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Title: How Have Small Businesses in the Northern Virginia Region Responded to the Increase in Inflation Rates and Interest Rates Over the Past 2 Years?
Authors: Akshath Chity
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Akshath Chity Lightridge High School, Virginia, USA
MLA 8 Chity, Akshath. "How Have Small Businesses in the Northern Virginia Region Responded to the Increase in Inflation Rates and Interest Rates Over the Past 2 Years?" Int. j. of Social Science and Economic Research, vol. 9, no. 12, Dec. 2024, pp. 6160-6176, doi.org/10.46609/IJSSER.2024.v09i12.033. Accessed Dec. 2024. APA 6 Chity, A. (2024, December). How Have Small Businesses in the Northern Virginia Region Responded to the Increase in Inflation Rates and Interest Rates Over the Past 2 Years? Int. j. of Social Science and Economic Research, 9(12), 6160-6176. Retrieved from https://doi.org/10.46609/IJSSER.2024.v09i12.033 Chicago Chity, Akshath. "How Have Small Businesses in the Northern Virginia Region Responded to the Increase in Inflation Rates and Interest Rates Over the Past 2 Years?" Int. j. of Social Science and Economic Research 9, no. 12 (December 2024), 6160-6176. Accessed December, 2024. https://doi.org/10.46609/IJSSER.2024.v09i12.033.
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ABSTRACT: The paper will research how small businesses in Northern Virginia have adapted to increased inflation and interest rates over the past two years. Much of the data was found by taking surveys from 15 small business owners. The research showed that small businesses have utilized multiple ideas to fight negative financial impacts, such as price increases of 15-20%, a reduction in staffing levels, and a positive outlook for the business in spite of the economy. While price increases offset some of the increasing costs, they occasionally resulted in lower levels of production. Layoffs lowered the financial burdens but hurt productivity. Perhaps most important, companies employing multiple strategies, such as both price increases and staffing reductions, fared better than those using single responses. The paper will relate inflation, interest rates, and small business performance, developing a need for multi-step strategies. The paper will present how small businesses located in Northern Virginia can prosper in tough economic times.

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