Ways to prepare your Small Business for the Inflation Monster-Part 1.
Regardless of who is in office, there has been a strong lack of accountability at the highest level to even define inflation or "stagflation for that matter for the Small Business Owner. From May, 2021 to May, 2022, the CPI Index has increased 8.6%. The CPI Index is a measure of the average prices paid by urban consumers for a market basket of consumer goods. If you are in denial about inflation continuing, your business could be on life alert. Over seventy percent of all transportation working capital loans have delinquencies, but we are still funding.
Business owners that did not buckle down and fix their credit, paid for the consequences severely and were unable to borrow 4 months down the road. US Trust has a sister company that repairs credit and is "complimentary" with every funding. However, it's amazing how many entrepreaurs talk about fixing their credit, but less than than fifty percent I speak with actually make the effort when they need it the most. Any entitlement quickly goes away if you have record sales to prove, yet a 510 Experian fico score. I hear this sad social commentary on a daily basis. You will be stuck with paying more in working capital with me or anyone else you turn to. "Change your behavior and you will have better results." The clients that do listen, have earned 25 to 50k lines of credit with my company and their hard work paid off dividends with cheaper financing and additional business referrals for my company.