Inflation forcing Texas Panhandle businesses to raise prices
SBDC: At least half our clients are worried about it
AMARILLO, Texas (KFDA) - The continuing record-levels of inflation are not only forcing gas prices up, but also making small business owners increase their prices.
Local business owners say the decision is not one they make lightly, but it is necessary as costs keep rising.
Interim Executive Director of WT Enterprise Center says at least half of the businesses they have consulted have expressed concerns about inflation. She believes the percent of worried business owners is most likely higher.
Indeed, Woodward is most likely right.
According to data from MetLife and the U.S. Chamber of Commerce, more than 80 percent of small business owners are worried.
“It may not have been the primary reason why they came in, but at least half are actively expressing that concern,” Woodward said.
To keep pace with rising costs — especially gas — businesses have increased delivery fees. One local owner said they try to consolidate deliveries as efficiently as possible to lower cost.
Woodward said a business can only lower costs so much, and at a certain point it must increase prices to stay economically viable. She added that although businesses may be hesitant to do so, it is important to talk with consultants, even business partners, about pricing.
“The biggest piece of advice we’ve been giving people is to not be afraid — to reach out,” Woodward commented.
Woodward added the WT Small Business Development Center gives free consultation to small businesses.
Copyright 2022 KFDA. All rights reserved.