In this episode, Melinda Emerson discusses the impact of inflation on small businesses, including shipping, delivery, and supply chain issues. She shares strategies for dealing with inflation, refining business operations, re-evaluating financial management, and handling debt. She also talks about cash flow strategy, supply chain management, and employee management during a labor market crisis, before concluding with financial planning advice.
(0:00) Introduction: Inflation and its impact on small businesses
(1:15) Effects of inflation: Shipping, delivery, and supply chain issues
(2:00) Strategies for dealing with inflation: Price adjustments and team management
(5:02) Business operations refinement: Focusing on best sellers
(6:50) Financial management: Re-evaluating subscriptions and automating processes
(8:12) Debt management: Getting real about business debt
(9:29) Cash flow strategy: Setting up an emergency savings account
(11:02) Supply chain management: Lowering risks with multiple vendors
(12:05) Employee management: Planning for staff turnover during labor market crisis
(13:04) Financial planning: Revisiting finances, budgeting, and tax planning
(14:21) Conclusion: Encouragement for small business owners to weather inflation and possible recession