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Impact of Inflation on Small Businesses
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[QUOTE="Jasz, post: 283506, member: 61772"] As the cost of living continues to rise, small businesses face higher costs for a variety of goods and services. Inflation is the increase in general prices of goods and services in an economy over a period of time. When inflation rises, it can be difficult for a small business to stay competitive with larger companies that have more money to invest in research and development (R&D). Inflation affects small businesses in many ways. Here are some ways inflation impacts small businesses: Higher costs of goods and services When the cost of goods rises, small businesses often pass these costs on to consumers. This is why many small businesses choose to offset their increased costs by raising prices on their products or services. However, when prices rise, customers may not be willing to pay as much for those products or services, which can lead to less revenue for the owner. If your business does not operate on a fixed budget (such as wages), rising prices can make it harder for you to stay profitable as your expenses increase faster than your income. Depreciation expenses When inflation increases, your costs may increase faster than your sales do. This is because inflation causes prices in general to rise faster than wages or other expenses do. As a result, expenses such as rent and payroll will rise. [/QUOTE]
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