Mary Alice Reporting – With rising inflation and chain supply disruption, it’s impacting smaller businesses and leading to operational changes.
A new report reveals that small business is working to plan for the future even as challenges continue to impact them, with pandemic recovery and increased pricing a concern for roughly 88% of surveyed businesses.
Head of Small Business Financing with Bank of America Carol Lee Mitchell says beyond supply shortage, finding people to work is also a strain as they compete with large corporations.
“41% of our business owners are saying labor shortage is absolutely impacting their businesses and when we think about operations, where our businesses owners are having to stay open longer hours, figuring out how to attract and retain employees, it’s very challenging.”
The report indicates that 68% of small businesses have had to raise their prices with a large cause due to supply chain issues and in some cases sourcing from a new supplier.
“We believe that the business owner’s the fabric of our local economy as well as our macro environment and if I could tell your listeners to shop local, I think that’s an important thing.”
Mitchell encourages any small business to focus on a plan to recover and get through these challenges so that a future is achievable.
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