Three in 5 small business owners have had to raise prices in the past year, according to the Small Business Index. Some have taken out loans or decreased staff to manage higher costs brought on by inflation.
"I'm constantly weighing where do I make the best use for this funding and how will I see the best return from a client perspective," she said.that have plagued small businesses since the pandemic began don't seem to be going away anytime soon. Since small businesses can't always compete with big companies when it comes to wages, they are resorting to different tactics to attract and retain talent, Pardue said. That includes adding financial benefits and"When owners are unable to raise wages, they can take these steps that protect workers' financial and physical health and it results in increased retention and hiring," he said.
The dichotomy can be attributed to confidence in entrepreneurs and innovation to solve problems, especially in the face of the small business boom that began during the pandemic, said Tom Sullivan, vice president of small business policy at the U.S. Chamber of Commerce.