3 Common Small Business Challenges and How to Solve Them
Summary
Small businesses are navigating numerous challenges in 2023, with economic concerns at the forefront. According to Bank of America's 2023 Small Business Owner Report, 72% of owners worry about a potential recession, but 76% believe they can endure economic downturns. Significant issues include inflation (79%), commodity prices (68%), and rising interest rates (67%). Additionally, finding and retaining qualified employees remains challenging, with many businesses enhancing benefits and remote work options to attract talent. Cash flow problems are widespread, with 41% experiencing significant financial strain due to delayed payments and fraud. To mitigate these challenges, small businesses must adopt digital solutions and effective cash flow management strategies​​.
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