( CNN ) -- Re-elected U.S. President Barack Obama must do more to engage with `` frustrated '' big business in his second term , according to Martin Sorrell , chief executive of the world 's largest advertising agency . The boss of WPP -- a multinational marketing and public relations company -- told CNN : `` As a foreign observer , I ca n't recall any male or female CEO saying they wanted Obama to win . Very few did . Read more : Five things Obama must do . `` Business is looking for closer engagement with the administration , '' he added . Sorrell also said that corporates will be watching closely how the Democrat president handles the country 's looming fiscal cliff . U.S. lawmakers face $ 7 trillion worth of cuts to spending and tax increases over a decade , which could significantly impact on the U.S. economy and its credit rating . `` The key issue is the fiscal cliff , as close as January 1 ... We have to wait until the inauguration , until the administration is put into place . '' The presidential election in the U.S. and the economic slowdown in China has created a cocktail of uncertainty , according to Sorrell . Read more : U.S. fiscal cliff risks dragging global economy into darkness . This , along with instability in the Middle East and a struggling eurozone , added to an already nervous corporate sector . Sorrell said : `` We 've seen considerable uncertainty , particularly in the third-quarter , many companies-missing their top line forecasts if not their bottom-line forecasts . '' There was a `` quantum change '' in clients ' attitudes toward discretionary spending in the third quarter of the year , he added . But the British CEO -- who formerly worked for the Saatchi brothers -- sees investors becoming more `` bullish '' over the prospects for the U.S. in the long-term . Sorrell noted there were also `` two big positives for the U.S. over the next 20 years . '' There were self-sufficiency in oil and gas and the competitive position in manufacturing , he said . CNN 's Oliver Joy contributed to this report .
The U.S. fiscal cliff should be the priority for President Obama in his second term , Sorrell says . Sorrell sees investors becoming more `` bullish '' over the prospects for the U.S. over long-term .