Survey: Small business owners worry over inflation, labor shortfalls, supply chain
Stock photo of a grocery store from Pexels.com.
Ohio’s small business owners counted economic inflation, labor shortages and supply chain disruptions as the issue most concerning to their business, according to a recent survey.
Some combination of these currents have caused roughly eight in 10 Ohio business owners to raise prices, according to a survey conducted by the National Federation of Independent Businesses. Roughly 4 in 10 respondents have raised prices by at least 10%.
Ohio’s employment rate fell to 4% last month and the state’s workforce size has returned to pre-pandemic levels, according to federal data. However, 72% of the surveyed businesses still report staffing issues, with over half saying it’s a “very real problem.”
About 90% of respondents indicated the cost of gas is impacting their business, as felt in labor costs, material costs and inventory costs. Average gas prices in Ohio hit a record high of $4.87 per gallon, according to AAA.
The survey data comes from 300 business owners over the past several weeks. Roughly 90% of them oversee operations of 50 or fewer employees, according to an NFIB spokesman.
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