How small businesses can go from surviving to thriving in high inflation
Wells Fargo experts share observations and tips for managing inflation and rising interest rates.
It’s no surprise that small business owners are experiencing a pandemic hangover, thanks to the double whammy of high inflation and rising interest rates. In November 2022, 33% of owners reported that inflation was their single most important problem in operating their business, according to the National Federation of Independent Business. So, what’s an owner to do?
Rob Myers of Wells Fargo Small Business Relationship Banking and Bob Marshall of Wells Fargo Small Business Growth & Strategy discuss why now is a good time to look inward to reassess — and to reach out for a hand.
Current challenges and how to overcome them
Labor costs are the most important problem for 10% of businesses, according to a Wells Fargo small business economic report. In addition, supply chain and account receivables disruptions are making it especially hard to manage cash flow. Marshall and Myers discuss how businesses are turning their pandemic resiliency into momentum — and how to look out for fraudsters.
What to ask your banker
These days, small business owners are being especially thoughtful about rates and expenses. Our experts share how Wells Fargo relationship managers are consulting their clients on buying versus renting, making capital expenditures, and maximizing credit to take advantage of opportunities, cover slowdowns, and ensure stability.
6 right-now inflation tips for small business owners
Here are things you can do now that will also help set your business up long term.
- Reevaluate your business plan.
- Know your path forward — and your customers.
- Understand the foundation of your business.
- Be vigilant of fraud.
- Connect with your banker.
- Create a network of experts.
Find more Small Business Resources for starting, managing, and growing your business.