Small business owners on Long Island and across the country are reporting that inflation and supply chain disruptions are impacting their businesses in big ways. Many owners are taking a holistic approach to their operating models, improving efficiency and helping better serve customers. According to new research from Bank of America, small business owners are confronting the problem.
Despite the difficulties, small business owners have remained flexible and resilient. Business confidence remains strong, with 64% anticipating their revenue will increase over the next 12 months. In addition, business owners are continuing to recover from the pandemic, with more than three-in-five business owners (62%) feeling their business has fully or partially recovered. Nearly half (48%) cited increased consumer spending has been critical to their business’ recovery.
Business owners are increasingly concerned about the impact of…
