The Consumer Price Index, which measures the increase in consumer goods pricing, increased 9.1% in June. What can SMBs do to protect their business?
“May you live in interesting times.” SMB owners are ready to say enough is enough! Times have been challenging for business owners, from the pandemic to supply chain shortages, civil unrest, and worker shortages. And frankly, to most SMB owners, it is no surprise that inflation is back.
· Almost all business owners have experienced increased costs on supplies and services to run their business (92%, with at least 70% saying the increase was over 20%!)
· In response to the price increases, 89% of small businesses have raised their prices, causing further concerns.
· Sixty percent (60%) of these business owners expressed concern for the long-term financial health of their business.
· Almost half (47%) have seen decreased margins.
· And with customers complaining (37%) said they have received customer complaints), three out of ten SMB owners believe the higher prices will deter customers from purchasing their products and services, resulting in additional financial pressures.
Businesses haven’t seen inflationary pressure like this in almost forty years. While the Federal Reserve is looking to take additional steps to address this, SMB owners can take steps right now to address this in their own business.
For many SMBs, internet and telecommunication services are an area of significant investment. The thought of finding and comparing services can take days and hours – time that many business owners don’t have in the face of these other challenges. Wiresurfer enables businesses to search, find, and compare features, prices, and performance for communication services to ensure the best solution for their business. Wiresurfer can save companies 35% off the cost of doing it themselves through comparison offers and our ability to ensure you get the best price with the best providers available.
Visit Wiresurfer to see opportunities for your business to save money for high-quality telecommunication services.
September 11th, 2023
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