Halfway Through 2023 and It Feels Like Groundhog Day

We are almost halfway through the year and businesses are still fighting supply chain constraints, inflation, rising interest rates and the impact of international strife.  Business leaders want people back in the office full time, vendors continue to push deliveries out, pricing keeps increasing and so on.

Do you feel like your head is on a bit of a swivel or is it Groundhog Day?  Now is not the time to sit back on your laurels and hope that things will settle down.  How will you finish the 2023 game?  To help trigger some thought, how about considering the following questions:

1. When do your vendor contracts renew?  Should I accept the price increases?
2. What are my options if a key supplier goes out of business?
3. What is my pricing strategy for the rest of the year?
4. What’s the point of paying for business interruption insurance, it did not cover me with the pandemic shutdown?
5. I would like to allow some of my staff to work virtually, but really want them back in the office on a more regular basis.  What are my options?
6. I have key client agreements coming up for renewal.  What should I be adding or modifying in the agreement in this new post-pandemic, higher interest rate environment?
7. With my employees working virtually all over the country (and even the world), what taxes am I responsible for?
8. Do I have the right strategy in place for my business?

This list could go on and on.  What are you going to do with your business and how will you react?  Remember, you are not alone and stranded on an island.  It may be time to sit down with your team (mentors, professional advisors and senior leaders) and talk about these issues.  I think you will find that the issues become less of an “issue” and evolve into more of a “solution”.

A few things that may be of interest: 

• 15 Cyber Security Tips for CEOs | Stambaugh Ness
• Total Compensation Packages: Getting it Right for Today’s Employee | Stambaugh Ness (7/11; 2-3pm EST)
• June 2023 Commentary: Tracking the Artificial Intelligence Wave | Stonebridge Financial Group (stonebridgefg.com)
• SALT: What’s New, What’s Changing, and What’s Staying the Same (stambaughness.com) (06/20 @ 3pm)

As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com), Erik Spurlin (espurlin@mpl-law.com), Brad Leber (bleber@mpl-law.com) or anyone in our office with questions or comments.  

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