Inflation making it hard to do the things you love?

Inflation is continuing to heat up and it’s not only affecting our wallets but also the things we love to do. Having hobbies is a great thing, but when costs increase it can put a strain on us mentally and financially. Not only does it affect us as a consumer, but it hurts those small businesses that work extra hard to stay afloat and make people happy. Inflation is at the center of everything right now, and how long until these costs burn a hole through our wallets? 

The latest Consumer Price Index report for April shows that all goods besides food and energy rose 0.3% and 3.6% over the past year. Inflation doesn’t just affect prices it also disrupts the supply chain, impacts peoples budgets and the way businesses are run. Many small businesses rely on their customers, so when prices go up demand does not always follow. Having low demand can lead to lack of inventory and layoffs. This cycle of disruption has caused both businesses and consumers to adapt to keep things moving. 

“We want to give quilters the best experience we possibly can, which can be hard when we have to adjust prices to fit what is happening in the economy. We are a family-owned business and that means our customers are our family as well, so we want to look out for them no matter how much inflation changes,” explains VP of Customer Success at Linda’s, Corey Pearson.

There are ways for both businesses and consumers to adjust to inflation. It may not be ideal, but being able to navigate an ever-changing market is key to success. 

For businesses it’s important to only cut costs when necessary. You can do this by stocking up on supplies, and increasing productivity. This helps you out as a business, and shows the customer that you care about them too. When companies jack up prices, the customer can feel like they are being taken advantage of. Consumers want to feel like a company truly cares about them, this builds trust so customers will come back. 

It’s also important to have a game plan in mind, especially as the economy switches up. Being slow to react to changes can be detrimental to a business, because it means it has to expend more time and resources to find solutions. Working under pressure like this can lead to more mistakes, hurting the business as a whole. As a small business owner, it’s also necessary to remind yourself why you started it. Being mindful of your goals will help you stay on the right track and give you the space to do what you love to do. 

As a consumer, there are ways to do the things you love even as prices go up. Keeping a tight budget will help you visualize your expenses, so you can do the hobbies that you love. There is no need to stop doing the things that make you happy just because of money, so by taking control of your finances you are ensuring that you can continue to support yourself and small businesses. 

It’s also important to stay patient. Businesses have a lot to carry on their shoulders, so adjusting with them helps build connections. Small businesses are not like big corporations that only care about money, many times they want to make a difference. Customers and small businesses need to work together, so business can move smoothly. 

Prices might continue to heat up, but there are ways for both businesses and customers to cool down their spending, so they can continue to do the things that make them happy.