If you’re a small business that’s challenged to manage rising costs, you’re not alone. According to the recent study by the National Federation of Independent Business (NFIB), The Small Business Optimism Index has reached the lowest it’s been since 2012. The NFIB sites that “inflation has once again been reported as the top business problem on Main Street.”

Here at Palm, we’re in the business of saving you money - read on for our top tips to help your business combat inflation and save.

Monitor your spending

You can’t save what you don’t know you’re spending. Consider using an AI tool like Palm to connect your business accounts and monitor your business expenses and spending. Becoming aware of your spending habits is the first step to saving on your biggest and most frequent business expenses. You can use an AI tool like Palm to:

Receive up to date spending recaps weekly and monthly to see where you’re spending the most money and the most frequently
Receive alerts on double-bill and increased expense alerts to avoid fraudulent charges and errors
Auto-generated savings insights based on spending over time and recurring expenses

Lower your business expenses

The top small business expenses tend to be rent, payroll, insurance, Cost of Goods and marketing. The easiest way to lower your business expenses is to auto-shop them with an AI tool like Palm. When you connect an account, Palm matches you with offers that can help you save money on your biggest expenses.

Easily connect your business account to Palm and see where you can start saving today.

Diversify sources of revenue

Another way to combat rising costs is to increase and diversity your revenue streams to improve your business margins. Local businesses can benefit from driving repeat purchase with loyalty programs and incentives, as well as using social media to scale their businesses at a lower cost than say, an additional brick and mortar location.

Do you know how much you’re spending each month vs. how much you are bringing in per revenue stream? Connect your business account to Palm today to get organized, start saving and claim your peace of mind.

Increase labor efficiency with AI

By using AI and digital tools, you can increase labor efficiencies and decrease costs for routine tasks. Consider using AI to automate routine tasks such as expense management, data entry, customer service, marketing & sales and supply chain optimization.

Low or zero interest borrowing

Before you take out a high-interest business loan, look for SBA loans with typically lower interest rates than other business loans, and free funding like grants that don’t need to be repaid. You can learn more about federal and corporate grants as well as state and local grants on our blog.

In summary, even if you are starting out, using AI tools like Palm to automate your business, save on expenses and help you grow is a smart idea. You can create your free account today and check back on our blog for more tips every week.

Still have a question? Schedule a call with one of our founders to talk about any questions you have about your small business. We’re here to help you succeed.

Five ways to manage inflation & rising business costs

Monitor your spending

Lower your business expenses

Diversify sources of revenue

Increase labor efficiency with AI

Low or zero interest borrowing

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