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Recently released inflation data showed an increased rate of 4.2% year-over-year and 0.8% month-over-month. This is the fastest rate of inflation that we’ve seen since the early 1980s. What does that mean for you? It means that the prices of everything are going up. As a small business, if you don’t do anything and your prices stay the same, and the cost of everything else goes up, you’re going to end up making less money.
In a hyperinflation-like environment, there are a few things that you should be looking at:
Make sure you’re looking at your looking at your prices and locking in low interest rate loans now to prepare for higher inflation in the future. This will ultimately increase your profitability and safety so you can reach your goals.
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