Inflation is a problem that’s affecting everyone, but it’s hitting small businesses particularly hard. Goldman Sachs Global Head of Corporate Engagement Asahi Pompey and Biens Chocolate Centerpieces Owner Geraldine Keogh discussed the challenges faced by small businesses in this inflationary environment during a recent interview on Wealth!
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 highlighted 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 emphasized that 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. Despite these challenges, Pompey stressed that small businesses are resilient and adaptable and will continue to find ways to thrive in this environment.
To learn more about expert insights and market trends, 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.
