Small business owners across various industries are grappling with the challenges posed by inflationary pressures. Sharad Chadha, CEO and President of Sprecher Brewery Co., Mimi Striplin, Founder of The Tiny Tassel, and Ariell Ilunga, Founder and CEO of Carla’s Fresh Market, discussed the impact of the current economic environment on their businesses with Yahoo Finance.
Chadha highlighted the significant challenges faced by his brewery, emphasizing the continued disruptions in the supply chain and the adverse effects of inflation on business operations. Despite these hurdles, Chadha noted that the company has sustained growth, albeit with struggles in managing rising costs for ingredients and escalating wage expenses.
Striplin shared her experience of encountering a slowdown in sales both online and at her physical storefront over the past year. She emphasized the difficulty in retaining employees due to wage growth inflation and expressed concerns about the lack of engagement with consumers, attributing it to budget constraints for marketing efforts.
Ilunga, whose business is relatively new, highlighted the ongoing inflationary pressures affecting small businesses. Despite being a post-pandemic brand, Ilunga emphasized the importance of focusing on customer acquisition and ensuring the availability of sought-after items to drive sales.
The discussion shed light on the complexities small businesses face in navigating the current economic landscape. From supply chain disruptions to rising costs and workforce challenges, business owners are confronting various obstacles in sustaining and growing their enterprises.
The post was written by Angel Smith.
Video Transcript:
Small business optimism has reached its lowest level since 2012, according to the National Federation of Independent Business. This decline in optimism comes amid concerns about inflation. As part of Yahoo Finance’s Small Business, Big Opportunities week, we are speaking with small business owners from different industries across the US. Joining us to discuss are Sharad Chadha from Sprecher Brewing, Mimi Striplin from The Tiny Tassel, and Ariell Ilunga from Carla Fresh Market. Welcome, everyone. We’re excited to hear your perspectives on the current business landscape. Sharad, let’s start with you. Can you tell us what business looks like right now from your perspective?
Thank you for having me. As the CEO of Sprecher Brewing, we’re facing significant challenges due to supply chain disruptions and inflationary pressures. Despite these obstacles, we’ve managed to grow our company over the past few years. However, inflation has significantly increased our costs, particularly for ingredients and wages. Finding and retaining employees has also been challenging, given the competitive labor market. Overall, it’s been a tough environment for small businesses like ours.
Mimi, how about you? What trends are you seeing in your business?
Hi there. We run a boutique in Charleston, South Carolina, offering a range of clothing and accessories. Over the past year, we’ve experienced a decline in sales both online and at our physical store. Retaining employees has been a challenge due to wage inflation, and we’re struggling to engage with our customers effectively within our budget constraints. We’re hopeful that sales will pick up as we enter the summer season.
Ariell, as a new business owner, how are you navigating the current economic environment?
Thank you for having me. Carla’s Fresh Market is a new venture, and we’re focused on providing quality products and excellent customer service. Despite being a post-pandemic brand, we’re not immune to inflationary pressures. Our focus right now is on customer acquisition and ensuring we have the products our customers want. It’s a challenging time for small businesses, but we’re committed to delivering value to our customers.
The discussion highlighted the resilience and determination of small business owners in the face of economic challenges. From supply chain disruptions to labor shortages and inflation, these entrepreneurs are navigating a complex landscape to sustain and grow their businesses.
