Georgia Chamber of Commerce issued the following announcement on Mar. 4.
The Georgia Chamber offers the following advisory as businesses address questions rising from the growing Ukrainian-Russian war. We also ask all Georgia businesses to seek ways to support the people and leadership of Ukraine.
We provide the following for your consideration regarding the potential impacts to your business:
- Likely increases in food prices because over 25% of the world’s wheat comes from Russia and Ukraine. The Georgia Chamber recommends budget adjustments for food processing, distribution, grocery and restaurants.
- Energy prices will remain high. The Georgia Chamber recommends that businesses prepare for higher transportation costs and consider further realignment of supply chains.
- Workforce shortages could worsen, especially if global talent pools and transportation networks are impacted. The Georgia Chamber recommends further employee engagement and suggest reviewing our 2022 report: Winning the War for Talent, available here.
- Stakeholder demands for statements on the war will likely materialize. The Georgia Chamber recommends Georgia businesses work through those strategies now.
- Global Supply Chain challenges will continue and could worsen as air transporation is impacted and natural resources in Ukraine and Russia destruction will be limited. The Georgia Chamber recommends a full examination of current systems and suppliers.
- Expect cyber risks to dramatically increase. Russian cyber attacks are already materializing and will likely increase. The Georgia Chamber recommends immediate review and updating of all cyber security systems and more diligent monitoring. Please see our deeper dive on recommendations here.
- Poultry and other commodities that export to Russia will be impacted. Additionally, commodities shipped from Ukraine and Russia to the European Union have been disrupted. The Georgia Chamber recommends Georgia businesses scenario plan considering potential price increases, supply shortages, and continued disruptions for operation in the U.S. and abroad.
- European refugee crisis could unfold and impact American communities, non-profits and businesses. The Georgia Chamber recommends the Federal government extend Temporary Protective Status (TPS) to Ukrainians on active visas in the U.S. until the crisis is resolved.
- Inflationary pressures will be compounded. The Georgia Chamber recommends continued monitoring, budgeting and pricing adjustments.
- Political divides in the U.S. could deepen as debates begin over response and long-term Russian engagement strategies are discussed. The Georgia Chamber recommends Georgia businesses continue to evaluate official state and federal actions and evolving political conditions.
- State and Federal government calls for divesture from Russian enterprises have begun and will likely continue. The Georgia Chamber recommends a review of holdings and partnerships in preparation for government actions.
- Social media platforms will likely target companies for Russian business engagement and exports. The Georgia Chamber recommends Georgia businesses work through those strategies now.
- China is closely watching Russia’s aggression to inform their actions regarding Taiwan. The Georgia Chamber recommends Georgia businesses with investments and supply chains in those countries monitor the situation closely and begin preparations for business plan adjustments.
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