As we continue through the second half of the decade, there is less time left to prepare for the 2030s depression than the amount of time the economic downturn is ultimately forecasted to last. With only a few years until this significant economic downturn, we have outlined a few forward-thinking questions both business leaders and individuals can ask themselves, and more importantly, detailed why those questions matter.
Questions for Business Leaders
Have I explored succession planning or selling the business?
- When facing an economic depression, it makes sense to consider selling your business ahead of such a difficult period. We can help you determine whether to sell your business and help you time that sale for the highest profit.
Do I have clear communication plans in place for my team during economic stress?
- The best way to keep your team focused and on the same page is through communicating a clear, well-defined plan and consistently reinforcing that vision with your team. Additionally, remaining flexible and transparent through any necessary adjustments is just as important. Your team will take cues from your confidence and resilience to the coming downturn.
Am I prepared to take market share from weakened competitors during the depression?
- While the upcoming 2030s depression will lead to rough periods for some, there will certainly be others that thrive. With an optimized strategy in place and a strong sense of consumer needs during this time, you will be in position to seize on the opportunities your competitors miss. Make sure you are prepared to make the most of these opportunities!
How strong are my customer relationships and how can I increase retention should consumer confidence decline?
- Many consumers will also struggle throughout the depression, so strengthen the relationships with your customers now by improving your competitive advantages. Learn what your customers value most. Also, recognize which of your products or services will remain or become essential for your customers’ needs during this downtime. This sounds daunting, but we can help you identify which products and consumer segments will be more resilient during the impending depression.
How will my markets perform in the 2030s? Should I find new markets?
- Some industries will be hit harder than others in the 2030s. ITR Economics can help you assess whether your business should diversify and enter new markets. By doing so, you can reduce your vulnerability to the coming depression and plan for new, emerging opportunities.
Questions for Individuals and Families
How sustainable is my current lifestyle?
- One of the most important steps to take leading into the 2030s is preparing yourself to live below your means. This does not mean cutting out the occasional splurge for a nice meal, vacation, or other luxury items. But you must ensure that your focus is on saving money through simpler lifestyle choices overall.
How much debt can I pay off before the 2030s begin?
- While minimizing debt is always a smart decision, reducing it before the next Great Depression will strengthen your financial stability and lower your risk during the decade.
How will rising healthcare costs affect me and my family?
- Especially due to an aging population, the demand for healthcare will continue to increase throughout the 2030s. Focusing on a healthier, more active lifestyle will help keep healthcare costs down as those costs rise overall.
Do I have a budget, savings plan, or emergency fund in place if I lose my job or household income declines?
- Having a well-structured budget and a disciplined savings plan will be essential for weathering the depression whether your income fluctuates or not. If you do become unemployed during this time, an emergency fund covering at least 6–12 months of essential expenses such as housing, food, utilities, and health care can provide a critical buffer if your household income takes a hit. Without this safety net, families may be forced to make difficult sacrifices just to stay afloat.
Have I considered downsizing or relocating to reduce long-term financial pressure?
- Many individuals and families may be encouraged to relocate to a more affordable area or somewhere with better opportunities to fit your skillset during the 2030s. Now is the time to consider relocating to provide you with greater flexibility for the challenges that the depression will bring.
Preparing for the 2030s Great Depression is no longer a distant concern — it is an urgent priority. Whether you are leading a business or simply making sure you are personally prepared, take control of your future before the coming depression controls you. By asking yourself these questions, you can start planning for various outcomes. There is still time to act! Contact us at ITR Economics, and we can help you get on the right track to endure the coming storm.
