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Major Business Mistakes to Avoid

January 3, 2020

In their book Make Your Move, Brian and Alan Beaulieu outline 10 major business mistakes to avoid. In this week's Trendstalk, learn which of those will be tempting in 2020 and how to avoid them.

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ITR Economics' Divider

Transcript by Rev

Brian Beaulieu:
Hi, this is Brian Beaulieu, CEO and chief economists of ITR Economics talking to you about the future and this is what we do. In particular in our book, Make Your Move, we outline 10 major business mistakes to avoid. I just want to quickly touch upon those as it relates to 2020 and even 2021.

Point number one was don't get your view of the future only from mass media outlets. If you're listening to one of our podcasts, I assume that isn't the case, but be careful, even if it's just ITR and one other outlet. We even get a variety of inputs. I don't read just one newspaper, I don't listen to just one podcast, I don't listen to just one talking head. I don't get my forecasts from them, but I get the tone and tenor of what's going on out there because the perspective, the construct changes.5

Make sure that you are hearing that 2020 is going to be a better year and you're going to get that primarily from ITR early on in 2020, because we expect the news is going to be not so good in through that period early 2020. And a local media outlets, or even the national media outlets are likely to be despairing rather than looking forward.

Another one that we talk about and make the movies don't assume that changes in the overall economy will not affect your business. If you've been slowing down in your business here in 2019, even if it's a slow down in the rate of growth rather than an overt contraction in your business, you're being impacted by the overall economy. If you're a countercyclical indicator and you've been booming through 2019 while everybody else is slowing down, still, it's because of what's going on in the economy.

We rarely find businesses that are not somehow connected to what's going on in the economy. There are some out there. We are asked to do some forecasting sometimes and we look at it, the business, the cycles that the business is going through. We do our best to relate it to leading indicators related to other facets of the economy, global US that we can forecast, forecast wealth to help them see the future and every once in a while, we just can't find anything. We Know those businesses are out there. But test your assumption before you go forward with the assumption that you don't really do what's going on in the overall economy.

And finally, I'm not going to go through all 10, but I'm going to leave us with this one. Don't assume that your business as it stands today is what it will need to be in the future. You've heard time and time again. Change is a constant. It's happening at a rapidly developing pace. I want to bring that home to 2022 over the course of 20 and 21. Make sure you do it with some missionary efforts into new markets. Figuring out what you are going to be doing that's truly different. How is your business going to be different in 22, 23. Focus on that over the course of 20 and 21 and you're going to find that you are outperforming the business cycle like you've never been able to outperform it before.

That's this month's TrendsTalk from me. I hope you're doing well and I hope you prosper in 2020. Thank you.

About

Since 1948, we have provided business leaders with economic information, insight, analysis, and strategy. ITR Economics is the oldest privately held, continuously operating economic research and consulting firm in the US. With a knowledge base that spans six decades, we have an uncommon understanding of long-term economic trends as well as best practices ahead of changing market conditions. Our reputation is built on accurate, independent, and objective analysis.