Small business experts give advice on navigating high inflation 

Long Island’s small businesses have had to contend with a lot of obstacles over the last two years, like surviving pandemic shutdowns, labor shortages and now, rising inflation.

To help owners navigate today’s challenging, high-cost environment, small business experts from three of the Island’s top colleges provided advice for business owners as part of a Thursday “Newsday Live” webinar.

Questions and answers have been edited for length and clarity.

Ultimately, businesses need to make comprehensive assessments of their costs before passing along increases to consumers.

“There isn’t a dollar amount or percentage amount that’s right for you to pass along.”

While wage raises are always a tool for retention — especially at a time when consumer goods are costing much more — creating a positive and flexible work environment can also be a major incentive for workers to stay put.

Employee recognition software like Nectar, which allows businesses to bundle rewards, employee discounts and gifts, can also help to motivate  workers while making them feel valued.

Having no response or a defensive response would be unwise.

Platforms like Facebook or Instagram give businesses the opportunity to have an open dialogue with customers and offer any possible remedies or explanations.

When it comes to concerns over rising prices, try and be transparent about why costs have gone up, or consider providing different offerings so price comparisons are harder to make.

Restaurant owners, as an example, may want to redo their menus so that customers won’t be able to compare the same prices from a few years ago to now.

Assuming a purchase is possible given the upcoming budget, or that the appropriate debt can be taken without major financial repercussions, it may be a good time to make investments that may save money  down the line.