Small Businesses are Struggling: Headaches from Supply Chain, Hiring & Inflation
Based on a recent survey, 93% of owners are feeling moderate to substantial impacts from inflation on their businesses.
All across the nation businesses are facing issues related to hiring new employees to meet demand. Businesses like Lizzie Bee’s Flower Shop in Richardson Texas are experiencing no shows for multiple scheduled interviews. On top of that, the interview and hiring process is taking up too much time. Owners are being forced to hire someone to handle hiring due to the amount of time it is now requiring.
Goldman Sachs recently released a new survey, “From Bad to Worse“, which portrays how small businesses are struggling more than ever. Even compared to the start of 2022, when the country was in the middle of the post-holiday peak in new COVID cases.
The Supply Chain Dilemma
Based on the Goldman Sachs survey, only 5% of small business owners believe the issues are going to subside in the next six months. In addition, 80% of small business owners said supply chain issues have worsened or stayed relatively the same since January.
The director of the National Federation of Independent Business, Annie Spilman, spoke about the wide reaching impact of inflation in her written testimony to the Texas Senate finance committee.
Inlfation is Rising
The director of the National Federation of Independent Business, Annie Spilman, spoke about the wide reaching impact of inlfation in her written testimony to the Texas Senate finance committee.
“Inflation is affecting the cost of everything, from raw materials to transportation. Small businesses have little choice but to raise prices for consumers, but 84% of small-business owners nationwide say earnings are down because of the higher cost of doing business.”
Annie Spilman, National Federation of Independent Business
These same findings were found in a recent National Federation of Independent Business (NFIB) survey where 93% of business owners said inflation is having a moderate to substantial impact on their businesses.
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