That’s because small businesses typically having tighter profit margins compared to behemoths like Walmart and Amazon, so they feel the sting of rising costs more acutely. The Small Business Index shows that 8 in 10 small retail businesses rely on holiday sales to meet their annual profit goals. If only it were that simple for small businesses. John Waldmann, chief executive of Homebase, a payroll software provider for more than 100,000 small businesses, said Enjou Chocolat’s dilemma is something he hears all the time. “Small businesses are really reticent to increase prices, so when they do, it’s because they have to,” Waldmann said.

Source: CNN November 18, 2024 06:13 UTC