Supply Chain Delays Affect 60% of Small Businesses
A new survey conducted by Anvyl has revealed that out of the 400 small businesses (SMBs) surveyed, 25% of them expressed concern about their supply chain strategies for the upcoming year. This fear is justified as more than 30% of SMBs suffered financial losses of up to 15%, while over 29% reported even greater losses. Since the pandemic, operational costs have risen for nearly 80% of the surveyed businesses, with 28% experiencing cash flow delays and brand damage. However, almost 90% of the surveyed business owners said they are planning strategically to bounce back in 2023.
SMBs need to focus on several areas in order to overcome supply chain delays and problems. They need to invest in increased visibility, which over 40% of businesses said they plan to do. Another area to focus on is automation, which 35% of SMBs said they would prioritize. Finally, another 35% of businesses stated that they would invest in new partnerships within their networks.
House Republicans are pressing the IRS for answers regarding the delay in processing new claims for the pandemic-era small business tax credit known as the employee retention credit (ERC).