Welcome to the year 2016. If the wild variations in coast-to-coast weather are any foreteller of economics, we will be in for quite a ride. On a recent redeye flight, my handy airline napkin was useful for jotting down some of the key areas that may be significant in foretelling the economic climate in 2016.

Out of the gate, maintain a close eye on the European economy. If that region of the world maintains slow economic growth, the amount and duration of central bank stimulus will directly impact United States agriculture and rural economies. If the euro equals out with the U.S. dollar, a psychological benchmark will be hit creating a stir in the exporting business community.

Second, watch the U.S. economy very closely for signs of recession. Early lead indicators suggest a slowdown. The heartland of the country is already in a recession including industries such as energy, manufacturing and some sectors of agriculture. If the U.S. coastal economies slip into recession, the beef and livestock industries could face major price corrections.

Oil is most certainly an industry to watch. The price of oil is interrelated with possible economic slowdowns as well as military, political, and social disruptions in oil-producing nations of the world. Oil has been around the $30 per barrel range and some type of market rebound, perhaps temporary, may occur. Actually, odds favor oil prices in the $60 per barrel range long-term.

Not surprisingly, U.S. elections will be front and center for 2016. While the presidential elections will gather most attention, the congressional, senatorial and even gubernatorial elections will be more important to agriculture.

Maintain a close eye on the weather. El Niño is bestowing plenty of moisture to the Northwest. According to my fellow speaker, Eric Snodgrass of University of Illinois at Urbana-Champaign, California should get some drought relief this year and the corn belt area of the country may experience drier and warmer temperatures. As always, weather is dynamic and a potential game-changer in the field of agriculture and rural economics.

Finally, in your business, manage all the internal components possible and then, direct your business around the external variables. This includes complete financial records integrated into your daily operations and focused on financial liquidity. The year 2016 and beyond will present plenty of opportunities. Making those opportunities successful depends on your ability to strategize and execute well.