"High inflation also created hardships not only for consumers but for businesses nationwide,” said Keith Savage, a statistician for the U.S. Census Bureau. These modest enterprises, often with only a handful of employees, have struggled as the cost of supplies and labor has skyrocketed, along with the cost of borrowing. A key reason they've endured is their ability to change with the times, a new survey concludes. Indeed, despite widespread concerns about lingering inflation and high interest rates, most small business owners say they now feel equipped to handle any upcoming economic headwinds, according to the poll, which was released in November 2023 by Melio. Small businesses have been forced to make a range of notable changes to weather the economic storms since COVID hit in 2020. But Melio’s poll found that strategies like tapping into reserves, raising their own price, changing up the menu, and going more digital in particular have helped small businesses stay afloat.
"High inflation also created hardships not only for consumers but for businesses nationwide,” said Keith Savage, a statistician for the U.S. Census Bureau. These modest enterprises, often with only a handful of employees, have struggled as the cost of supplies and labor has skyrocketed, along with the cost of borrowing. A key reason they've endured is their ability to change with the times, a new survey concludes. Indeed, despite widespread concerns about lingering inflation and high interest rates, most small business owners say they now feel equipped to handle any upcoming economic headwinds, according to the poll, which was released in November 2023 by Melio. Small businesses have been forced to make a range of notable changes to weather the economic storms since COVID hit in 2020. But Melio’s poll found that strategies like tapping into reserves, raising their own price, changing up the menu, and going more digital in particular have helped small businesses stay afloat.