Inflation has been affecting everyone, and small business owners are particularly feeling the strain. During a recent interview on Wealth!, Goldman Sachs Global Head of Corporate Engagement Asahi Pompey and Biens Chocolate Centerpieces Owner Geraldine Keogh discussed the challenges that small businesses are facing in this inflationary environment.
According to Pompey, small business owners are experiencing the effects of inflation first, with a majority reporting increased pressures in the past three months. Rising costs for essentials like rent, goods, and labor are taking a toll on these businesses, making it difficult for them to find relief.
Keogh shared her insights as a business owner herself, highlighting the stress her employees are facing due to high inflation. She emphasized the importance of supporting them during these challenging times. To mitigate the impact of rising prices on consumers, Keogh encouraged her customers to shop strategically, buying less but buying smart.
Inflation is affecting small businesses in various ways. According to Pompey, many small business owners have had to increase their prices or reduce their offerings to cover rising costs. This can be particularly challenging for those who rely heavily on foot traffic or tourism. However, some businesses have been able to adapt by finding new ways to attract customers or expanding their product lines to include higher-priced items that appeal to those willing to pay more in this inflationary environment.
To learn more about expert insights and market trends related to inflation’s impact on small businesses and how they are navigating these challenges, tune into the latest episode of Wealth!
