Market Beating Strategy
Step 3 Forecast
(Go to pages 15- 19 in your workbook – then click on the video below to play)
Complete step 3- Forecast, in the space provided in your workbook – pages 15-19.
Don’t have a workbook?
Step 3- Forecast (pages 15-19 in your workbook)
Forecasting the future of your business in the next important step.
This step requires that you look at the condition of the market, your industry, the economy, and your competition.
The important thought here is that you don’t want to miss an opportunity for unprecedented growth or be amid an expansion if the market is contracting.
Being aware of the direction of your business is critical to your decision making.
I worked with one client that had their sights set on expanding their business just as the economy was moving into a recession.
It almost put them under.
Had they waited 3 years until the economy started growing again, they wouldn’t have experienced the level of losses they did, and needed to borrow much less money to expand once the economy improved.
Another company I worked with did the opposite.
They stayed hunkered down doing what they had always done.
Their business was manufacturing products for housing out of wood.
The industry was moving to injection molded plastic because of cost and expanded life of their product.
This company missed the cycle because they weren’t attuned to the market and weren’t listening to what their clients were asking for.
They found significant portions of their business were obsolete within just a couple of years.
They missed a market transformation.
Take advantage of market opportunities by answering a few questions to help you get started with your forecast:
Is the economy currently expanding or contracting?
How will this affect your business?
Is your industry currently expanding or contracting?
Has your industry experienced any new technological break-throughs?
Are there new products or services emerging that may disrupt your current business?
Are there any new opportunities for products or services that you can use to disrupt the business of your competitors?
Are your clients asking for anything new or different?
Are your competitors doing anything that could disrupt your business or win your clients?
Are there any new trends in speed to market or delivery that could affect your future?
Make note of any significant risks or opportunities in your forecast before you begin planning your initiatives.
This is the end of Step 3- Forecast the future of your business
Keep your eyes open for the next video – Step 4 – Assess – What are the potential pathways?
If you have any questions or would like to set up an introductory phone call, please call me.
Visible Progress | 6815 Spring Run Drive, Westerville, OH 43082