How can small businesses deal with inflation?
Several factors contribute to the current high rate of inflation. The first one is related to COVID. In 2020, the beginnings of the pandemic sent millions of U.S. workers home.
New mobile apps to keep an eye on
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What new social media mobile apps are available in 2023?
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Use new social media apps as marketing funnels
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Try out Twitter Spaces or Clubhouse on iPhone
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What app are you currently experimenting on?
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Several factors contribute to the current high rate of inflation. The first one is related to COVID. In 2020, the beginnings of the pandemic sent millions of U.S. workers home. The American economy came to a standstill from which we’ve begun to recover. But the sharp rise in consumer spending has outpaced the ability of product suppliers to keep up, leading to higher prices for virtually everything.
Another reason is the labor market. Coming out of the pandemic, the American workforce’s attitudes toward employment have changed drastically. Millions of fed-up employees are leaving their jobs, leaving a lot of empty positions to fill in a place where the demand never ceased to exist.
The shortage of workers has led to big wages to fill roles, and those higher wages mean more considerable prices on products and services. Calculate the labor market, the ongoing global supply chain issues, and the value of crude oil. All these factors add up to the inflationary pressure we see today.
But how can we handle it? Here are three ways to do it better.
- Carefully evaluate staff
With such an unstable labor market, hiring has never been more necessary. It is more expensive than ever to make any kind of hire, and in a small business, every new employee significantly impacts the company as a whole.
Keep in mind that different industries and functions will change by inflation. If your company hires dozens of low-wage employees, they can be greatly affected by small changes in inflation. If you employ fewer, higher-paid staffers, you could ensure that you’re doing everything possible to keep them around and happy.
- Buy in bulk
If you can anticipate sales shortly, stocking up on expensive products or supplies can be a cost-saving measure. If you can make a substantial purchase of a needed collection while interest rates are low, you may be able to save some money while preparing for the short term.
Here are some tips for small businesses to adopt in challenging times. Know your company inside out, so you can make the best decision for both of you.
- Borrow money while interest rates are low
While lower interest rates nationally can lead to inflation like we are seeing now, this could be a great time to borrow -while it’s safer, less expensive, and better for your financial future.
Do you need to upgrade equipment to boost sales in times like these? Is there a concrete opportunity in the short term? Borrowing now means that if interest rates rise later – as noted above – you will pay less for the money you need.
Have you checked our credit opportunities and cash advances for businesses like yours? See everything we can do for you and the services we can provide to solve your financial difficulties here.
