Alan Beaulieu Prepares for Major Economic Fluctuations in 2023 and Beyond
Renowned economist, Dr. Alan Beaulieu, with his 94.7% accuracy rate, delivered a riveting economic update to over 750 business and not-for-profit professionals focused on closing out 2022, what to expect in 2023 and how to prepare for 2024 and beyond. Those who attended our annual economic analysis and forecast update event with Dr. Alan Beaulieu, from the Institute of Trend Research (ITR), co-sponsored by Huntington Bank and Frost Todd Brown learned about best practices that can be implemented now, in light of ever-changing market conditions.
Beaulieu shed light on supply chain pressures, labor shortages, inflation, disinflation, increasing interest rates and how to prepare for anticipated fluctuating market conditions in both the short and long term. In his presentation, Alan pinpoints when certain economic triggers are likely to occur, across nearly every major industry and economic sector.
Rates of change are decreasing
Declining rates of change, or conversely, mild rates of growth are anticipated across nearly all sectors of the economy going into 2023. 2024 and beyond will experience significant fluctuations, some of which Alan predicts will be the defining characteristics of this decade. According to Dr. Beaulieu’s analysis, the economy is stronger than ever, contrary to popular belief, and he anticipates growth trends will continue into 2023, albeit to a lesser degree than what we have seen most recently. With a forecasted recession and potential depression on the horizon, there are several things you can do now to plan for success, even in the face of various uncertainties.
Preparing for change
Increasing interest rates and inflation have had a major impact on everyone, and both are expected to continue fluctuating. Although slowing economic growth will likely ease supply chain pressures, making a reduction in excess inventory probable in the near-future, labor shortages may not remedy anytime soon. According to Beaulieu, the strength and size of the economy, coupled with the U.S. having more people employed than ever before, dispels the myth that people are unwilling to work, and instead proves that there are simply more jobs available than there are people to fill them, thus a shift in mindset is required if you want to address staffing.
Investing in technology, focusing on company culture, identifying internal efficiencies, and refocusing or narrowing your scope of goods or services to make yourself “essential” are just a few of the insights Dr. Beaulieu shared with our group to address topics ranging from staffing to planning and mitigation of the short and long-term impacts every industry will face over the next decade.
Listen to your numbers, instead of the news
Perhaps the most important takeaway Alan provided in this seminar, was providing tips, methodology and tools available to encourage business owners, and those charged with governance, to dig into their financial data to uncover both quantitative and qualitative data so you can find truth in your own numbers. You are less easily persuaded by emotion and the news story-of-the-day if you can make decisions and stick to your plan because you are listening to your numbers.
There is still time to prepare and find ways to “recession-proof” your business or not-for-profit entity. Dr. Beaulieu refers to the economic realities we have known recently as “The Great Before,” and he is certain we will never go back.
Contact us now to see how Alan’s predictions may impact your business and get a better insight into how you can put specific plans in place to hedge against future economic fluctuations and plan for stability through the next decade.