High inflation is affecting everyone, but small business owners are feeling the mounting pressure from soaring rates. Goldman Sachs Global Head of Corporate Engagement Asahi Pompey and Biens Chocolate Centerpieces Owner Geraldine Keogh join Wealth! to shed light on the inflationary pressures small businesses are grappling with in this environment.

Pompey highlights that small business owners are enduring "the bite of inflation," with a significant majority reporting increased inflationary pressures within the past three months. As costs for essential expenses such as rent, goods, and labor escalate, Pompey emphasizes that "small businesses feel the impacts of inflation first and are the last to find relief."

Offering her perspective as a business owner, Keogh shares that entrepreneurs often "feel very acutely" the stress their employees face due to the unrelenting burden of high inflation. She expresses her need to "relieve their stress," acknowledging the toll it takes on her workforce. In an effort to counterbalance the pressure of rising prices on consumers, Keogh reveals that she has encouraged her customers to "still buy, but buy less and buy smart," a strategic approach her business has embraced to navigate these times.

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This post was written by Angel Smith