According to an article from the Chamber of Commence 90% of Small Business owners are concerned with inflation and how it influences their business. 50% say that the Biggest Challenge Businesses are facing is inflation.

See the full article here.

How does inflation hurt small businesses?

1. Inventory costs rise
2. Salaries will have to rise to keep employees
3. Prices for customers will have to rise
4. Rents will rise

This is just to name a few. All of their expenses will go up and that could make them lose customers depending on the product or service they deliver. If Business Owners can’t afford to raise salaries to match inflation then they could lose key employees that are essential to their business. Most workers are complaining of that right now. Regular hard working people are running out of money to buy the things they need not including any extra things they may want.

We can’t exactly stop inflation. The only thing Business Owners can do is adjust their business to the rate of inflation, cut costs and increase sales. Some of the things they can try to cut costs on without major change are below.

1. Employees- Change to virtual assistants if possible for certain duties
2. Software Costs- Get a lower cost software system or get software to help your business run smoother
3. Automate- Automation helps your sales and administrative departments costs
4. Insurance- Shop around for lower insurance rates

This is a just few to think about that can be done easily and quickly without major changes. 1 through 3 Bounteous may be able to help you with. Just email us with your concerns and we can set up a free consultation.

Everyone must learn to live in the new economy and that means a bit of adjustment. Those small changes can be enough to keep your business sailing through. No matter what people still need to by products and services even when prices go up. Even during a pandemic people were buying. Don’t get discouraged. Just get moving toward what you need to do. We are here to help!