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  • Top 5 holiday woes for small business (and how to prepare for them)

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    October 26, 2022
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    EDITION 173
    Resources & Tips
    Get tips for overcoming business challenges this holiday season.
    Set your prices for business success
    Reasonable pricing can make or break a business, whether the company is well established or just starting out. Last week’s episode of Start. Run. Grow. tapped into a few of the strategies business owners can consider implementing to ensure pricing is fair for both the consumer and the brand. Catch up on what small business experts say are the best pricing strategies to boost growth. 
    How to prepare for ho-ho-holiday woes
    The year's biggest shopping season is right around the corner, yet challenges like staffing shortages and bloated inventories are plaguing small businesses. Major retailers share their top concerns about the holiday season and steps they are taking to prepare – and ways you can, too.
    Top methods for tracking profitability
    Generated profits are one of the most evident factors of a business’s financial health, so understanding current, past, and future profitability is essential. Use these six methods to track profitability and keep your business operating at the top of its game. 
    “Businesses have to be a lot more surgical about where to take price increases and where to not take price increases; otherwise they risk losing market share and losing sales volume.”
    — Susan Lee, Commercial Strategy Leader for EY-Parthenon Americas, emphasizes the importance of keeping the consumer in mind when pricing goods and services.
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    The percentage of small business owners who, amid a competitive job market, consider employee benefits a “top strategic priority.” Consider adding company equity to your benefits package to attract potential employees and satisfy the current ones.
    That’s the percentage of consumers that intend to jump-start their holiday shopping in October, despite inflation. Gear up your business for the holiday season by implementing these strategies and plans from major retailers.
    That’s how much more likely companies owned by employees retain staff, outperforming other companies even amid the pandemic. Learn more about worker-operated companies and how this model can benefit your team and your small business.
    ICYMI: Dream Big Award winners have been announced!
    The 2022 Dream Big Awards recognized entrepreneurs from nine companies for their contributions to their communities and the American economy. Winners were selected in various categories, including women-owned, young entrepreneur, and emerging business. Get the full rundown of winners below to see if a company from your city was a winner!
    Complete winners list
    USCC Events
    Register for next week’s Path Forward event
    Tune in to find out what you need to know about the next wave of COVID-19
    A new wave of COVID-19 sub-variants have made their way to the U.S. – are we prepared? Tune in to next week’s Path Forward event on Tuesday, November 1, at 2 PM EST. U.S. Chamber of Commerce President & CEO Suzanne Clark will be joined by CDC Director Rochelle P. Walensky for an informative discussion about the tools needed to equip your business for a potential COVID-19 resurgence in the coming months. Secure your spot to have your questions answered in real time!
    Follow us on social media to stay in the know about everything small business.
    • The Alibaba Manifesting Grants Program will award $750,000 in cash grants and logistics support to 50 online entrepreneurs with a new or existing innovative physical product. Each of the 50 recipients will receive $10,000 in cash grants and $5,000 in logistics support, in addition to mentorship from Alibaba.com experts. Applications close October 31.
    • The annual Tory Burch Foundation Fellowship Program is underway, offering women entrepreneurs the opportunity to grow their businesses through workshops, coaching sessions, peer networking opportunities, and a $5,000 business education grant plus access to 0% interest loans. Applications close November 3.
    • The Verizon Digital Ready grant supports small businesses through an online curriculum designed to provide learning modules, coaching, personalized tools, grant opportunities, and networking opportunities. Recipients will receive up to $10,000. To qualify, applicants must complete either two courses, coaching events, or community events before November 14.
    • The Department of Veterans Affairs (VA)’s VEO Community Catalyst Award (VEOCC) will award two organizations/teams $100,000 for their achievement in creating community-based solutions to increase access to VA and non-VA services for veterans, their families, caregivers, and/or survivors. Applications open November 1 and close December 16.
    • IFundWomen and Johnnie Walker have come together to provide support to “trailblazing” women-owned businesses that continue to push boundaries and grow, helping their businesses succeed. Ten recipients of the First Strides Grant will receive a $10,000 grant and one year of coaching services through IFundWomen. Submit your application by December 31.
    • More grant & program information can be found here.
    Consider becoming a small business member of the U.S. Chamber of Commerce.