- July 27, 2021
- Posted by: Stratford Team
- Category: Business
Supply chain disruptions have become the favorite “go to” explanation for the difficulties experienced by small businesses. A shortage of microchips holding up automobile and durable goods productions, of lumber production, produce, and more, the list is long. Many small firms are experiencing problems restoring operations, many in the “supply chain” of yet another firm.
But even if needed supplies or goods are available, one more input is needed that is also in short supply – labor. The percent of small firms reporting open job positions reached a 47 year high at 48% in May’s NFIB Small Business Economic Trends survey. Over 60% of business owners report a shortage of labor, over 20% characterizing the shortage as “critical” to business operations. Over 80% reported a loss of sales due to the labor shortage, 19% experienced serious losses.
Solving the labor shortage problem will take time. Even though there are about as many…