Many small business owners feel the squeeze, with the inflation rate hovering around 6%. When costs rise, profit margins shrink, and owners must act to keep their businesses profitable.
According to the Bureau of Labor Statistics, high inflation rates are driven by significant increases in food, shelter, and gas prices. Increased energy prices, supply chain disruptions, and labor shortages add to a business owner’s expenses. With so many cost increases, what can small businesses do? The Better Business Bureau (BBB) has seven recommendations for small business owners here.