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(Jonathan Kitchen/Getty Images) |
Small businesses in the US are raising prices in response to President Donald Trump's tariffs, which took effect this month, with some reporting supplier price increases of up to 30%. These businesses initially stockpiled pre-tariff goods but have depleted their inventories. The National Federation of Independent Business reports that 32% of companies plan to increase prices, the highest since March 2023.
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Marketing
Inflation and changing customer priorities have caused brands to shift from purpose-driven to promise-driven marketing, which integrates social good and consumer value, writes Preston Spire's Victor Kimble. Kimble notes that companies such as Aldi and Warby Parker exemplify this trend by offering affordable essentials and convenience.
Episodic content gives brands like Argos, State Farm and InStyle a way to build long-term relationships on platforms like Instagram and TikTok by building communities and making it easier to predict engagement. Little Joy Coffee demonstrated the format's potential for small businesses by increasing sales 40% with an Instagram recipe-testing series, Argos' art gallery mockumentary raised engagement 230% and a 2024 survey found that 70% of brands and agencies planned more long-running content for this year.
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Management
Drawing on research by Harvard professor Amy Edmondson, Rio Tinto's outgoing CEO, Jakob Stausholm, argues that work environments where employees feel safe to speak up and take risks foster ambition and innovation. He warns that fear-based, tough workplace cultures can lead to risk aversion, self-defensive behavior and ultimately, underperformance. During Stausholm's tenure, Rio Tinto has undertaken a major cultural reform to address widespread bullying and harassment identified by internal surveys. The company's transformation program has resulted in notable improvements in workplace culture, innovation and transparency.
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Your Money
The Small Business Administration has distributed more than $1.5 million in disaster relief and approved over $8 million in federal disaster loans after severe storms in Texas. Small business owners can apply for loans of up to $2 million for repairs or replacements, with deadlines set for Sept. 4 for physical damage and April 6 for economic injury. The SBA advises applicants to proactively gather necessary paperwork and seek assistance to navigate complex eligibility criteria and bureaucratic delays. The SBA has also mobilized field support in response to the recent Texas storms, deploying over 50 employees to field offices in the Texas Hill Country.
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Tips & Tools
As hiring budgets tighten, the concept of "emotional salary" is gaining traction as a key factor in employee retention and satisfaction. Emotional salary encompasses non-monetary aspects of a job, such as recognition, flexibility, career development and a sense of belonging. Up to 70% of employees decline job offers due to poor culture, and many leave for similar reasons, according to Dayforce data. Prioritizing emotional salary components like recognition and connection can help companies retain top talent and reduce turnover.
Order fulfillment is vital to small business operations, encompassing inventory management, order processing and shipping. Efficient fulfillment reduces operational costs, increases customer satisfaction and fosters brand loyalty, with 41% of consumers prioritizing quick, reliable delivery. Shipping is especially pivotal, so employing methods like negotiating bulk shipping rates, offering varied shipping options and using shipping software for automation can significantly reduce expenses and errors.
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What Your Peers Are Reading
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Just for Fun
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(sansara/Getty Images) |
Each state in the US has at least one town or geographical name that is a tongue-twister, according to a list based on a study by language learning website Preply, and if you're not a local, you'll probably say it wrong. Some of the names are impossibly long as well as impossible to say, such as Alaska's Nunathloogagamiutbingoi Dunes (pronounced "Noo-nath-loo-ga-ga-mee-oot-bin-go-ee"), while others look familiar, such as Cairo, Nebraska, or Berlin, Connecticut, but are pronounced like Karo syrup instead of like the capital of Egypt and "BURR-lin" not "ber-LIN," respectively. But the last word in unpronounceable is Zzyzx, an abandoned town in California's Mojave Desert. It's pronounced, "ZY-ziks."
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