Leading indicators coupled with economic theory have led economists to believe that an economic slowdown is in store for 2014. Senior Economic Advisor, Alan N. Beaulieu, believes the downturn in 2014 will affect wholesalers in varying ways and will be largely consumer-led. The pinch will be felt first by wholesaler-distributors of non-durable goods in early 2014 with those in the manufacturing and raw materials suspended until late 2014.
Growth Strategies for Wholesaler-Distributors
In preparation for the slow growth in the upcoming months, theorists believe businesses should adjust their budgets and expectations–not only for the downturn, but more importantly, for growth when the economy picks up again in 2015. ITR Economics suggests the following in your growth strategies:
- Aggressively pursue new market opportunities
- Start obtaining and training the workforce you will need in the future
- Review internal processes and implement strategic change
- Beware of linear budgeting as accelerated growth trends ease in 2014
- Plan ahead for borrowing needs now – lock in low rates now before they are gone
For innovative strategies to help your business grow through slow economic times, contact us or call 513-241-8313.