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December 25, 2022

Inflation – Small Business Greatest Challenge

Inflation

The biggest challenge for small business in 2023 is inflation.

According to the report commissioned by Met LIfe and the U.S Chamber of Commerce Small Business Index, inflation remains the top concern for small business in almost all sectors.

These charts reflect the changes in November, 2022 sales by Sector.

Inflation - up
Inflation - Down

What is beginning to occur? The shift in spending to Services.  That incudes tourism, Dining Out, and Entertainment.  Vegas is busy.

That shift changes the demand for trucking which has dropped about 1/3 since Maarch. That has hit new small trucking companies hard.

The number of imported containers reaching the Port of Los Angeles has been below last years numbers for 7 straight weeks. The number of container ships loitering offshore from the pandemic backlog numbered 25 last week, down from 109 in January.

Analysts predict a leveling off for goods and an adjustment in services.

Stay tuned . . .

 

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Red Rock Writer


Jana is at the core of Jana’s Journals – writer, editor and resident Elevator Pitch promoter – but her chief responsibility is content creation. When she’s not crafting helpful content for the What Do You Do? Blog, she’s serving as an Ambassador for her local Chamber of Commerce, or teaching (through the local Women’s Business Center) small business owners how to write and give their Elevator Pitch to promote their business in order to accomplish her goal of “Passing It On”.

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