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“Small business owners are struggling to deal with inflation pressures,” says NFIB Chief Economist Bill Dunkelberg in his report “Small Business Economic Trends” (April 2022). “The labor supply is not responding strongly to small businesses’ high wage offers and the impact of inflation has significantly disrupted business operations. Predictions have a recession starting as early as the third quarter of this year, although most guesses have 2023 for the start.
Grand Strand SCORE provides services to small business owners who fall under three categories: Dreamers, Planners, and Doers. The Dreamers are the first-time entrepreneurs who are trying to learn their way up to business formation through SCORE mentoring. The Planners are the startup owners who need guidance for building growth strategy, strengthening business plans, and applying for capital funding. The Doers, on the other hand, are the real small business owners, who have been in business for several years, have well-defined revenue streams, and depend on a team of employees.
While all three types of small business owners are important clients for us at SCORE, the economic predictions and pressure for survival hits Doers the most. The success of their businesses defines the livelihood of their families and kids. That is why we are trying our best to respond to mentoring requests from small business owners with prior history of success and help them find the best solution for their business recovery and growth in the current economy.
If you are a small business owner who needs a confidential conversation with a business expert, please consider Grand Strand SCORE services. In addition to our regular one-on-one mentoring, we offer GS360 program that is essentially a temporary advisory board for you and your business at no cost and no fuss. Just mention GS360 in your application for mentoring at https://grandstrand.score.org to get the service you deserve.
