As a possible sign of an upcoming recession, many small businesses are cutting back on spending in their day-to-day operations. Competition from larger companies over needed supplies and the workforce staffing shortage are two main factors.
Black-led investment firm Apis & Heritage Capital Partners aims to raise $50 million to help close the racial equity gap. The firm aims to prioritize purchasing Black-owned companies with at least 40% Black employees.
Source: Black Enterprise
With inflation impacting many small companies, entrepreneurs need to know how to “inflation-proof” their marketing efforts. That includes being transparent with customers and including email marketing for better engagement.
While more people are expected to travel this summer, many tourism-focused businesses are still uncertain about what the next months will bring. Rising fuel prices and the lingering impact of COVID-19 are two of their biggest concerns.
Source: U.S. News and World Report
Before investing money in marketing, it’s crucial to evaluate day-to-day operations for possible improvements that cost zero dollars. That includes zero-based budgeting, sales closing ratios, and employee well-being.