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Small businesses feel pinch of inflation but see opportunity

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Posted at 6:46 AM, Jul 27, 2022
and last updated 2022-07-28 09:59:08-04

Nearly 90 percent of small businesses said they're worried about the impact of inflation. Almost half in a different survey said that inflation and high gas prices are the top threats to their business.

Many of us don't have extra money to spend right now, but you can make an impact just by where you choose to shop.

“I’ve noticed working with local businesses is actually more convenient in most cases than working with big box retailers or doing something online because they're right there,” said Eric Rea, CEO of Podium. “It's available; they figured out how to make it seamless. You have a personal interaction.”

Rea works with tens of thousands of small businesses through a technology platform. It found just over 7 in 10 owners said they're feeling burned out from the pandemic's impact on their business.

But small businesses are finding ways to be more efficient with fewer employees. Some have turned to technology like using text and web chat for communicating with customers.

“Even in an economic downturn, experience still trumps price for consumers,” Rea said. “This has been true in pretty much every survey that the small business institutions have done. Experience matters; it matters the most.”

He said leaving a review for a small business may be more critical than ever right now.