A Consumer Price Index nearing 9% is forcing business owners into tough decisions.
It is nearly impossible for anyone to escape unscathed – Just look at the effects of the rising inflation rates around the globe.
We all are dealing with varying degrees of sticker shock at the gas pump, at the grocery store, and when the waiter brings the check.
The U.S. inflation rate is currently at its highest level since the early 1980s. The consumer price index has remained above 8% year over year since March. It could eclipse 9% for June once numbers are finalized.
A Pew Research Center study last month of 44 advanced economies found that nearly all were experiencing substantial price increases compared to pre-pandemic times. The U.S.’s first-quarter annual inflation rate of just under 8% ranked 13th-highest among the countries in the study.
Turbulent economic times especially are worrisome for business owners.
Austerity measures can make or break a business. The responses received so far tend to acknowledge the precariousness of the situation.
Travis LeFevre, of Krystal Vision in Logan, UT, is taking a pragmatic approach: “We are starting to charge for our time (repairs, nose-pad replacements, etc.). We have raised lens prices and continue to try and save on shipping and business costs wherever we can.”
Jennifer Leuzzi, of Mill Creek Optical in Dansville, NY, is preparing for a worst-case scenario: “We’re already working to reduce our back stock and we’re planning a few upcoming events to ad (to) our savings. We see a recession coming and don’t see glasses as a priority for the folks who just overpaid for their house.”
Dr. Scott Mann, of Invision in Christianburg, VA, is just calling it as he sees it: “It is not easy to cut your way to prosperity. Unfortunately, many of these costs will get ‘passed along,’ just as we see from our vendor partners every month.”
