Small business owners grapple with record inflation
HOUSTON, March 22, 2022 (GLOBE NEWSWIRE) — Charter Capital, the leading bill finance company, says small business owners are struggling to keep up with record inflation rates. With no choice but to pass on the higher costs to consumers, many continue to raise prices to cover their costs. “7 Proven Ways to Protect Your Small Business from Inflation,” a guide that explores the mechanics of the situation and offers business owners methods to keep their business strong, is now live at CharterCapitalUSA.com.
As the Bureau of Labor Statistics (BLS) reported in early March, the consumer price index (CPI) rose 7.9% year-over-year, marking the highest rate of inflation since 1982. Gasoline, housing and food saw the biggest increases. Energy as a whole was up 25.6% from a year ago.
“Small businesses, in particular, are feeling the pressure,” says Joel Rosenthal, co-founder and chief executive of Charter Capital. “Between the pandemic and the supply chain issues, it’s been a tough two years. Most expected some relief in 2022, but they’re back in problem-solving mode now with the rise in l ‘inflation.”
Rosenthal says Charter Capital is seeing an increase in invoice factoring inquiries in recent months. While some dip into funding immediately, others settle simply to ensure they have access to cash if conditions persist.
“Rising energy costs are universal, and there’s a bit of concern that energy increases alone will be more than some can afford without mitigation,” Rosenthal continues. “But industries like manufacturing and retail still face supply chain issues.”
Rosenthal argues that there are many ways for business owners to protect their business despite current conditions. Cost-cutting measures, such as renegotiating with sellers and landlords, as well as reducing discretionary spending, are good first steps. Companies that are able to carry out energy audits and seize opportunities will also be relieved.
Other solutions include investing in growth and collecting payments from customers quickly, although Rosenthal acknowledges that it may become more difficult for companies to collect because companies begin to sort through their debts to cope again. to economic challenges. Invoice factoring, he says, can help address all of these areas by allowing companies to outsource their collection processes and obtain working capital financing on B2B invoices.
Those interested in learning more about invoice factoring are encouraged to request a free quote by calling 1-877-960-1818 or visiting CharterCapitalUSA.com.
About Charter Capital
Based in Houston, Texas, Charter Capital has been a leading provider of flexible financing solutions for the B2B industry for over 20 years. Competitive pricing, a fast approval process, and same-day financing help businesses in a variety of industries secure the working capital needed to handle day-to-day needs and grow. To learn more, visit CharterCapitalUSA.com or call 1-877-960-1818.
Image 1: Protecting small businesses from inflation
Smart strategies can help your small business thrive in a tough economy.
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Protecting small businesses from inflation