Since the start of the pandemic in 2020, small businesses have been weathering many challenges. These changed with time. Reduced foot traffic, government-mandated closures, inflation, and supply chain problems are just a few examples. Some large businesses benefited from their economies of scale and specialized staff. Entrepreneurs, often making big decisions with little assistance, have been under increased pressure.
Inflation has been in the news for months. In fact, from November 2020 to November 2021, inflation increased at the highest rate since the early 1980s. But most of that conversation is around how inflation is affecting individual consumers. Small business owners are feeling the pinch, too. There are, however, steps that entrepreneurs can take to minimize the effects of inflation on their companies.
The Four Agreements is a book written by don Miguel Ruiz in 1997. Not only is it a guide for personal freedom but also a journey towards business success. To operate efficiently, both leaders and employees need to work closely together towards better communication. We tend to run our businesses with purpose and intent; however, there are other considerations.
Everyone knows how important technology is in today’s business world. Entrepreneurs who succeed know that a website and social media presence are absolutely essential in today’s world. They’re crucial in helping customers find service providers. But technology isn’t just for marketing.
One thing contractors can do in such an environment is to control other costs where possible. For example, they may decide to buy used, rather than new, equipment. Some may even take a second look at how they make purchases. The way that businesspeople buy matters.
Businesses finance equipment because they want to grow and generate more money. Borrowing is one way for people and businesses to increase the amount of leverage they have.
The past year has been a rollercoaster for businesses in the automotive industry. On the one hand, car prices have been higher than ever. That makes it sound like dealers of all sizes are raking in the profits. But the truth is, it’s been harder to source cars. When production shut down for COVID, people began snapping up used cars. But before long, sourcing used vehicles in good condition became a problem.
In 2020, the automotive industry was hit by shortages. Supply chains were disrupted worldwide due to the pandemic and other issues. Auto manufacturing and repair are still dealing with the challenge of procuring parts.
Over the past several months, the US economy has been growing rapidly. Companies are rebounding from the challenges of 2020. They’re hiring more people. Service businesses like restaurants and dog-walking services are coming back. And in fields like tech and finance, bosses are asking people to return to the office.
Since 2020, many business owners have faced unprecedented hardships. It’s not just the pandemic, either.