All signs point to there being a shift in monetary policy at some point  and interest rates have been sitting at historic lows for a very long time. Competition is fierce for business as the home lending market slows down and new sources of revenue are hunted. A cursory look at international markets will tell you things are starting to heat up in the USA and the Fed will most likely raise rates later this year. The Australian economy isn’t as tied to the US as it once was but historically speaking where US interest rates go others follow!

Read on for our top tips to see you through the economic shifts on the horizon.

1. Simplicity is key
In his  shareholders letter Warren Buffet commented that “if you don’t invest in things you know, you’re just gambling”. Businesses should invest within their knowledge base and avoid risks outside of their comfort zone.

2. Get back to basics
Assess what budgetary reductions are within your control, leaving aside for now those that aren’t. Every dollar saved is a dollar that can be used to reduce your company’s liabilities.

3. Get out of debt or consolidate what you have
Take a good hard look at your business’s budget and make the decisions that will help clear the balance sheet. For most businesses this is by no means an easy task, where incomes for many have suffered during the latest slowdown.

4. Invest in your people
Investing from within is one of the easiest ways to ensure financial uplift in. If businesses invest in promoting and enhancing talent the business will grow in correspondence with an engaged, inspired and rewarded workforce.