Proactive Planning Will Lead to a Prosperous 2025 and 2026

2024 has been another challenging year for some, as it has tested the resilience of businesses across various sectors. However, 2025 and 2026 will bring a different climate, as ITR Economics is forecasting economic growth for the next few years. With this information in mind, how is your business preparing for the upcoming growth years?  

How to Grow Your Business During a Strong Economy

While economic growth will naturally benefit your business, getting complacent and simply “riding the wave” is dangerous. Now is the perfect opportunity to be proactive in your planning to take advantage of the many opportunities on the horizon.   

Proactive planning for periods of economic growth is essential for businesses for several reasons. These include but are not limited to: 

• Competitive Advantages 

• • Proactive planning helps organizations better anticipate market trends, customer needs, and future risks to the business. This foresight helps businesses grow their competitive advantage, as they can better allocate resources, innovate ahead of competitors, and better adapt to changes in the economy. 

• Talent Acquisition and Retention 

• • When implementing a proactive strategy, your company will be a more resilient and attractive workplace for employees. With insight into the economic trends ahead, you can ensure you have enough people in place to capitalize on the incoming business as well as the benefit of making sure you have the right talent in place to generate the best results. 

• Customer Insights 

• • Many successful businesses are proactive by staying ahead of market research, overseeing customer spending patterns, and running analyses on their competitors. By better understanding future economic trends, you will give your company an extra leg up, as this will help your business better tailor its products and services to meet the specific and evolving needs of your customers. 

• Risk Management 

• • Not only will proactive business planning assist your team with identifying the potential economic risks ahead, but it will also help you mitigate the impact each risk has on your business. Proactive planning will also allow you to develop contingency plans to deal with any future challenges and help you properly allocate people and resources to protect your assets and market position. 

• Adaptability 

• • Developing an agile plan before the economic growth enables your business to respond quickly to any sudden economic or global changes that impact your business, allowing you to maintain operational efficiency. 

Of course, we will see big discrepancies in growth rates across several different markets. For example, if you are in data center construction, your outlook and planning will be vastly different than if you are in the machinery space.  

But to proactively plan appropriately for your market(s), you need accurate information and forecasts in your possession. That is where ITR Economics can help you!