SCORE Report: Megaphone on Main Street
In their latest report SCORE asked a large sample of business owners how they felt about the current economy and inflation. 30.5% of small business owners list inflation as their number one concern in 2022.
Another huge concern for small business owners is decline in sales. 58.6% of those surveyed have seen a decline in sales in the past 6 months. Not only are sales declining, but profits are declining due to rising costs from vendors and suppliers. Click on the image to read the full report.
North Carolina Small Businesses Feeling Inflation
All businesses throughout the country are feeling inflation but North Carolina small businesses seem to be on the top of the list of those getting hit hardest. In a recent study by Nerdwallet, 47% of Charlotte small business owners claim that they are seeing large price increases and 55% cite supplier delays.
Additional costs behind the scenes will no doubt lead to retail price increases in stores- a step that large retailers like TJ Maxx and Target have already executed. Need help determining how to execute price increases? I can review which products would be the best contenders.
Read the full article from The Small Business Pulse Survey by clicking on the image below.
Senate Bills Calls for Making $6 Billion Available in Small Business Grants
More support may be coming for small business owners with the newly proposed Hard-Hit Small Business Relief Fund. The bill aims to provide grants to hard-hit small businesses that can demonstrate substantial losses in 2020 and 2021 due to the COVID-19 pandemic.
Read the Small Business Trends report by clicking the image below.