“Time is the enemy of the poor business and the friend of the great business.”
— Warren Buffett
James Carville, Bill Clinton’s political strategist in the 1992 US presidential election, coined the phrase “It’s the economy, stupid!” in order to give the political campaign a central theme and focus. It ultimately helped to unseat George H. W. Bush by promoting the notion that he had not adequately addressed the financial challenges in an economy that had recently suffered a recession.
For entrepreneurs and SMEs, the health of the economy will often determine the focus of a business, as well as its appetite for risk and growth.
During recessions, the focus ...