How the War in Ukraine Could Affect Your Business

By Nicholas Barone
Published: 3/23/22
news backgroundHow the War in Ukraine Could Affect Your Business

Although, comparatively speaking, we are shielded from the war in Ukraine, that doesn’t mean you and your business won’t be affected by it. From inflation, to higher energy prices, there are a number of ways that everybody is being hit by the conflict. However, in a strictly numbers sense, there are some things you need to be on the lookout for. 

Business Interests 

The most obvious starting point is if your business has any operation or business ties to either Russia, Belarus, or Ukraine, then you should already be doing something. Whether it be sanctions, increased costs, cyberattacks, or a plethora of other unforeseen consequences that may arise out of this war, you should be changing the books as of yesterday… 

Potential Solutions 

Although the last paragraph may have sounded a tad panicky, don’t worry, there are a few steps you as a business can take to mediate the potential fallout. 

  • Cessation of Operations in Affected Countries: If you currently have business ties or operations in the affected countries, Ukraine, Russia, or Belarus, then you might want to think about completely halting operations. Even if your business is digital, you might run into trouble with sanctions or further punitive economic measures third countries might take. 
  • Cancellation or Changing of Previous Contracts or Agreements: This goes along with the previous one, but if you have ties to any business in the affected countries, then you might want to have a little chat with them about changing or ending your agreement. Again, by ignoring the current political climate and sanctions that have already been taken, you may be putting you, personally, and your business in harm’s way.
  • Implementation of Further Cyber-Security Measures: Even if you have no direct ties with the countries we listed, you should still be on high alert for potential cyberattacks. Cyberattacks are on the rise, and even if you’re not a high profile company, your business may still be affected by a wide-spread attack. You may want to consider investing in a preventative software in order to protect you and your company. 
  • Foreign Currency: If your business has reserves or large amounts of foreign currency from Russia, Ukraine, or neighboring countries like Poland or Romania, you might want to consider converting it to a more stable currency like euros or dollars. With inflation in full effect, you may be shielding your business from a potential loss in gains. 

Watch Out!

Even though the potential measures we just listed isn’t exhaustive, you should be on the lookout for any vulnerabilities your business may have when it comes to this war. Trust us, it’s always better to be proactive than reactive, especially when it comes to something as serious as this.  

Transparency is an essential value for Appvizer. As a media, we strive to provide readers with useful quality content while allowing Appvizer to earn revenue from this content. Thus, we invite you to discover our compensation system.   Learn more
News backgroundJust In! The top news of the web - Week 32
News
August 12, 2022
Just In! The top news of the web - Week 32
What should you take away from the news this week? Tools for localized online-to-offline marketing, how to improve ROI during recession by investing in media, the danger of deepfakes, tips to nurture talent for accounting firms, and much more.
News backgroundJust In! The top news of the web - Week 31
News
August 5, 2022
Just In! The top news of the web - Week 31
What should you take away from the news this week? 8 content marketing metrics marketers should care about, how federal scrutiny of mobile location data might affect marketers, Google delays third-party cookie deprecation, the talent textbook, and much more.
News backgroundJust In! The top news of the web - Week 30
News
July 29, 2022
Just In! The top news of the web - Week 30
What should you take away from the news this week? LinkedIn continues to see “record levels” of engagement and session growth, new Facebook feed format, whole-person safety, ICPRS Summit 2022, and much more.
News backgroundAccounting Industry Guidelines for Going Green
News
July 25, 2022
Accounting Industry Guidelines for Going Green
Climate change is an essential topic of discussion in today's world, and the accounting industry can make a change. Discover the standards and principles established by international accounting bodies that can help make an impact.
News backgroundJust In! The top news of the web - Week 29
News
July 22, 2022
Just In! The top news of the web - Week 29
In this episode, we’re going to learn more about: The Teads Attention Program, the end of third-party cookies, the next big cybersecurity threat, the impact of digital tax on accountants, and much more.
News backgroundBringing AI and Marketing Together at MAICON 2022
News
July 22, 2022
Bringing AI and Marketing Together at MAICON 2022
Ready to implement AI into your marketing strategies? If you’re a digital marketer, read on to discover MAICON 2022 and learn how AI can help plan, produce content, personalize your product, and more!
News backgroundBacking Cybersecurity at Black Hat 2022
News
July 19, 2022
Backing Cybersecurity at Black Hat 2022
Cybersecurity is essential for all businesses. At Black Hat 2022, computer security pros can discover the latest information, trends, and training. Learn more here!
News backgroundJust In! The top news of the web - Week 28
News
July 15, 2022
Just In! The top news of the web - Week 28
In this episode, we’re going to find out more about: LinkedIn’s new “Business Manager" platform for B2B marketers, the intermediate or advanced level of cloud usage, what you can do about increases in employee disengagement, carbon reduction in the accountancy sector, and much more.
News backgroundJust In! The top news of the web - Week 27
News
July 8, 2022
Just In! The top news of the web - Week 27
In this episode, we’re going to find out more about: tips on maximizing your reels content approach on Instagram, the rise of cloud data and cloud complexity, the benefits of small accounting firms, the growth of multi-access edge computing spending, and much more.
News backgroundJust In! The top news of the web - Week 26
News
July 1, 2022
Just In! The top news of the web - Week 26
In this episode, we’re going to find out more about: metaverse spending increases, the Gartner tech growth and innovation conference, low-code as a trending platform, the benefit and the challenge of remote work and office work, and much more.