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.
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…
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.
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.