US Small Businesses Lean on Credit Cards Amid Inflation and Funding Challenges | Small Biz Trends

Intuit’s inaugural 2023 QuickBooks Small Business Index Annual Report brings to light small businesses’ profound challenges in the US, Canada, and the UK. The report analyzes the effects of macroeconomic pressures’ effects on small business operations, job creation, and their quest for funding, such as inflation and soaring interest rates. This report is carried out in collaboration with renowned global economist Professor Ufuk Akcigit.

Small businesses, the backbone of economies worldwide, are feeling the weight of financial challenges now more than ever. With this report, Intuit goes into the current state of these businesses across the three major regions.

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Inflation Affecting Business | Getentrepreneurial.com

In order for a business to succeed, it’s important for its owners to understand the factors that can impact their bottom line. One of these key factors is inflation. The Federal Reserve targets an annual inflation rate of 2%. However, the rate is currently at 8.6%. Inflation is a result of the broader economic trends at play in the market. In this article, we’ll explore how inflation affects businesses and what owners can do to mitigate its impact. Let’s dive in!

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