How to Make Your Business Inflation-Proof + MORE Oct 17th

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How to Make Your Business Inflation-ProofPivoting through the economic challenges brought on by the pandemic, businesses have shown a great deal of creativity and resilience over the last two years. As Canada’s road to recovery continues, entrepreneurs and larger businesses alike must now confront the latest challenge—inflation.

In the same way many Canadians are seeing price hikes at the grocery checkout and gas pumps, businesses are experiencing a spike in manufacturing costs, labour shortages and global supply chain issues. In August, Canada’s inflation rate dipped slightly to seven per cent, down from 7.6 per cent in July. BMO’s Chief Economist, Doug Porter, says we’re facing one of the steepest rises in interest rates in a single year since the mid-1990s. For businesses that were already navigating labour shortages and supply chain issues, global inflation now poses a threat to their cash flow management and investment returns.

In honour of small business month this October, here are three key practices to help businesses get ahead and stay ahead during tough economic times…

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