Small Business Owners Take on Inflationary Trends ~ Prodigy Press Wire

Small Business Owners Take on Inflationary Trends ~ Prodigy Press Wire

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A nationwide increase in the cost of goods and services, ongoing supply chain disruptions, and lingering effects of the pandemic are causing hard times for small business owners across the board. According to this May’s Consumer Price Index Report from the Bureau of Labor Statistics, the all-items index increased 8.6% over last year – a four-decade high for inflation.

A 2022 study in The Megaphone of Mainstreet: Inflation & The Economy by SCORE reveals that 93% of entrepreneurs are concerned about inflation and have been forced to raise prices an average of 11% to keep pace. A recent U.S. Chamber of Commerce report states that managing rising inflation is the chief concern for small businesses in 2022.

Henry Ma, CEO of Ricoma, partners with thousands of entrepreneurs scaling custom apparel decoration companies. His guidance is enabling new entrepreneurs to weather the coming months of inflation. “I’m eager to share the business knowledge I have learned with our clients,” Ma says. “When they succeed, we succeed.”

Combat decreasing purchase power by buying in bulk

During times of high inflation, Ma advises small business owners to buy supplies and materials in bulk to combat rising prices. If prices are likely to rise in the near future, stocking up on needed items amounts to savings down the road.

However, he cautions apparel designers to consider bulk purchases carefully and only stock up on items they know they will use. For example, embroiderers will want to stock up on supplies such as needles, threads and backing. They will also want to invest in the blank apparel that does not go out of style and that customers order frequently.

“Just make sure the things you buy in bulk are things you will need,” Ma cautions. “You want to save money, but you definitely won’t do that by bulk purchasing inventory you can’t unload.”

If you have enough cash flow and capital to buy in bulk then you should create wholesale accounts with suppliers and…



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