It’s a complex economy right now. Inflation spikes and the resulting hikes in interest rates have implications for businesses of all sizes, and small and midsize businesses (SMBs) are no exception. Business leaders are focused on remaining resilient and optimizing their resources to mitigate these new challenges.
BILL data indicates that managing a business in an inflationary environment is the top financial challenge
that SMB financial professionals are facing, with 42% of finance leaders citing it as one of their top three concerns.
The current labor shortage also poses another challenge for SMBs, since SMBs may not be able to offer as competitive a wage as their larger counterparts can. When employees do leave, hiring replacements is a time-consuming process, and once they’re on board, training them diverts existing team members away from their usual responsibilities. That creates process inefficiencies, impacting businesses that may already be cash-strapped.
All this begs the question: How can SMBs manage the current financial situation to maintain a reasonable cash position and support ongoing operations?
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