Small business taking action against inflation

MARION, Ill. (KBSI)Inflation is having a heavy impact on many people. 

“Everybody is feeling inflation right now I think I’ve raised my prices twice in the last year. I’m trying to keep them low to a minimum, but I mean you know you got to keep up with inflation so I have implementing classes and those are a little bit cheaper for that reason but also still bringing money,” said Beatrice Taylor, owner of BeaFit personal training studio. 

According to Business.org, 89% of small business owners have recently had to increase their prices.  

Taylor says she is using money from her own personal budget to offset the impact of inflation on her business. 

“Take away an extra 10% so then that takes away an extra 10% of your extracurriculars but like I said you have to do that kind of stuff whenever inflation comes around because you have to budget with it so if they’re charging an extra 10% for everything across the board for bills then take an extra 10% out and start investing it back into your business,” said Taylor. 

Business owners are now investing more into their businesses to maintain the same levels of service. It’s also harder to find high-quality items. 

“Trust you’re going to get good quality products it’s not as good so we got to be extra intentional and making sure that everything that we purchase for our business is up to our level of excellence and standard,” said Jared Gravatt, owner of Crown Brew Coffee Company. 

Business owners understand money is tight for many customers and that means customers aren’t as willing to take risks when spending their hard-earned money. 

“We’ll go back to the bones go back to the basics of you know who we feel like we are,” said Gravatt. 

Gravatt says if need be, they will go back to the basics.

“Because you know at this point, I don’t think people have the luxury to keep trying places if they’re not doing a good job,” said Gravatt. 

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