Use the Back Half of the 2020s to Prepare for the 2030 Depression!
It may never come, but if it does, you won't be any worse off for having prepared.
That's the simple message of Michael Feuz as we discussed ITR Economics' forecast of a 2030s depression. And during our recent conversation, we spoke at length about economic forecasting, tariffs, ITR's forecast of hard times in the early 2030s, but also how companies can begin to prepare now during the remainder of the 2020s that they predict will be characterized by strong revenue growth.
Michael works frequently with middle-market industrial manufacturing firms and brings that perspective to our conversation. But he also has a background as an extraordinary sales rep, and he's an award-winning public speaker.
Tune in for our full discussion and some serious food for thought.
Connect with Michael to follow his speaking engagements, forecasts, and market analyses.
Check out Michael's ITR Economics website | | | |
ITR Economics Forecast of a 2030 Depression and How to Prepare Now - Michael Feuz on Industrial Growth Institute Episode 61
Episode Recap
Summary
How long will economic growth last? Join Michael Feuz for Episode 61 of the Industrial Growth Institute Podcast for more on ITR Economics' explosive prediction of a 2030s depression! Learn what you need to do to prepare your company now. Summary Michael Feuz, an economic speaker from ITR Economics, is in the Industrial Growth Institute Podcast studio this week to discuss the current business landscape, sales strategies, and the forecast for the 2030s. Mike and Ed explore the importance of understanding market dynamics, the transition from sales to economics, and the challenges businesses face in uncertain times.
Michael shares insights from his unique background, including his experience in tech sales and public speaking, and emphasizes the need for businesses to adapt their strategies in response to economic trends. He and Ed also discuss:
- strategic business positioning for the upcoming economic challenges of the 2030s
- the importance of understanding economic cycles
- leveraging technology and AI for efficiency
- the U.S. economy
- key economic indicators for business leaders
- labor challenges in the industrial sector
- the impact of tariffs on the trucking industry.
Additionally, they emphasize the need for businesses to adopt aggressive growth strategies and effective marketing approaches to navigate the changing landscape.
In sum, the conversation offers an interesting dive into ITR's forecast for strong growth in the next five years, then five years of economic depressions, albeit with cyclical fluctuations. The message is to use this period of strength to position your business with a strong balance sheet, an agile structure, and clear competitive advantage.
Takeaways
- Practical perspective on economics.
- Public speaking skills are essential for conveying economic data.
- Sales strategies must adapt during periods of uncertainty.
- Building relationships is key to successful sales.
- Discipline in sales leads to better outcomes.
- Economic forecasting can help businesses prepare for the future.
- The 2030s may present significant economic challenges.
- Businesses should not miss opportunities for growth in the coming years.
- Businesses should prepare for the 2030s by evaluating their market positions.
- Understanding economic cycles is crucial for strategic planning.
- Investing in automation can enhance productivity and reduce labor needs.
- Aligning leadership and board perspectives is essential for effective decision-making.
- The U.S. economy is projected to remain strong despite global challenges.
- Key economic indicators include B2B spending and money supply.
- Labor availability is a significant concern for industrial sectors.
- Tariff impact on supply chains.
- Alternative data can provide valuable insights into market trends.
- Effective marketing strategies are vital for professional services firms.
Takeaway Quotes from Michael Feuz
- "If you're preparing for the 2030s, you're not going to be worse off if it doesn't materialize."
- "Take care of the little things so the big things fall in place."
Outline
00:00 Understanding Market Dynamics and Trends
07:35 The Art of Engaging Public Speaking
12:36 Transitioning from Sales to Economics
18:16 Sales Strategies in Times of Uncertainty
24:58 Forecasting Economic Trends and Challenges
30:27 Preparing for the 2030s Economic Landscape
37:05 Understanding Economic Cycles and Market Dynamics
46:30 Aligning Leadership and Board Perspectives
51:36 Key Economic Indicators for Business Leaders
57:47 Utilizing Alternative Data for Economic Insights
01:07:14 Preparing for the 2030s: Growth and Pricing Strategies
Optimizing Revenue Growth to Rock the 2020s
Michael makes the point that now, while the economic sun is shining, is the time to make hay. He suggests companies consider raising prices while the market will bear, and thinking carefully about your ICP and even which customers/markets to withdraw from.
That requires a very structured approach to marketing and sales.
That's the premise of ORE™ (Overall Revenue Effectiveness Framework) that helps manufacturers visualize their revenue growth system as a production line.
