- Why is an economic forecast important for sales?
- Why is the economic outlook for 2018 encouraging?
- How does the economic outlook affect sales?
- How do investments look for the coming year, and how will that affect sales?
An encouraging look at the economic year to come from Dr. Tom Potiowsky, Economics Department Chair and Director of the Northwest Economic Research Center at Portland State University. Such an outlook is important for sales because if the economy is doing better we have job growth, hiring, wage growth, capital investment, banks become freer with loans–all of which makes for a much more robust sales environment.
According to Dr. Potiowsky, things are looking fairly good. We’ve had good job growth so far, and the unemployment rate is low. We’re reaching a part of the business cycle where we’re reaching full employment. The final stage of full employment is that we may not see the unemployment rate go down much further, but what we’re probably going to see are increases in wages. As labor and markets become tighter, businesses start to compete for the available labor. All of this means better income and better sales for businesses.
If businesses are going to be able to continue to gain market share, they’re coming up to capacity constraints. That means they need to expand, so Dr. Potiowsky sees that investments are looking good, which also bodes well for sales.
About our Guest
Dr. Tom Potiowsky is the Director of the Northwest Economic Research Center (NERC), which focuses on economic research activities to support public policy and private objectives. He is also a member of the American Economic Association, and of the Board for the Oregon Council on Economic Education.
John Golden is the Amazon bestselling author of Winning the Battle for Sales: Lessons on Closing Every Deal from the World’s Greatest Military Victories. He recently published his second book Social Upheaval: How to Win at Social Selling. A globally acknowledged thought leader, John has a passion for small to medium businesses. He is CSO and CMO at Pipeliner CRM.
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