As we move through the second half of 2022, there are numerous areas of opportunity for businesses that \u2014 despite some ongoing challenges \u2014 could prove beneficial in the short and long term. Whether a business plans to buy, sell, expand, contract or has a need to raise capital, there are a number of key considerations they may want to keep front of mind. Let\u2019s take a look at five of them.\u00a0 Rising interest rates This is an issue on the minds of most business owners. Businesses need to focus on managing working capital and keeping their company\u2019s balance sheet strong. Extending maturities to remove near-term financing pressures and hedging some floating rate exposure through swaps or a term facility can be wise moves. The \u201cR\u201d word Even if a recession may be on the horizon, there are still opportunities here. Ranking your most critical initiatives can help identify where to pare without jeopardizing essential functions. Now is a good time to reach out to lenders proactively, brief them on steps being taken, and create a path for moving forward. Lenders will appreciate this, and the goodwill could lay a beneficial foundation should you need to approach them for borrowing waivers or amendments \u2014 if and when the recession does begin to take hold. Inflation This has been the key issue for several months now, and even with the recent passage of the Inflation Reduction Act, inflation may remain a worrisome long-term issue. Operating in a rising cost environment puts a premium on careful product pricing, controlling costs through deliberate purchasing, and managing working capital. This includes keeping accounts receivables as low as possible. If finance, human resources, purchasing, marketing, and other key functions can all respond in a coordinated way to inflation\u2019s challenges, success is much more possible. Employee engagement Sound employee engagement presents another key business opportunity. This is why it\u2019s a good idea to convey to your employees how rising interest rates, inflation, or a recession impact your business. Talk to them and listen to them. Communicate your strategy for getting through tough times and let them know that they matter and have a role to play. This also is the right time to solicit employees\u2019 suggestions for realizing economies and courting customers. Pursue talent This is an excellent time to pursue strategic talent acquisition. This is also a time where younger talent seeks personal and professional development to further their careers, so why not look now to see who is available and who could add value by coming on board? Rather than looking at these areas in a negative light, businesses can indeed see them as opportunities for growth and success. Now is the time to start thinking strategically about enhancing the long-term value of the business you have worked so hard to create. Jason Correia is a principal at CLA in West Hartford. Craig Arends is the managing principal of CLA's private equity practice.