Small and medium-sized businesses (SMBs) are the backbone of our economy. According to the U.S. Small Business Administration, small businesses created a net of 12.9 million new jobs over the past 25 years, accounting for nearly 66% of all jobs created. But SMBs face unique challenges and often bear the brunt of economic volatility. The first step in addressing this is to understand the value these entrepreneurs bring when larger businesses have roadblocks. Properly diagnosing the problem becomes the next hurdle. While all businesses must reckon with an inflationary environment that puts a strain on finances, small businesses typically face the most challenges. In 2021, Congress earmarked $10 billion for the State Small Business Credit Initiative, and there is still much that needs to be done. Researching and partnering with tax professionals, along with proper data security and compliance, can prevent headaches later on.