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Navigating the Economic Storm: Small Biz Chat w/ Ebony Sullivan
Manage episode 417144842 series 2922838
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Discover the resilience and strategies of small businesses amid economic hurdles with our conversation featuring the insightful Ebony Sulivan, where we celebrate the tenacious spirit of entrepreneurs like those at Cassie Electric during Small Business Month. As we traverse the challenging terrain of 2024's economic landscape, we put the spotlight on the relentless grip of inflation, revealing how a 20% surge in expenses has tested the financial agility of small ventures. We reminisce over the lifelines of PPP and EIDL loans while peering into the crystal ball of the upcoming election season, mulling over the possible economic shifts that may await on the horizon.
In the throes of a supply chain maelstrom, we uncover tales of innovation and strategic foresight from businesses combatting staggering 52-week lead times for materials. The conversation turns to the wisdom of early engagements and the significance of robust supplier relationships in a world where agility spells survival. This segment wouldn't be complete without dissecting the implications of soaring interest rates, which have seen the prime rate leap from 3% to a daunting 8.5%, reshaping the financial landscape for small business borrowing and operating expenses alike.
Wrapping up with a deep dive into the delicate balancing act of business debt management and profit margin preservation, we discuss the lifelines that Small Business Administration loans could offer while weighing the merits and challenges of providing employee healthcare. Ebony Sulivan illuminates the complexities of financial stewardship and the pivotal role health benefits play in fortifying a company's backbone—its workforce. Join us on the Veronica Edwards Show as we arm you with the expertise and encouragement to navigate these tumultuous business seas.
Links: https://cassyelectric.com/
Social Media: Cassy Electric
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Chapters
1. Navigating the Economic Storm: Small Biz Chat w/ Ebony Sullivan (00:00:00)
2. Challenges Facing Small Business Owners (00:00:38)
3. Challenges in Supply Chains, Rising Rates (00:15:14)
4. Small Business Challenges and Benefits (00:19:07)
5. Business Insights and Employee Wellness (00:22:40)
155 episodes
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