your speed as you approach your destination.

The prospect of becoming agile may seem daunting, but with the right foresight and actionable advice, pulling at those sails and navigating the waters with confidence becomes much easier.

Be Aware of the 2030s Great Depression

The current decade will present numerous hurdles for business leaders to overcome. Inflation, for example, is likely to remain a problem throughout the 2020s. In order to mitigate the impact of inflation on your business and remain profitable, you will need a great pricing strategy.

As you contend with problems such as these over the course of your long-term strategy, make sure you do not forget about the big problem that will follow the 2020s – the next Great Depression, which will characterize the 1930s.

If you were to solidify your five-year business strategy today, you would be just two years away from the Great Depression upon that strategy’s fulfillment.

Be sure to keep the 2030s Great Depression in mind as you build your five-year strategy today. That way, you and your team will not be stuck with just two short years to prepare for the changes that the Great Depression will bring.

[ Further Reading: How Can I Prepare My Business for the 2030s Great Depression? ]

Build a Strong Marketing Plan

Crafting a strong brand strategy and a strong competitive strategy is a great way to position your business to gain market share. However, without a strong marketing plan in place, there is a limit to the level of awareness around your brand and its products or services.

Our business partners at Chief Outsiders are an excellent resource for building and executing an effective marketing strategy. They can help your company be seen by potential customers all over the world, so you can capitalize on the work you put into your business strategy.

With these three things in mind, you will be able to successfully build and execute your long-term business strategy. Thanks to our accurate forecasts and business-minded economists, ITR Economics can help you navigate the ever-changing economy with precision.

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