According to a report from MetLife and the U.S. Chamber of Commerce, at the end of March 2022, small business owners feel good about the health of their businesses, while at the same time 85% are concerned about inflation. Closely following inflation these owners are also troubled about ongoing supply chain disruptions, persistent COVID challenges, and worker shortages.
While there's little you can do to control supply chain issues, COVID, or worker shortages, you can address inflation in your business. Here are 6 ways to handle inflation and improve your bottom line:
- Analyze your business' profitability
- Maximize line synergy
- Prepare for new customers
- Cut expenses
- Automate processes
- Improve productivity