Interview, Webinar
How Small Business Owners Are Dealing With Worker Shortages, Inflation and Supply Chain Delays
- Small business sentiment has experienced a dramatic decline over the last three months, driven by the Delta variant's impact on consumer-facing operations, accelerating inflation, and worsening workforce issues.
- Project timelines for approximately half of pre-engineered metal building projects have extended to 25–52 weeks without guaranteed delivery, while manufacturers increasingly refuse price or delivery guarantees and predict these disruptions will persist for another 12 months.
- Unprecedented supply constraints and significant cost increases in materials and labor have prompted some clients to place projects on hold, with warnings that shelves could empty before the holidays if purchases are not made early.
- Stakeholders express concern regarding potential winter infection surges mirroring previous pandemic patterns, which could severely impact operations; some businesses are proactively setting aside funds and preparing contingency plans like outdoor patio setups to pivot if indoor dining restrictions return.
- While significant relief funds remain on the sidelines, the current EIDL program is expected to conclude at the end of the year, creating a short-term solution that may be insufficient for long-term recovery needs.
- There is a stated expectation for federal action to replace expiring programs with a durable, long-term fixed low-interest loan apparatus to provide working capital, alongside hopes for congressional action on federal procurement reform.