SAN ANTONIO – While businesses across the country navigate a rocky economy, inflating prices, and rising interest rates, the effects have trickled down to shoppers’ wallets at the checkout.
Stephanie Scheller, CEO of professional events company Grow Disrupt, has worked with more than 5,000 businesses in the past decade. She said while San Antonio has done a good job navigating rocky economic periods, local business owners aren’t immune to the effects across the nation.
“You’re seeing small business owners who are struggling to get product in to have on the shelves. They’re dealing with rising costs. They’re having to pass that along,” Scheller said.
She said those issues affect the customers’ experiences and spending habits.
“We’re also dealing with a lot of frustration from buyers who are seeing those rising costs but maybe aren’t necessarily getting corresponding raises,” Scheller said.
She said many business owners don’t want to pass on higher costs, but many have to in order to survive.
“Small business owners are really hurting. They rarely have the room to negotiate better rates. They rarely want to pass on all of those increases to their clients. So it’s created a very ugly situation across the board,” she said.
Scheller said there are steps business owners can take to protect their company during a time of economic instability.
“First would be knowing where the financials are at, and I think this is one area that a lot of small businesses struggle,” she said. “…A lot of small business owners are playing CEO and CFO and CMO and CXO, all of those, and so they tend to let some of these things slide. And I think right now, managing those finances is absolutely critical, knowing that the financial statements are accurate.”
Scheller discussed more tips on what business owners can do to stay on top of their financials, as well as ways to negotiate with vendors in the latest KSAT Money Q&A.
Watch the entire interview in the video player above to learn more.
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