The Fed raised rates by another 0.75% today resulting in a 115% increase in the prime rate since March 2022.
This means your SBA 7(a) loan or credit line payment has increased by 20%.
For owners who have up to 80% of their net worth tied up in their business, being practical and understanding inflation is key to defending and growing your investments.
It requires grit and actionable steps to beat inflation.
Here are some ideas:
Automate – How can you replace or duplicate yourself or repetitive processes in your business? Streamlining/automation saves real money.
Review Margins – Can you raise prices? What can your vendors do for you?
Employee Satisfaction = Productivity – Quiet quitting is real. How are you making sure you’re making your workplace where employees and owners want to give their all and see everyone succeed?
Cut Costs – Have an old lease? Read it! Are there opportunities to lower costs? Have subscriptions you aren’t using. Cancel them!
Buy in Bulk – Can you save by buying more?
Find New Customer Segments – What customers does your product or service appeal to now that did not before?
No matter your political stance about why inflation is here, you can defend and grow your business in the meantime.
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