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#### Small Business Owners Suffering from Effects of Holiday Season Inflation

Consumers arenÔÇÖt the only ones who are feeling the pinch of inflation this holiday season; small business owners are also facing challenges, according to Mike OÔÇÖHalloran, the Maryland state director for the National Federation of Independent Business.

ÔÇ£ItÔÇÖs an unfortunate reality as we lean into Thanksgiving that folks are really just going to have to buckle down with their discretionary funds,ÔÇØ he said, expressing concern for the impact of inflation on businesses.

Despite the hope that consumers will choose to spend their discretionary funds locally on Small Business Saturday, OÔÇÖHalloran explained that small business owners are not optimistic. In an interview with WTOP, he shared that they are worried about the state of the economy over the next six months and are not too enthusiastic about a turnaround.

The National Federation of Independent Business conducted an October survey, with responses from 1,382 small business owners or members, revealing that approximately 22% of business owners identified inflation as their primary worry. This indicates a significant level of concern among small business owners regarding the impact of inflation on their operations.

OÔÇÖHalloran highlighted the challenge of finding enough qualified applicants to fill jobs, stating that ÔÇ£the labor market is extremely tight.ÔÇØ This poses an additional obstacle for small businesses during a period of economic uncertainty and inflationary pressures.

While the October survey indicated some positive aspects, with 17% of small businesses planning to increase employment and 24% planning capital outlays for equipment and expansion, the overall sentiment remains cautious due to the persistent shortage of qualified employees.

Even in sectors like cybersecurity and healthcare, and particularly in the Main Street sector, small businesses are struggling to find a skilled labor force. OÔÇÖHalloran emphasized that the need for qualified employees is a widespread issue affecting businesses of all sizes and industries.

Despite these challenges, OÔÇÖHalloran stressed the significance of Small Business Saturday for local communities, describing it as a “godsendÔÇØ for the Main Street community. He encouraged consumers to support small businesses and highlighted the unique experiences and products that they offer.

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