Budget Planning

Helpful Resources as You Start the Budget Planning Process

By ITR Economics on April 13, 2023

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ITR Economics

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

It has been a busy start to the year for many business leaders. As we approach the summer months, it is time to start thinking about planning for the upcoming fall budget season. It will be here before we know it, and ITR Economics is here to help you get started!

It will be essential to have accurate data at your disposal for budget season. When you take a data-driven approach, emotions have less influence on your decision-making. Budget planning will take on even more significance this year, as ITR Economics is forecasting that a recession will begin near the end of 2023 and continue through 2024.

This, along with other economic pressures such as inflation, will make effective planning all the more important.

As you begin making your budget plans for next year, consider using the following resources. They will help you identify your business’s place in the business cycle so you can make the best decisions:

  • Rates-of-change
    • Calculating the rates-of-change for your company’s data and finding your spot in the business cycle gets to the core of our methodology. This tried-and-true approach helps you make the right decisions at the right times to reduce risk and maximize profitability.
    • Start by learning how to calculate your rates-of-change; then, you can identify the actions you need to take now to assist in your budget planning.
  • Leading indicators
    • While rates-of-change help you find your place in the business cycle, our leading indicators help you see into the future for your business. With more than 10,000 leading indicators in our database, we help you find the ones that best correlate to your data, so you can make your plan while knowing what is beyond the horizon.

Improve Your Budget Planning With DataCast Pro™

Our enhanced DataCast Pro™ program is the perfect addition to your budget planning process. At the beginning of your DataCast Pro subscription, you work closely with one of our expert economists to find the best leading indicators for your business. You will also receive monthly support from an economist in order to ensure you are getting the most out of the program.

What Makes ITR Economics’ Forecasts Unique?

Unlike many other firms, which often use linear forecasting, ITR Economics develops its forecasts using its unique business cycle theory – and to great results! ITR Economics’ forecast accuracy rating, since 1985, is 94.7%.

[ Learn More About the “How” and “Why” Behind ITR Economics’ Forecasting Methods! ]

Why does ITR Economics avoid linear forecasting? Simply put, it is because economic trends are not linear. Economic growth or decline is always occurring, and our unique forecasting method enables us to both track the changes happening throughout the business cycle and see the changes ahead much more clearly.

business cycle forecasting

By implementing ITR Economics’ methodology and accurate forecasts, you will ensure you are ready for budget planning season. Our team is here to help you navigate the upcoming economic trends and address the concerns you have about your business and the future.

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