As many companies have discovered during downturns and recoveries, economic factors can have a significant impact on consumer buying trends.
A rapid rise in layoffs and a tight hiring climate mean less disposable income, which can negatively impact industries like travel and entertainment — but may have a positive effect on other industries, as consumers stay closer to home and increase their purchases of home-based products and improvement items.
Economic factors can represent both threats and opportunities to organizations.
Companies must be continually alert to these external impacts, and adjust their strategic plans accordingly.
As we begin the process of adopting the 2019-2020 budget using a new budgeting method, Priority Based Budgeting, we want to make sure that the strategic plan still reflects the Community’s priorities and values.