Brad Sugars, who is widely recognized as one of the leading Business Coaches in the world, likens the current economic climate to “economic winter,” and says the environment is right for new business to set themselves up for the next “economic spring.”
“The current ‘economic winter’ may be a bit more cold and longer than we’ve seen in the past, but the next ‘economic spring” will come,” he says. “Those companies that streamline and get their sales and marketing right will be miles ahead of the competition when the recovery hits full steam.”
While he sees some signs of recovery in different sectors, Sugars comments that more emphasis should be put on small business as an engine that drives a stronger and longer economic recovery.
“There has been very little focus on the small business sector as a factor for recovery,” Sugars says. “I think President Obama’s economic package should have more incentives for small business, because the reality is that 98% of all businesses in the U.S. and around the world could be classified as ‘small.’ Plus, in every recovery in the modern era, small business has led the way.”
Why does Sugars see the current environment as ideal for starting a new business?
“Costs are lower, obviously, and there is a larger pool of very talented labor looking for work,” he says. “Also, companies are seeking new vendor relationships and there are opportunities to work creative deals, especially because many credit markets are still sluggish.”
Sugars also notes that good market and business opportunities exist in real estate, heavy equipment and construction.
“Many people have waited years for prices to get to where they are right now,” he says. “There is no better opportunity that right now to get into these industries.”
Still, he says the current emphasis on spending and bailouts could be detrimental to the economy in the long-run.
“Businesses need the ability to fail if they are not profitable or productive,”
Sugars says the key to growth is putting an emphasis on more profitable incentives.
“When you change the incentives, you can alter business behavior very quickly,” he adds. “Hopefully, more policies will result in better incentives and help for small and medium-sized businesses.”
