The global post-pandemic economy is turbulent with the current inflation and looming recession. It’s especially affecting small businesses. According to a recent Goldman Sachs survey, 91% of small business owners report negative impacts on their business, and 73% specifically blame rising energy costs.
Combatting inflation isn’t easy, especially when small businesses laid off nearly 40% of their workforce at the start of the COVID-19 lockdowns. A McKinsey survey found rising prices are a bigger concern to the average American than gun violence, COVID-19, and climate change, with a whopping 65% of people reporting it as their top worry.
As you navigate stricter buyer expectations and supply-chain shortages, you may be wondering how to deal with inflation as a small business.…Continue reading