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Small businesses are likely to feel the brunt of steep Obamacare premium increases next year. Some health insurers are proposing median rate hikes by as much as 20%.
63% of small businesses can’t afford to add staff, and 10% are actually reducing their staff.
Labor costs have increased by 50% or more for 58% of the businesses.
Inflation isn’t just impacting salaries. According to another survey, this one from PNC, 63% of small business owners expect to raise their prices in the next six months.
Amazon Business recently kicked off Small Business Month, which offers tools to small businesses to help enhance their buying capabilities and scale their businesses.
FEATURE – Get Your Money! (Accounts Receivable Best Practices)
To have a healthy cash flow, your company must properly manage Accounts Receivable. But a lot of small businesses only do a mediocre job at AR.
Increase the chances of getting paid by customers in a timely manner by crafting a rock-solid credit policy, insisting on accurate and timely record keeping, applying payments to invoices quickly once you receive them, and creating a follow-up routine and sticking to it.
You also need one or two KPIs (key performance indicators) to track AR. These may include Days Sales Outstanding (DSO) and/or Bad Debt to Sales Ratio.
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