![]() “We used to have a little better sense of how all these things work, so I think there’s that extra element of uncertainty,” MacDonald said.ĬOVID, inflation, a labor shortage and the threat of recession - for small businesses the last couple years - have added obstacles to an already tricky course. That flexibility is key, according to Glenn MacDonald, an economics professor at Washington University in St. “I would estimate our hard costs have increased across the board and probably between 15 to 25%,” she said. ![]() She wants to add even more upgrades, but inflation is a challenge. So she’s investing - in new boats, new docks and updated restrooms. With people traveling again, her business is busier than ever. New York City mother's Tessa and Rebecca are both seeking tranquility from their life pressures, each renting a place on New York's Finger Lakes for the summer. Still, Soverns-Schwartzman is optimistic. The Secrets We Keep is a compelling tale that keeps you reading long past your bedtime. “So our payroll has gone up 220% since before COVID,” she said. Soverns-Schwartzman employs about 50 workers in peak summer. They give boat tours to see Florida alligators and offer fishing and camping on their 17 acres of wetlands. “We have given hundreds of raises in the past few years,” said Christina Soverns-Schwartzman, who runs the Sawgrass Recreation Park, an eco-adventure outfit in the Florida Everglades. Other small businesses are trying to attract workers by boosting benefits, offering flexibility and, of course, raising pay. “Limiting business hours is often one way that many small business owners are trying to navigate the staffing shortage,” Wade said. While they have children roughly the same age, the similarities stop there. Tessa and Rebecca end up as neighbors for their summer vacation. Wade said that’s going to be a big hill to climb for companies that need to staff up for summer, but businesses are finding ways to adapt. The Secrets We Keep is the dramatic story of two women who befriend each other when they both try to escape struggles at home and take their kids for a quiet, cabin-on-the-lake summer getaway. Nearly half of small businesses have at least one job opening they can’t fill, according to NFIB’s survey. “It is still all about the tight labor market and inflation,” she said. “And also, they don’t find it favorable for business expansion.”Īccording to Wade, there are two main culprits. “They don’t find it particularly a good business condition - they don’t expect it to improve for the most part,” said Holly Wade, who leads the NFIB’s Research Center. When it comes to sales, inventory, hiring and credit conditions, small business owners are wary. The responses to this month’s small business survey read a bit like a broken record. ![]() But some companies are finding workarounds. Inflation and a very tight labor market have a lot to do with their grim outlook. That’s according to a report from the National Federation of Independent Businesses - or NFIB. Nearly half of them believe the economy won’t improve in the next 6 months. aren’t feeling so great about their prospects right now.
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