‘Prices are rapidly increasing’: Small business owners are making tough choices

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As inflation hit another 40-year high this week and gas prices rose nearly $1.00 per gallon since last month, small business owners are grappling with how to make ends meet.

Brandon Brown, owner of Brown’s Heating and Air in Virginia, said his business used to raise prices only once or twice a year, but now, it can happen every month.“Prices are rapidly increasing,” Brown told the Washington Examiner. “We increased prices four times last year. Now, we’re getting notices that prices of equipment will go up 8-10% with only a month’s notice. Before, it was 6-8 months’ warning.

“Small businesses are the backbone of local communities,” Brown added. “We support local teams, and one of the first things that could be cut from budgets is cutting sponsorships and donations to support local kids’ sports and activities. [The rising costs] could also cause employees to see fewer raises.”

“Between [gas costs] and the supply chain and our equipment that has gone up 30-40% since July, it’s compounding our issues with trying to pass down the best price and the best service to our customers.” “We’re honoring those rates,” Olsen said. “It’s the right thing to do, but there’s a sacrifice, and we’re absorbing that.”Another small business owner in Arizona, Blanca Mondragon of Amazing Flowers, added that she has no choice but to cut the reach of her flower deliveries.

 

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