The rising costs and hiring enough workers continuously affected small businesses despite inflation slowing down.
Small Businesses Affected by Rising Costs and Lack of Hiring Enough Workers Despite Slowing Inflation
With inflation already slowing down in the US, small businesses are still affected by rising costs and the lack of means of hiring enough workers, which concerned the owners of how their businesses will do soon.
According to reports from Audacy, the rising costs and difficulties in hiring enough workers remained the two of the top concerns of small businesses in different industries, as both negatively impacted their earnings.
Despite the slowing down of inflation, small business owners are still hurting by the rising costs, especially after barely surviving the impacts of the COVID-19 pandemic, which forced some businesses to stop operations and took time to recover.
Difficulties in Hiring Enough Workers Impact Small Businesses Together with Rising Costs
Aside from the rising costs, small business owners also revealed that they were having difficulties hiring enough workers due to the increasing cost of labor, which had reportedly been one of the effects of inflation in the country.
Following the concerns about the rising costs and hiring enough workers into their businesses, owners remained optimistic that things for them and their businesses would be better even with the current inflation.