• Tips for staying ahead of an economic downturn

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    July 01, 2022
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    EDITION 156
    Resources & Tips
    Get tips for turning your supporters into your superfans.
    Recession-proof your small business
    Ensuring your business is prepared for tough times should be at the top of a small business owner’s to-do list. Let these five key performance indicators help determine whether your business is strong enough to weather a recession.
    Connect with your biggest fan(s)
    Having ‘superfans,’ or supporters that are consistent and enthusiastic about your brand, is what every business needs to boost brand awareness and extend its reach at little to no cost. Attract and create cheerleaders that add value to your brand with these tips. 
    Loyalty, loyalty, loyalty
    Customer desires and requests have shifted since the pandemic, putting loyalty up for grabs. Understand these updated consumer trends to foster loyalty among new and existing customers in a post-pandemic landscape. 
    “Social media has been a wonderful and free tool to attract new customers. It's so amazing to live in a partially digital age where we can take a video, upload it to TikTok and Instagram, and potentially reach thousands of people for free.”
    — Melissa Arpino, founder of vegan skin care line Stripped Beauty, reflects on the benefits of tech tools and the impact of using social media when building a brand from the ground up.
    The following content is brought to you by Betterment at Work.
    What do workers really want?
    Amid the Great Resignation, employers big and small are asking themselves how best to retain employees and bring on the brightest talent. One way to entice employees to join your small business team is by offering financial wellness programs similar to those typically offered at bigger companies, including 401(k) plans. Find out how to offer these attractive benefits without breaking the bank, and get tips on streamlining and automating your business’ 401(k) process.
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    That’s how many Instagram users peruse the Explore page every day, on average. Take these steps to optimize your content and reach potential customers that haven’t yet discovered your business.
    The percentage of successful marketers that have a documented strategy in place, outlining their goals, audience, and content ahead of time. It’s imperative to avoid making any significant changes during a recession, so be sure to have a solid plan in place using these tips.
    That’s the standard deduction an under-age-18 child can earn in federal income tax-free at a family business. Optimize your deductions and maximize your returns using this guide to navigating taxes at a family-run business.
    The following content is brought to you by POS Nation.
    Inventory management isn’t just for big business
    Do you need an inventory management system at your business? If you sell physical products, then the answer is yes. No matter the size of your business, knowing how much inventory you have on hand can help you get a handle on inventory-related expenses, improve product tracking, monitor theft, and make order fulfillment more efficient. Learn what to expect as you develop your inventory management process and get information about integrated solutions that work for small businesses.
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    Only ONE week remains to apply for the Dream Big Awards!
    Have you submitted your application?
    The application deadline for the 2022 Dream Big Awards is just one week away! Get recognized for the value your small business brings to local communities by submitting for up to two of our eight Business Achievement Award categories — including LGBTQ-owned, veteran-owned, green/sustainable, and more.
    Celebrate the success of your business and be sure to submit your completed application for a chance to win the 2022 Small Business of the Year Award, with a $25,000 cash prize! Get more information and apply here. Applications close July 8.
    Learn more about the Small Business Readiness for Resiliency Program.
    • The U.S. Chamber of Commerce Foundation and FedEx have teamed up to create the Small Business Readiness for Resiliency (R4R) Program, which helps small businesses put plans in place to prepare for disaster and provides immediate emergency funding when necessary. There will be more than 100 grants of $5,000 each, available to be distributed between now and June 2023. Application materials can be found here.
    • Vodka brand Tito’s has launched a small business grant program that will award ten business owners with $25,000 grants to help support their vision and growth. Applicants must have a meaningful and demonstrated connection to their communities, a compelling vision, and align with Tito’s values of love, grit, kindness, family, meaning, and purpose. Applications close tomorrow, June 30
    • IFundWomen’s annual fund was started to honor women and their small businesses through monetary support and business guidance. This year, the organization’s Entrepreneur of the Year will receive a $100,000 equity investment, plus access to educational resources and other cash grants. The program criteria and eligibility requirements are outlined on the IFundWomen website. Applications are due tomorrow, June 30!
    • Caress has launched the Caress Dreams Fund, creating two cohorts of 60 founders (30 in each) who will participate in a crowdfunding accelerator program, ultimately resulting in a $5,000 grant for each business. Applications are due by July 8
    • Hello Alice, in partnership with Tiger Global Impact Ventures, has announced the Accelerate(Her) Fund, created to support women entrepreneurs in the tech space. This new fund aims to give more women the opportunity to receive funding and promote a more inclusive future in tech, contributing up to $50,000. Applications close on August 5
    • The Human Rights Campaign (HRC) and SHOWTIME have launched their third year of the “Queer to Stay” initiative, a program that supports and preserves small businesses that serve the LGBTQ+ community. Business owners with an LGBTQ+-serving business are invited to submit an application for funding using this form between now and August 31.
    • More grant & program information can be found here.