Recently Horne, a leading CPA firm, and the National Center for the Middle Market (NCMM) released a very thorough economic overview for 2022. Entitled “2022 Industry Growth Forecast”, the document is a tremendous forecast for the economy overall as well as for several industry sectors.
Here is how they described where we are today in their overview:
Pandemic. Shutdowns. Work from home. Workforce shortages and broken supply chains. In the past year, the business world has been faced with a series of truly unprecedented events. While this period has presented a unique set of obstacles to growth, silver linings are beginning to emerge. Advances in data and technology hold the promise of redefining how companies work and grow.
Federal spending on infrastructure, recovery and economic stimulus poses tremendous opportunities.
Those who take steps now to anticipate and adapt to the realities of a post-COVID world will find themselves poised for improved performance, efficiency and profitability.
There was also a very interesting quote from CNBC at the outset of their study:
Chief executive officers of companies from industries including healthcare, restaurants, packaged food, manufacturing, logistics and chip sector believe that any hope of a “return to normal” in 2022 is misguided and that volatility will remain a primary business challenge.
I have bolded two key segments in the quotes above because I think they really make good points: If we have learned anything two years into this pandemic, it is that businesses that aggressively attacked the massive challenges we have seen since March of 2020 have fared far better than those hoping for a return to “normal”. Odds are good that our post-pandemic world will likely never be the same again.
But that may be a good thing…
One of the reasons we were able to have a record-setting 2021 was because we are blessed and honored to have some of the finest business leaders as clients in North America. We have been so impressed by their leadership, resiliency, adaptability, and willingness to change during two of the most tumultuous years in our nation’s history.
Their ability to overcome some very serious issues has, we believe, helped our country economically. But also in other less tangible ways, by simply giving us hope and belief that we may not return to “normal”, but we will (and are) forging a changed economy, one that is now built on even greater flexibility and resiliency than ever before.
If your business is facing challenges today, and you are unsure how to effectively address them, the good news is that our consulting group (GCG) can help you out. In fact, over the past 12 months, we have guided and mentored dozens of business owners by providing them with tactical and strategic growth strategies that really work. You can listen to what some of them have to say about our services using the following links:
And special thanks to Horne and the NCMM for providing a very good overview of where we are heading economically over the next 12 months or so. I would encourage you to download a copy here, and review the entire document.
Carl Doerksen is the Director of Corporate Development at Generational Equity.
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