How do you interpret economic trends to have a positive impact on your business and how to identify these trends to advance your company ahead of the competition?
Most prudent people would never take a trip in your automobile without first mapping or charting the course, most of us would use a GPS system or online resource to aid in the process. The same holds true for the present and future course of your business. I am not aware of a device that provides you a road-map to your business strategy, this part of the journey needs to be understood using external resources. Economic information can provide your company an abundance of intelligence to aid you in utilizing present-day data towards forecasting future trends that will have an impact on your business and decision making competencies.
Predicting and charting the future direction of your business is a magnificent quality we would all like to possess, unfortunately, none of us, at least people I have ever met have the ability to predict the future. However, armed with the right information, you can ascertain certain occurrence before they happen and you will have the ability to intuitively guide your organization in the right direction as it pertains to present-day as well as future business planning.
Metropolitan Statistical Area (MSA) and Micropolitan Statistical Areas (MuSA)- In the United States a MSA is a geographical region with a relatively high population density at its core and close economic ties throughout the area.
Determining Growth Markets- The BEA Bureau of Economic Analysis provides detailed maps of MSA and MuSA to allow your company to effectively target areas of growth for the highest rate of returns.
Industrial Production- In 2012, several U.S. industries were influential in creating regional economic growth in the country. This information is readily available for the Census Bureau.
Metro market detail- Moody’s Analytic’s provides reports (purchased individually) entitled Précis®Metro reports. These offer concise, yet comprehensive research on the current and expected economic conditions of all US metropolitan areas.
National Economic Indicators – The Economics and Statistics Administration (ESA) releases 12 monthly and quarterly Principal Federal Economic Indicators collected by its constituent bureaus: the U.S. Census Bureau and the Bureau of Economic Analysis (BEA). Businesses rely heavily upon these indicators to make decisions every day. In their public comments, the Secretary and ESA’s Under Secretary and Chief Economist put the indicators into a national and global economic context. Some, if not all of these indicators will have some sort influence upon your business and your decision making capacity. Understand where to acquire this information, then record and track it in a useful format that will aid you in running the day to day operations of the business.
Our website winning sales strategy and our book “Strategies for Sales Perfection: In hte New Economy provide detailed analysis and explanations of this information along with a plethora of additional resources to allow your company to succeed during these this new economic recovery period.