After two challenging years of lockdowns, labor shortages, and disruption in supply chain and distribution, business owners now have to deal with yet another global challenge – inflation.
In a survey by MetLife and the U.S. Chamber of Commerce, 85% of small business owners were worried about inflation and one in three said that inflation was their biggest business worry. A different survey by Digital claims that 65% of small firms believe it is very probable’ or ‘likely’ that they will close permanently if the inflation continues at its current rate.
On the other hand, 62% of businesses established during the epidemic are at risk of closing.
And this is one of the reasons the majority of business owners are worried about their ability to survive inflation. Inflation is a burden for everyone. Employers have to lay off workers to cut costs while employees try to withstand inflation by changing jobs to get higher compensation. When employees leave a business, it could disrupt business operations.
Experts advised business owners on making small changes to help them get through this time. It means business owners have two choices to thrive. The first is to reduce operating expenses and save money and the second is to make more profit.
But getting more profit and sales is more challenging during inflation, so here are the ways your business can thrive in inflation, according to experts.
How can business owners cope with inflation and recession?
Review your expenses.
Where does the lump of your profits go? Now is a good time to review tightly at your overheads. Paying for software or subscriptions you do not use is a waste of money. When was the last time you looked at prices from different sellers? Reviewing and auditing your expenses, you can rediscover ways to save money that you never even thought of.
Spend money in profitable ventures.
As a small business owner, it is tempting to want to do everything at once: build and maintain a cool website, design the perfect logo, branding, and marketing materials, make great videos, hire a public relations firm, and so on. It is time to reconsider where you are spending your money and where you are receiving a profit on your investments. Return to the fundamentals and determine which pursuits are profitable and which are not, then eliminate the ones that are not.
Hire a virtual assistant.
Business owners tend to wear many hats. In reality, a business does not need you to be an expert in everything. If your time is worth $500 per hour, then why are you spending your time doing a time-consuming and energy- draining task worth $12? It makes more sense to hire equally qualified and experienced professionals to handle $12 tasks for you.
Delegating certain functions to a virtual assistant frees up time for you to focus on the income-generating activities. When a business owner is able to delegate certain responsibilities to a virtual assistant, the business benefits.
In these difficult economic times, a virtual assistant is a crucial asset for any business that seeks to save money and grow. By outsourcing administrative work to a virtual assistant, you can save money without compromising performance.
There are several ways in which virtual assistants can save you money. For example, they can respond to consumer enquiries, process purchases, and manage your marketing initiatives. In addition, they can help you plan your task and keep track of due dates.
In addition to helping you save money, a virtual assistant may aid you in managing your expenditures and keeping your business running efficiently. A virtual assistant may also increase your business’s agility, scalability, and productivity.
Before you can delegate part of your business to a virtual assistant, there are things that need to be sorted out. While an experienced VA can adjust to your business and processes as seamlessly as possible, most businesses do not have the time or resources to train their new team members. If you wish to delegate some operations to a virtual assistant, you must have trust in their abilities.
Prepare for inflation now by reducing your business expenses. Hire a VALUE Virtual Assistants to reduce overhead cost, survive and thrive beyond inflation. Why work with us?
- Our virtual assistants have undertaken a strict selection process.
- VALUE VAs are experienced, can adjust to your workflow and start work away.
- If you are not happy with the work your VA is doing, we can instantly replace the VA so no business is disrupted.
- We have all the virtual assistants you will need to boost your business – from general administration VAs, lead generation VAs, web developers, and more.
Contact us immediately to see how we can help you thrive in inflation.
