Rising Inflation: Small Business Owners Bear the Brunt and Strategies to Survive

Small business owners are feeling the brunt of high inflation, with increased pressures reported by a majority in the past three months. This is according to Goldman Sachs Global Head of Corporate Engagement Asahi Pompey and Biens Chocolate Centerpieces Owner Geraldine Keogh, who discussed the challenges faced by small businesses in an inflationary environment in a recent interview on Wealth!

Pompey highlighted that small businesses are experiencing the effects of inflation first, with rising costs for essentials like rent, goods, and labor taking a toll on these businesses. Keogh, as a business owner herself, shared her insights on how entrepreneurs are coping with high inflation. She emphasized the stress her employees are facing and emphasized the importance of supporting them during these challenging times.

To mitigate the impact of rising prices on consumers, Keogh has encouraged her customers to shop strategically, buying less but buying smart. Pompey urged small business owners to keep an eye on market trends and expert insights to navigate these challenging times. To learn more about market trends and expert insights, you can watch the full episode of Wealth! for the latest information on how inflation is affecting small businesses and what strategies they are employing to navigate these challenging times.