We’ve all known the feeling of purchasing something routine – a tank of gas, a cup of coffee, deli meat, diapers, you name it – and noticing the total is considerably higher than the week before. Usually, inflation invades our lives very subtly, slowly raising costs, but in the past year and a half, it’s been quite rapid and impossible to miss.
No one feels the sudden weight of inflation more than small business owners, operating with a vigilant eye on all expenses. Surviving the inflation surge can be difficult, so here are a few tips to help:
- Cutting your overhead costs – The obvious answer. But what does it really entail? Finding more efficient ways to move goods, investing in software to help better track expenses, moving to a more budget-friendly workspace, and of course, reducing the number of your employees. This tip is all about minimizing extraneous costs while leaning into the proven, reliable aspects of your business.
- Strengthen current connections – Depending on your industry, focusing on deepening your long-term, established customers could be a good way to offset inflation. By finding more ways to serve your current clientele, you can maximize business without overextending yourself by looking for new customers.
- Call your local Pinnacle Bank – With the Fed set to hike interest rates again soon, there’s no better time than right now to stay ahead of inflation before it gets worse. As your community bank, Pinnacle Bank is here to help, whether it’s through resources like SBA Loans or just giving you a fresh perspective on your business. Contact us at 877-759-7939 or visit your local branch.
Inflation is best beaten with as much preemptive action as possible. Applying these tips will look different for every business, but we believe we can survive this together.
