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Inflation endangering SMEs

(((NewsNation Now) — On Saturday, Eliah Lefters finally locked up again.

During a pandemic, he and his wife headed to Newington, Connecticut to realize their dream of opening a toy store that everyone could enjoy.

“This community in New Inton is amazing, wonderful and affectionate,” Lefferts said on Friday. “But that wasn’t enough.”

As the global economy recovered from the pandemic, Jojo’s toys and others couldn’t keep up with the rising costs of doing business, according to Mr. Referts. He said the cost increased by 300% during the ownership period and the shipping delay was 75 days, increasing.

“I think the price will at least double,” he said of this holiday season’s toy products.

The referee, who was fired when the pandemic began, is not the only business owner struggling to find an escape route. Myron Mixon, owner of Myron Mixon’s Pitmaster BBQ in Virginia, said the restaurant industry is also looking at rising costs.

“Everything costs at least twice as much,” Mixon said on Friday. “And importantly, there is a huge amount of extra cost that can be passed on to the customer because there is a limit on how much the customer is willing to pay for the meal.”

According to Mixon, many of his industry problems go back to meat packaging factories, where it was difficult to keep employees on the production line during a pandemic.

He and his business team are running numbers to see if they can survive this inflation surge, he said. “We had that conversation, and as you know, there will be a (turning point) point,” he said.

Even big companies and franchises feel it. Benigan CEO Paul Manjamere said his menu was fluid to make up for the delay.

“We had to come up with an alternative product or adjust the menu ourselves to streamline it,” Mangiamele said.

Mr Refers said he might try to revive the business a few years after the supply chain problems are resolved. Guided by their faith, he and his wife can see the good points of what they have done, he says.

“Here we know everyone’s name,” said Referts. “I know all people, their name is on the wall from drawing theirs on the arts and crafts on the back wall. We have created a loving place.”

https://www.wkrg.com/national/inflation-pushing-small-businesses-to-the-brink/ Inflation endangering SMEs

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