Conducted by PIT
, Started on 2023 -
Completed on 2023
Completed
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Inflation poses a significant challenge for businesses, diminishing consumer purchasing power through escalating prices of goods and services. Navigating this economic obstacle requires business owners to devise effective coping strategies. This qualitative research focuses on small business owners in Palompon, Leyte, offering insights into their responses to inflation. Employing purposive sampling, participants engaged in questionnaires and interviews, with the data analyzed through interpretative phenomenology. The study reveals that small business owners are proactively developing coping mechanisms to thrive in the face of inflation's impact. Key strategies include evaluating supplies, judiciously adjusting prices, and meticulously budgeting. Additionally, participants demonstrated proactivity by adopting alternative actions, including strategic product adjustments, seeking loans, and flexible pricing strategies. The positive outcomes of these measures are evident in gradually improving sales, a resurgence in the number of buyers, increased profits, business survival, effective coping, and additional income generation. Nevertheless, the study emphasizes the importance of assessing the success of these strategies and alternative actions for business owners navigating the complex landscape of inflation.