The new Capital One survey found that small business owners had taken the following actions to help mitigate the impact of inflation:The economic challenges, notwithstanding, nine-in-tenn small business owners were confident their business will be operating in the next six months., which makes Italian-tyle fig and almond snack foods.
“We are also fortunate that the majority of our raw materials have so far been relatively unaffected by rising commodity prices. I know of many food companies getting crushed by ingredient costs increasing 200-300%+, in some cases. ‘’We are not experiencing anything close to that, but we’re still not immune. Rising fuel prices have driven freight costs higher too,’’ he concluded.The survey from Capital One and NextGen Chamber of Commerce was conducted between March 25 and March 30, 2022, among a sample of 1,200 small business owners and 300 auto dealership owners. The margin of error was +/- 3%.
Small businesses were defined as those with total annual revenues of less than $20 million. The auto dealership owners each owned a dealership with an approximate annual sales volume of at least $1 million.The current burnout being felt by business owners is building on top of the mental issues created by the Covid pandemic.from Capital One Business found that many business owners were exhausted. And for good reason.
“And this burnout is likely…compounded by additional challenges, including rising inflation, The Great Resignation, and the current Omicron surge.”