Is Small Business Success Possible During a Period of Inflation?

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.

Small business owner worrying over inflation

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.…

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Keeping Business Strong Whilst Combatting Inflation

No one is unaffected by the cost of living crisis affecting countries across the globe, and the world of business is certainly no different.

Business analysis

Inflation rates in the United States were at 7.7% in October 2022, resulting in your business having to contend with rising interest rates, while there are supply pressures as a result of having to pay for products and materials – not to mention the impact on shipping and delivery prices.

This can have a direct impact on your purchasing power but there are ways to keep your business strong while combatting inflation.

Pricing audits

First and foremost, it is time to keep control of your spending – now is the moment to really examine your costs.…

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How to Mitigate Inflation’s Effect on Your Small Business

As a business owner, inflation can feel like an absolute nightmare. While running a small business can be challenging enough, inflation adds another layer of difficulty that can sometimes feel impossible to overcome.

Business meeting

Luckily, there are steps that you can take as a business owner to mitigate the effect of inflation on your small business. By taking the right precautions, you can make it through times of high inflation and grow your small business into the great success that it deserves to be.

Downsize If Possible

Though it’s definitely not ideal to downsize, desperate times can call for desperate measures.…

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Business, Inflation, and the Great Resignation

There is an axiom in business related to pricing. You can only charge what the market will bear. That means if you set a price point for a product too high, not enough people will buy it for you to profit.

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There’s another aspect of that too, though. You can only get people to work for your company if you pay them enough. A time always comes when someone will walk off a job because they feel like you’re not giving them adequate compensation for the work they do.

That brings us to what’s happening today, that some in the business world call “The Great Resignation.”…

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