Sticky inflation is the biggest challenge facing small business owners, Chase for Business CEO Ben Walter told Yahoo Finance during the company's Make Your Move Summit in Frisco, Texas.
“Margins in our business are notoriously thin, and they’re getting thinner and thinner by the day,” Noonan remarked to Yahoo Finance. And the issue is widespread — far beyond the restaurant and food industry. Nearly 80% of small business owners say their expenses have increased by 6% or more, according to Chase’s Midyear Business Leaders Outlook. In response to higher costs, raising prices on products and cutting expenses top the list of ways entrepreneurs are trying to limit the effects.
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