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| MIDNIGHT OIL |
| EDITION 239 |
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| How to effectively calculate business success |
| Setting goals and tracking the right metrics are crucial for monitoring business success. Implement the SMART strategy — defining goals that are Specific, Measurable, Achievable, Relevant, and Time-Bound — to help determine if your business is on track. |
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| “As a business owner, it’s up to you to decide how you pay your employees. Variable pay is one option you might want to explore.” |
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| CONTENT FROM FEDEX |
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| Top Tips for Managing Holiday Returns |
| “A good return policy can make or break an online sale,” says Elizabeth Malone, Sr. Marketing Specialist at FedEx. Here’s what small businesses need to know about handling the influx of holiday season returns and optimizing the return process year-round. |
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| SMALL BUSINESS TRENDWATCH |
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| Meal Solutions Startup Hungryroot Is Using AI to Fuel Growth |
Online sales of both groceries and meal kit deliveries doubled during the pandemic. These categories are expected to generate more than $190 billion in sales this year. Hungryroot, which combines grocery delivery with meal planning assistance, saw its sales jump by 47% in 2022 and is expected to have exceeded that growth rate in 2023. Read more about this massive growth spurt here.
Wondering how AI can help fuel growth at your business? Discover the many benefits of AI technologies and how they can help simplify operations and boost your bottom line. |
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| Tax deductions reduce the amount of your business’s taxable income. Here are 12 tax deductions to be aware of this year. |
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| That's how many e-filed tax returns were prepared by tax professionals in 2022. Ready to contact your accountant for help on your annual tax returns? Here are a few questions to start the process. |
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| The percentage of business owners that hired virtual assistants in 2021, according to an industry survey. Use these best practices to get the most out of virtual assistants, so you can focus less on day-to-day tasks and more on growing your business. |
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| A MESSAGE FROM GUSTO |
| How to Hire and Pay Independent Contractors |
| The use of independent contractors is increasing, and there’s no sign of this trend slowing down anytime soon. To take advantage of all that contractors can offer your business, keep reading to learn important information you need to know when hiring and paying an independent contractor, including the difference between contractors and employees, which tax forms you’ll need to file, and where to get help onboarding and paying contractors. |
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| GRANTS & AWARDS |
The Sage "Invest in Progress" Grant will provide over $1.5 million to support Black women entrepreneurs in breaking down barriers and building scalable, growth-focused businesses. Applications for the fund are open until February 23.
The REI Navigate program supports emerging entrepreneurs from underrepresented communities in the outdoor industry. This four-month program offers tailored learning experiences, mentorship, and access to REI's experts in various aspects of business. All participants receive a $25,000 grant, along with access to additional direct investment from REI. Applications close March 12.
The National Black Business Pitch competition aims to connect Black-owned businesses with corporations looking to diversify their supply chain by opening doors and fostering long-term relationships that can lead to sustainable contracts. Thirty finalists will pitch to corporate procurement and supplier diversity professionals, with three companies receiving cash prizes of up to $10,000 to promote business growth and opportunity. Applications are due by June 3.
The FedEx Small Business Grant awards over $330,000 in grants and services to 10 U.S.-based small businesses. The contest will open for entries soon, but you can sign up for email notifications regarding grant submission details when they become available.
The Accion Opportunity Fund grants small business loans ranging from $5,000-$250,000, along with educational resources, coaching, and support networks in both English and Spanish. This program offers mentorship programs, microloans, and a hubzone program for small business owners’ financial needs.
More grant & program information can be found here. |
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