Inflation may be squeezing your family budget, but it’s taking a toll on small businesses, as well. According to a 2022 survey from the National Federation of Independent Business, 30% of business owners said inflation was their biggest hurdle. If operating margins are tight, looking for ways to cut expenses should be top of mind. Here are eight ways to potentially rein in your costs.
1. Consolidating debt
If your business is juggling multiple sources of debt, bringing them all together could reduce your monthly expenses. That’s where debt consolidation comes in. It involves taking out a new loan and using those funds to pay off your existing balances.
