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3 Small Businesses Challenges Brewing in 2022

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It hasn't been easy for small businesses.  

There has been a slew of challenges in 2021 from inflationary pressures, new COVID variants, market uncertainty, supply and demand issues, and even labor shortages. 

The good news? As we close out 2021, small businesses that survived the pandemic are bouncing back, according to QuickBooks' Small Business Insights report.  In fact, during the summer,  monthly revenues were reportedly up 27%. That's compared to pre-pandemic reports.

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Top Threats to Small Businesses

So, what are the top threats facing small businesses in 2022? The Quickbooks Insights report outlined these three:

  1. Economy. Overall, more than nine out of 10 small businesses (96%) are concerned about inflation
  2. Labor Shortage. Americans quit their jobs at a record rate In August, with around 4.3 million people leaving their jobs
  3. Supply Chain. Supply chain issues, which began with the outbreak of the pandemic, hurt the economy by decreasing supplies and increasing the cost of goods

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As small businesses head into the new year, owners say that they are most worried about inflation, rising prices, and skills shortages.

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