These are the 3 biggest concerns of small business owners right now.

Featured Sponsor

Store	Link	Sample Product
UK Artful Impressions	Premiere Etsy Store

Be a Small business Ownership means carrying a lot of weight on your shoulders. And that can be overwhelming, especially at a time when economic conditions aren’t the best.

These days, the biggest concerns among small business owners are inflation, rising costs and economic uncertainty (26%), according to Truist Small Business Pulse Survey. And if you share these concerns, here are some steps worth taking to address them.

1. Do a financial audit

Know exactly How much money are you spending on things like inventory, overhead, and workplace benefits? If higher costs are putting pressure on your business and you’re worried that costs will rise even higher, it may be time to take a deeper look at your company’s finances.

comb your banking logs to see exactly what your inputs and outputs look like. Then do the same with your credit card statements. That should help you make smart cost-cutting decisions if you decide you’re simply spending too much.

2. Cut some expenses

Many consumers are cutting back on spending to cope with inflation. And you may want to take a similar approach for your business.

Once you’ve completed your financial audit, you may be in a stronger position to determine how much less money you need to spend. From there, you can look at your various expenses and determine which ones should land on the chopping block.

Of course, these are difficult decisions to make. So it might be worth hiring a consultant to guide you. The advantage of going this route is that a consultant will see everything from a numerical perspective, not an emotional one.

You, for example, might harbor feelings of sadness or guilt if you are forced to downsize or eliminate some of the benefits your workers have come to love. And you can avoid going through with the layoffs, and instead try to convince yourself that they’re not really necessary when, in fact, cutting staff is the most financially sound thing to do. So you may need a consultant to come in and help you implement some tough decisions.

3. Keep funds

Many financial experts continue to warn of the possibility of a 2023 recession. As a small business owner, that can be downright stressful. If you’re worried about an economic slowdown, one of the most important things you can do is bolster your business savings.

Start accumulating more cash in the bank so you have reserves to fall back on if business slows down or even halves. This may be easier to do once you’ve managed to cut some of your expenses, whether they’re workplace benefits, personal benefits, or other costs.

It’s not exactly an easy time to be running a small business. Not only is the cost of doing business higher these days, but there is enough uncertainty to make consumers dread spending their money. But if you’re worried about inflation, rising costs, and an economic downturn, then it’s worth taking the steps above to put yourself and your business in a better place.

Alert: Highest Cash Back Card We’ve Seen Now Has 0% Intro APR Through 2024

If you’re using the wrong credit or debit card, it could be costing you a lot of money. Our experts love this top pickfeaturing a 0% introductory APR through 2024, an amazing cash back rate of up to 5%, and all with somehow no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review free and apply in just 2 minutes.

Read our free review