08 Mar Global Effects
The war in Ukraine will have a ripple effect on the global economy, and you need to be prepared for what is next. Not since the end of World War II have we seen this kind of global conflict.
Let me be clear, my thoughts and prayers are with the Ukrainian people. So many millions of innocent lives who are having to uproot their families and take up arms to defend their homeland. I can’t imagine the thought process of not worrying about my job to focus on defending my home. But that is the reality in Ukraine.
At home you can expect the rising inflation and global supply chain issues to get worse, before they get better. We have a one-world economy. The United States imports energy and other products from Russia. As our government implements financial sections on Russia, the cost of those products will go up with less supply in the market. We have already seen a rise in gas prices.
The cost of oil effects everything. If you ship supplies for your business, the cost of shipping will increase as the price of a gallon of gas increases.
The cost of oil effects everything. If you ship supplies for your business, the cost of shipping will increase as the price of a gallon of gas increases. That means you will have to raise your prices to help offset the cost to try to maintain a profit margin. That is the definition of inflation, when the cost of goods increases, making the dollar less valuable.
You also need to be prepared for a cyber-attack on your business. Russia has proved it is capable of launching cyber-attacks. The United States banks have spent a lot of money improving their security. I believe we are prepared for any major attack on our systems. But what about your company’s emails, websites, and servers?
I am not an alarmist, nor would you consider me a prepper. But I am a student of history. When NATO (North Atlantic Treaty Organization) Response Forces were activated for the first time, that got my attention. NATO was formed following World War II with the purpose of acting as a deterrent to the old USSR from expanding into Europe.
This is a real conflict, and it could go on for weeks, months or longer. But American entrepreneurs are resilient. It is not time to panic, but it is time to be prepared.
Scott Miller is the CEO of Centerpost Media, host of the Create. Build. Manage. show (seen on BizTV, heard on BizTalkRadio, and available wherever you listen to podcasts,) and a member of the Forbes Agency Council, Entrepreneur Leadership Network, and Dallas Business Journal Leadership Trust. You can find Scott on Facebook, Instagram and Twitter via “@scottmillerceo” or on LinkedIn via “@scottmillermedia.” Centerpost Media is a content marketing agency with a vision to help every business they encounter with their media needs by providing outstanding quality, service and value. Centerpost Media is the parent company to BizTV, BizTalkRadio, BizTalkPodcasts and Bizvod.