Are you a small business owner affected by recent inflation? You are not alone. Inflation is affecting small businesses across the country as inflation continues to soar to numbers we haven’t seen since 1982. A recent CNBC/SurveyMonkey Small Business Survey found that roughly 74% of small business owners are experiencing rising costs of supplies. This percentage has remained roughly the same from Q4 2021. However, the amount of small businesses passing along these increased costs to customers has increased from 39% in Q4 2021 to 47% in Q1 2022.
Rising concerns surround the small business community. One of the main concerns — there is no end in sight. There is no clear prediction how high inflation will soar or how quickly this will occur. Another contributing factor to this small business struggle is increased labor costs. A recent Bloomberg article stated that roughly 50% of small businesses were forced to increase compensation in order to attract qualified talent.
Small businesses definitely have several negative factors threatening their bottom line. With no end in sight, the future of the small business, local market hangs in the balance.
Here at Mazur and Associates we are qualified to render the highest level of expertise to assist our fellow small businesses. A great starting point is to review your costs by expense category and advise where are able to reduce wasteful spending and therefore increasing cash flow. Also, right now is the optimal time to consider a price increase for your services. Let us assist in this process of determining the “sweet spot” at which your Company can earn more revenue without alienating (and potentially losing) your customers! We are here to serve you and work to maximize your business’ bottom line. Call us today at 732 936-1230 or email email@example.com to schedule a teleconference.