Global supply chain issues are leaving many small business owners with little choice but to increase prices. In fact, 10% of small business owners surveyed had increased their prices by 10%, with one-quarter having raised prices by 5% or more, according to a skynova report.
What’s more is, most small businesses estimated they could sustain themselves for about 15 months while experiencing a dip in revenue.
- 66% of small businesses adapted their business in at least one way to handle supply chain issues. That included finding alternative suppliers, products and materials, ordering larger quantities, increasing prices and more.
- Some of the top operational challenges impacting today’s small businesses entail price increases, shortage of materials, increased shipping costs, order fulfillment delays and more.