Economic and business consultants are needed in a variety of capacities, and often they are called as experts in complex litigation matters. However, economic consulting goes far beyond litigation support. In today’s business climate, there are countless unknowns. Successful economic consultants know how to dig through dynamic market uncertainties to deliver analyses that are grounded in extensive research and consideration. This type of economic research is one that Greenfield Advisors has offered for over 40 years. Greenfield has certainly served in litigation support roles and has found much success, but our economic consulting work is not limited to the courtroom.
Greenfield Advisors takes pride in its broad range of economic consulting offerings. These include performing market research, creating feasibility studies, writing business plans, generating economic impact reports, and performing meticulous due diligence assignments – all while delivering the highest quality work products and reports. Each economic consulting service or report we provide is rooted in our economic, financial, and real estate expertise, driven by in-depth data analysis. Our experience in litigation support has trained our economists and analysts to approach situations with every angle in mind, leaving nothing unconsidered.
The staff at Greenfield Advisors has even provided economic consulting expertise in some unexpected ways. Holly Wharton and Jessica Flood were both chosen to participate in GeorgiaForward’s Young Gamechanger program, which offers strategic advice to a chosen city in Georgia each year. In 2018, Wharton assisted Downtown Albany, Georgia, with ideas for revitalizing the downtown corridor to attract residents and businesses. This year, Flood is working with the City of Monroe, Georgia, to increase entrepreneurship within the area. The Greenfield staff is happy to provide community consulting services throughout the country to assess strengths and weaknesses and identify areas of improvement.
There are many benefits to be realized from working with economic consultants. Consultants can assist businesses and communities with strategies that are resilient to market fluctuations – developing effective marketing plans and conservative financial models – for added security in uncertain conditions. Currently, economic growth is slowing, and the U.S. GDP growth is expected to be 2.4% in 2019 compared to 3.1% in 2018. Coupled with the inverted yield curve which was announced last month, many investors, businesses, and communities are starting to pause to think about the state of the economy and whether or not we are headed into the next recession, especially since we just marked the 10th anniversary of the bull market.
What goes up, must come down, but when? The inverted yield curve has preceded every recession since the 1960s, and the uncertainty it is causing in the market means that businesses need to be more thoughtful than ever when considering strategies and next steps. Economic consultants can weave through this obstacle course and assist businesses and communities with plans and goals that are appropriate for the current market and flexible to various economic situations.
The future of economic consulting, in our opinion, should look very bright. There’s more data available now and that will only continue, likely at an exponential rate. Businesses have always desired to succeed, and communities have always wanted to be attractive, but with more market data available and highly qualified consultants to analyze it, that desire can become a reality. We are not recommending that there will be a 100% success rate with any business or community that hires a consultant for assistance. There are countless other factors that play a role. However, if those businesses and communities take the advice and put those resilient strategies into practice, the chances of success are much more likely. Businesses, especially small start-ups and restaurants, have had historically high failure rates, most likely due to poor research and planning. Business and economic consultants can help weather those storms in a tricky economic climate.
Call us today to learn more about the economic consulting services that we provide!