Despite inflationary pressures and a challenging labor market, small businesses have remained resilient with their revenues increasing 87% year over year in July.
are raising prices, negotiating with suppliers to lower costs and prioritizing customer relations to increase revenue amid the tumultuous economic environment. and a challenging labor market. Most small business owners, about 80%, are confident that they can withstand a potential U.S. recession, acceding to the Kabbage from American Express' Small Business Recovery Report, which tracks the recovery trends and growth outlook of U.S. small businesses.
A sign reading"Support Small Business" is displayed outside of GenuWine Arizona restaurant on March 26, 2020 in Phoenix, Arizona. They focused on their distinct brand to stand out from competitors and expanded their marketing. They also tried out new digital transformation tools and focused on building a mobile app.Those tricks are "working from a revenue perspective," but small businesses are not completely immune to inflation, which is sitting near its highest level in 40 years.
People walk by a sign that reads,"support a small business" outside of a store in Chelsea on March 21, 2021 in New York City.
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