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Small businesses facing inflation headwinds find new ways to keep up
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U.S. small businesses are raising prices, negotiating with suppliers to lower costs and prioritizing customer relations to increase revenue amid the tumultuous economic environment.
Thus far, small business owners have proven to be resilient despite inflationary pressures and a challenging labor market. Most small business owners, about 80%, are confident that they can withstand a potential U.S. recession, acceding to the Kabbage from American Express' Small Business Recovery Report, which tracks the recovery trends and growth outlook of U.S. small businesses.
Brett Sussman, vice president head of sales and marketing for Kabbage from American Express, told FOX Business that after the pandemic struck, small businesses found a "greater sense of resilience and preparedness to be successful in the future despite economic turbulence."
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So far, they have managed quite well, with revenues for U.S. small businesses rising 87% on average between July 2021 and July 2022, according to the report.