7 Ways Small-Business Owners Can Cope with Inflation
Posted Apr 20, 2022
Small businesses that weathered the last two years face a new challenge: rising inflation. According to the Bureau of Labor Statistics, the all-items index rose 7.0 percent for the 12 months ending December 2021—the highest increase in 40 years.
The looming effects of inflation, combined with the loss of income due to the COVID-19 pandemic and supply-chain issues, can threaten small-business profitability.
According to the Business.org report The Effects of Inflation on US Small Businesses in 2021, featuring compiled data from the Consumer Price Index and an anonymous survey of 700 small-business owners, 60 percent of business owners are concerned about the financial health of their companies and 47 percent report decreased profit margins.” Read the full article