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Sponsor spotlight: Business planning tips during an uncertain economy

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Patrick Novack Managing a business and planning during an economic landscape of rising interest rates, inflation, and possible recession is challenging. Patrick Novack, VP, Relationship Manager at Coastal Community Bank, talks to his customers regularly about the current economy and how to plan for the present and the future in the current uncertain climate.

“I talk to my customers regularly about their concerns about the economy,” Novack said. “It’s a real concern. I think that more business owners are just thinking, OK, how can I strategically position my business to weather events that may happen down the road.”

When having these discussions, Novack regularly recommends they think about liquidity, and their network of trusted professionals and reminds them the economy is cyclical and constantly evolves.

Liquidity

Novack explained that liquidity is a topic he regularly discusses with clients. “If you’re able to have more cash in the bank, you’re able to weather increases in prices of products and supplies, economic changes, etc. Not all businesses may have access to excess liquidity, but it is a good time to stockpile cash if you can,” Novack said. “If a business owner doesn’t have liquidity, it’s also a good time to talk to their […]

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