2020 Forecast – Industry – Contingency Plan & Be on Your Game

Given all the uncertainty with today’s politics and its business impacts, companies need to continue to contingency plan for different outcome scenarios. Some may suggest that businesses should contract and prepare for the inevitable downturn, yet one could also take the view that our unexpected economic boom provides an opportunity for companies to take some hits or make investments, setting organizations up to be healthier moving into potential rough times ahead.

It’s also a time to make sure you’re not following industry norms and instead are leaning into change and disruption. There is not a one-size-fits-all approach to winning with so much evolving in the business world; you need to play your own game.

You also have to be on your game. With culture moving so quickly today, industry also changes more quickly than in the past. Just look at plastic straws and single-use plastics. Within one year, consumer behavior has shifted and, in turn, new products have sprung to fill shelves. The plant-based meat trend is similar. Who would have thought that Beyond Meat would be one of the most successful IPO’s of the year? Or that fast food chains offering plant-based meat products would have lines out the door?

The Industry Forecast:

• Regardless of your industry, help your company learn to embrace agility and adaptability, to move more quickly to address marketplace movements and opportunities.

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