US inflation isn’t going away. Small businesses must plan ahead | Gene Marks

We're still struggling with rising costs and the situation isn't going to change any time in the near future

Inflation is the top challenge facing small businesses this year, according to a report issued by the National Federation of Independent Businesses this past month, with a whopping 91% admitting that rising prices are having either a substantial" or moderate" impact on their companies.

The US Chamber of Commerce says that nearly seven in 10 small businesses have raised prices to cope with inflation, which is also considered their dominating challenge". Sixty-five percent of small business respondents in a Goldman Sachs study said rising input costs have forced them to raise the price of their goods and services this year, with almost 80% saying the economy has gotten worse over the past three months.