Blog Detail Centre Wellington Chamber of Commerce

While business owners are doing their best to keep prices down, their own costs are going up too

Inflation is being felt everywhere, from Fortune 500 companies to solopreneurs just starting out; however, the difference between large-scale companies and smaller ones are their reserves.

According to JP Morgan Chase, the average small business runs with only 27 days of operating expenses in reserves. 

Three quarters of small businesses are seeing a rise in their costs but less than half have raised prices. Costs are going up. These businesses have held out as long as they could. Soon those that haven’t already will raise their prices. It’s inevitable.

Small businesses need you to:

1. Show up. Keep patronizing them as much as you’re able.
2. Understand. Costs are increasing for everyone. They are not here to gouge you. 
3. Support them. If not through purchases then through reviews, word-of-mouth, or referring someone looking for work.
4. Pass the message along. Remind others what businesses are going through. It’s stressful wondering how you’ll make payroll, pay your suppliers or your landlord.

Business After Hours events are great networking opportunities, giving you the chance to discuss and share ideas while learning about local businesses. It is a relationship-building experience held in a relaxed setting that benefits you and your company through added contacts and resources.