Business challenge in 2024

[Starmix]

The picture of the previous year is connected to this year, 2024. There are no changes in everything. There will be an increase in the tax rate, fare rate, gasoline rate, and almost all that we can see. Our ears and eyes can't almost believe that we are having this kind of problem this time and they all point fingers to inflation. There is also limited access to capital coupled with high interest rates which are considered the top concerns for business leaders when it comes to growth and increasing profit. What must we do?

 

[eLdavis]

Presently most business owners are even finding it hard to buy raw materials for production. Cost of transportation is also an issue to move the finished product from one place to another.

 

[Starmix]

Presently most business owners are even finding it hard to buy raw materials for production. Cost of transportation is also an issue to move the finished product from one place to another.

That's correct, they are also struggling despite having a huge capital. Without businesses, we will find it hard to buy our daily needs and some important wants. The year 2024 is tough.

 

[Augusta]

There are different challenges a business owner would faced in this present times you just have to get good funding to grow

 

[Starmix]

Avoid too much spending like doing parties and picnics. That kills the capital. It's advisable to cut off unnecessary expenses and purchase only products the buyers need to avoid wastage.

 

[kerryjoy]

To address rising costs and inflation, businesses should focus on cost-cutting measures, increasing operational efficiency, and exploring alternative funding options. Additionally, renegotiating terms with suppliers and seeking out new revenue streams can help mitigate the impact of high interest rates and limited capital access.

 

[Starmix]

Those you mentioned are priceless ideas but for small businesses many opt to close their businesses temporarily. That's the feedback I got from small business owners here. Inflation spares no one.