These past few years have not been a walk in the park for small businesses. After the COVID-19 pandemic sparked mountainous challenges for operating organizations, the Great Resignation followed, and now, inflation is drastically rising. Everest Business Funding shares data from the U.S. Chamber of Commerce and MetLife, revealing that 85% of small business owners are worried about inflation or the elevation in prices of goods and services. Everest Business Funding strives to gap financial bridges for small businesses by providing working capital and offers these strategies for maintaining operations during trying times:

Keep close eyes on cash flow

Small businesses are experiencing inflation on top of supply-chain issues and workforce challenges. This triple threat can continue to create uncertain times for companies that throw off future forecasting and budgets. For this reason, business owners should keep a close eye on their cash flow and consistently adjust budget needs to maintain continuous operations.

Analyze business costs

As the cost of goods levels up, small business owners should take the time to examine business spending and required fees to sustain. Any unnecessary subscriptions or expenses that do not contribute to the core of business operations should be slashed from the start of inflation to revert to a more conservative approach to spending and budgeting.

Elevate prices where necessary

Many small businesses try and hold off from elevating their prices during inflation to maintain sales and cater to the community. However, traveling too long along this road can result in not being able to withstand the high prices of goods needed to continue the business.

Bundle to move sales forward

The rise in the price of goods means more people will be less likely to spend money in the market, often hurting small business revenue generation. However, with prices rising, people will be on the lookout for bargain deals to stay within their personal budgets. Small businesses can take advantage of the open window of bargain shoppers to quickly move products that might not sell on their own as inflation worsens. Bundle deals are excellent for stocking profit while moving sales forward during a reputed slow season.

Concentrate on productivity

As the common phrase goes, “Time is money.” When high inflation deflates a business’s finances, and owners are stretched to make ends meet, productivity should be approached strategically and processes automated wherever possible.

Utilize guerrilla marketing

Marketing is a critical investment for any small business to continue to bring in new clientele and advertise to existing consumers. However, when high inflation keeps budgets tight, turning to creativity and innovation through guerrilla marketing can help stabilize marketing efforts without breaking the bank. Guerrilla marketing is deemed an unconventional form of marketing to escalate brand exposure and spread awareness.

Seek stock-able deals

When small business owners start to see inflation rise, that is the prime time to stock shelves and warehouses with low-holding cost items before prices begin to elevate because they will. Even if prices have already jumped due to inflation, business owners should take advantage of prices at their lowest point before future prices crush a small business budget that needs re-stock and has to face even higher price points.

About Everest Business Funding

Everest Business Funding provides alternative finance options and revenue-based funding to small business owners. They serve a diverse pool of businesses, from healthcare to retail, to help them obtain working capital to grow, buy inventory, launch marketing campaigns, or hire staff. Everest Business Funding’s clients are treated with respect and receive high-quality guidance and service from its professionals.