Thankfully, we’re starting to come out of the pandemic that challenged companies of all sizes like never before – but we’re still not out of the woods. There are number of factors that exist that continue to test even the most prepared business executives. The first is the rising rate environment. The Fed recently increased the interest rate for the first time since March of 2020 with several more rate hikes predicted in 2022. What does this mean for you as a business owner? We are advising our business clients to seek financing opportunities sooner rather than later, securing fixed rates to the extent possible to limit volatility. The other two challenges are a bit harder to pre-empt. Inflation is a reality we’re all dealing with right now. Securing fixed rate lending options is certainly one avenue to limit exposure, as well as ensuring tight management of cash flow. Other considerations to weather inflation would be to review supply chain and customer contracts. Lock in what you can now with suppliers; see if you can establish some flexibility with customers if you need to share some cost increases later on. Of course, now is the time to double-down on customer service. If prices have to increase at some point, you’ll want a loyal customer base who will understand and stick with you. And, finally, the global economy. The war in Ukraine is causing cost increases and uncertainty for governments, businesses and consumers alike. This global unrest will exacerbate some of the issues we’re already experiencing such as supply chain issues, raising rates and costs. Keeping a close eye on your numbers will be even more imperative – but remember to keep a long-term view.