Small business owners are feeling the brunt of inflationary pressures. Sprecher Brewery Co. CEO and President Sharad Chadha, The Tiny Tassel Founder Mimi Striplin, and Carla's Fresh Market Founder and CEO Ariell Ilunga join Yahoo Finance to discuss how this higher-for-longer rate environment is affecting their respective businesses.

According to Chadha, the current economic environment has presented significant challenges, with the supply chain remaining "disrupted" and inflationary pressures inflicting "pain" on business operations. Despite these headwinds, he acknowledges that the company has continued to grow, though the craft beer business has struggled with rising costs for ingredients and escalating wage expenses for employees.

Striplin acknowledges that over the past year, her business has encountered a significant slowdown in sales, both through its physical storefront and online channels. The clothing boutique has faced the challenge of retaining employees, as wage growth inflation has made it difficult to "compete with wages." Furthermore, the company struggles with a lack of engagement with consumers, as they cannot afford an ad and marketing spend — forcing them to "allocate...funds where we can see ROI immediately".

With Ilunga's business being a post-pandemic brand, she tells Yahoo Finance, "all we really know is the landscape of today." However, this has not cleared them from the inflationary pressures small businesses face, though she notes that right now, she focuses on "customer acquisition," making sure to keep items consumers want to keep coming to purchase.

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This post was written by Angel Smith