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As I consulted with a young business owner, it struck me that some of my business experiences are foreign to younger generations. For instance, few people under 45 years old have experienced rising interest rates.
As our economy fuels up, we are running a bigger risk of interest rates rising, possibly in a significant way. Personally, I remember the pain of trying to repay my first business loan when interest rates for business loans were at 21%!
If your business is heavily indebted, rising rates can quickly wipe out your profits. It’s much better to reduce your debt prior to rate increases.
Proverbs 4:1 teaches, “Listen, my sons, to a father’s instruction; pay attention and gain understanding.”
If you’re a younger leader, look to your elders for experience and wisdom.
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