End to First Half of 2024

Close your books on the first half of the year and assess your activities year to date (e.g., sales, expenses, profits). It may be time to revise your business plan, adjust your budget, change your marketing tactics, increase employee compensation and benefits, or make other changes. While inflation has come down somewhat—the annual rate is 3.4% for the 2 months ending in April—it doesn’t mean that the prices for inventory, gasoline, and other items have come down. Factor in continued high prices, rising minimum wage rates, and other costs into your budget for the second half of 2024. #IdeaoftheDay